Zijin News - on 6th April 2021, Pupa New Guinea (PNG) Prime minister James Marape has announced an imminent agreement to reopen Porgera mine. Barrick Gold Corporation (Barrick) has announced the latest progress about the negotiations afterwards.
The production of Porgera has been suspended and the mine has been on care and maintenance since April 2020 as the PNG government refused the application to extend special mining license. Barrick and the Government of PNG have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera. Porgera will be owned and operated by a joint venture between Barrick Niugini Limited (BNL) and the government of PNG going forward on the basis of increased PNG ownership and a fair sharing of economic benefits. BNL would continue as the operator of the mine.
Zijin Mining believes the reopening of Porgera is in line with benefits of all stakeholders. We remain hopeful that the agreement will be reached with the PNG Government on a long-term partnership that will see the reopening of Porgera in the near future.
Zijin Mining and Barrick Gold Corporation each owns 50% interest of Barrick (Niugini) Limited, which owned 95% interest of Porgera Joint Venture.
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Zijin Mining is a leading global metals and mining company and one of the world’s largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin’s shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).