Porgera is the second-largest gold mine in Papua New Guinea. Zijin holds a 24.5% interest in the project through Barrick Niugini Limited (“BNL”).
According to BNL’s latest plan, the Porgera Gold Mine, with 417 tonnes of gold resources, is expected to produce an average of 21 tonnes of gold per annum after it restarts and reaches nameplate capacity. Approximately 5 tonnes of the mine’s annual gold output is attributable to Zijin Mining.
In April 2020, the project was placed on care and maintenance when its mining license expired. In 2021, BNL signed a binding framework agreement with the PNG government regarding the future ownership and operatorship of the project. In April 2022, the PNG government and BNL signed an amendment deed to the Porgera Project Commencement Agreement (PPCA) and an escrow deed to park 10% of the project equity of the new joint venture. In October 2023, BNL was granted a Special Mining Lease by the PNG government. Porgera will resume operations on December 22, 2023.