The Porgera mine was officially reopened on December 22 2023.
Barrick Gold announced that recommissioning of the Porgera gold mine began following the completion of the Porgera Project Commencement Agreement.
Recommissioning is expected to be completed over the next few weeks, paving the way for mining and processing to restart in the first quarter of 2024.
Barrick president and chief executive Mark Bristow said the mine’s new ownership structure was in line with the company’s host country partnership business model.
“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders and we look forward to steering the mine back to world-class production,” he said.
“It undoubtedly has the potential to join our Tier One gold mine portfolio, the largest of its kind in the industry.”
The Porgera gold mine is owned and operated by Barrick Gold (95 per cent) and Mineral Resources Enga. Barrick also holds a 49 per cent stake in New Porgera Limited (NPL), which operates the mine.
Under the Mining (New Porgera) (Amendment) Act 2023 the rights of landowners in the area to be properly and appropriately compensated have been protected.
The PNG shareholders are set to receive 53 per cent of Porgera’s overall economic benefits. According to Barrick, this is expected to amount to over $US7 billion over the mine’s 20-year life.
The mine is expected to see a ramp-up in employment over the course of the year, aiming to surpass 3200 employees by the end of 2024.
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