It’s official: the Porgera gold mine will reopen on December 22 2023.
Barrick Gold announced the news earlier this week, saying that first gold is expected to be poured in the first quarter of 2024.
The news comes less than a month after changes to the Mining (New Porgera) (Amendment) Act 2023 were made to preserve and protect the right of landowners in the area to properly and appropriately compensated.
“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,” Barrick president and chief executive Mark Bristow 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.
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.
Speaking at the PNG Resources & Energy Investment Conference in Sydney this week, PNG Prime Minister James Marape hailed the revival of Porgera. The partnership structure gives PNG stakeholders a majority interest in a key resource for the first time.
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