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Business & Finance

Barrick CEO hopes Papua New Guinea gold mine will restart this year

  • Under an agreement reached in April, the PNG government took a 51% share in the mine, ending a year-long standoff with operator Barrick Niugini Limited (BNL), whose lease Marape had refused to renew.
Published June 4, 2021

TORONTO: Barrick Gold Corp Chief Executive Mark Bristow said on Friday he hoped the Porgera gold mine in Papua New Guinea (PNG) could restart this year after holding talks with PNG Prime Minister James Marape and local landowner groups.

Under an agreement reached in April, the PNG government took a 51% share in the mine, ending a year-long standoff with operator Barrick Niugini Limited (BNL), whose lease Marape had refused to renew.

BNL, jointly owned by Barrick and China's Zijin Mining , holds 49% and remains the operator under the new deal.

"The road to re-opening is a long one, and between the state, local communities and BNL, the implementation details of the agreement still need to be finalized," Bristow said in a statement issued by Barrick.

"However, if all parties work together uninterrupted in the spirit of partnership envisaged by the agreement, our hope is that the mine will be able to restart later this year," he added.

Zijin had said in April it expected the project to restart in 2021.

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