PORT MORESBY, Papua New Guinea, April 09, 2021 (GLOBE NEWSWIRE) -- The Porgera gold mine is on track to resume operations later this year after the Papua New Guinea (PNG) government and Barrick Niugini Limited (BNL) agreed on a partnership for its future ownership and operation. Porgera has been on care and maintenance since April 2020 when the government declined to renew its special mining lease. Porgera happy as mine plans to restart. A standoff over a remote gold mine in Papua New Guinea threatens Barrick Gold … Prime Minister James Marape said today at Paiam that the state will partner with Barrick for the next 10 years and would like to see the mine reopen in the next few months. The Porgera gold mine is on track to resume operations later this year after the Papua New Guinea government and Barrick Niugini agreed on a partnership for its future ownership and operation. Credit: Richard Farbelini at English Wikipedia. Papua New Guinea's government has agreed that Canadian miner Barrick Gold will retain operatorship of the Porgera mine PNG prime minister James Marape and Barrick Gold CEO Mark Bristow in Port Moresby, 15 October 2020. Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] is vowing to challenge the purported grant of a special mining lease for the Porgera gold mine in Papua New Guinea to a government-owned company. Meanwhile, the mine’s temporary closure is already affecting local business. Saturday, June 6, 2020. Porgera fallout: Prime Minister moves to reassure Papua New Guinea’s miners. THE communities affected by the government’s closure of Porgera gold mine in Enga Province are pleased that work at the Barrick Niugini operation will soon restart. Investing News Network - June 3rd, 2021. Barrick Gold has reduced its 2020 production guidance following a conflict with the Papua New Guinea government regarding the Porgera mine last month, concerning the renewal of a 20-year special mining lease. Mining. The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 meters in the Enga Province of Papua New Guinea, about … NEWS. This year, the miner now expects to generate gold between 4.6 and 5 million ounces (Moz), which is 200,000oz lower than its earlier estimate. news, latest-news Papua New Guinea Prime Minister James Marape says a joint venture of Barrick Gold Corp and China's Zijin Mining is set to remain operators of the Porgera gold mine … The Open Pit mine is 500 meter deep, below the highest point of surface topography and approximately 30 million tonnes (t) of ore per year is excavated. Barrick Gold Corp has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners, according to a letter from its CEO, in a … On May 5, 2020 Barrick Gold held the company’s AGM virtually. The company added that the agreement under discussion is in line with the principles announced in October, providing for a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate Porgera going forward on the basis of increased PNG ownership and a fair sharing of economic benefits. More concern over Porgera. Papua New Guinea PM Marape Says Porgera Mine will reopen soon. The Papua New Guinea (PNG) Government and Barrick Gold have formed a new partnership that … After submitting your request, you will receive an activation email to the requested email address. Barrick President and Chief Executive Officer Mark Bristow, Prime Minister of Papua New Guinea James Marape and Governor of Enga Province Sir Peter Ipatas were in Porgera today where they explained to the various landowner groups of the Porgera Gold Mine, about the elements of the Framework Agreement signed in April 2021. Photo Credit: Porgera Joint Venture. PORGERA, Papua New Guinea, June 04, 2021 (GLOBE NEWSWIRE) — The process of re-opening the Porgera gold mine under the terms of the binding framework agreement between the government and operator Barrick Niugini Limited (BNL) took a major step forward with a discussion between Barrick President and Chief Executive Mark Bristow, Prime Minister James Marape and the various Porgera … The gold mine, located in PNG’s northern highlands region, is a joint venture between Barrick and Zijin Mining. 25 May 2021. April 12, 2021. The Porgera gold mine is located in Enga Province, 600km north-west of Port Moresby. It has been on care and maintenance since April 2020 when the government refused to renew its special mining lease. Source: Porgera Joint Venture. The people of Porgera will be given 10 per cent from the agreed 15 per cent equity to Enga Provincial Government, while Enga will have 5 per cent. Prime Minister, James Marape, in his statement, said under the agreed state-negotiated term, the net earnings would be around 640 Million US Dollars. New deal for Porgera mine. The process of re-opening the Porgera gold mine under the terms … About Porgera The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea, about 600 kilometres north-west of Port Moresby. BNL is a joint venture company in which Barrick and Zijin Mining Group each own 50%. Stocks ... took a major step forward to restart the Porgera gold mine. VETERAN mining industry commentator Barry Fitzgerald has added his voice to concerns expressed over the refusal of the Papua New Guinea government not to extend the special mining licence to Barrick Niugini for the Porgera gold mine in Enga Province. 4-June-2021. A Barrick Gold logo is seen during the company's annual general meeting in Toronto on Tuesday, April 28, 2015. Reopening Porgera mine critical. The Porgera joint venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea, about 600 kilometres north-west of Port Moresby. This assurance from the state team, comes as the parties commence the review meeting yesterday. Barrick Niugini Limited (BNL), majority owner and operator of the Porgera Gold Mine in the Enga province of Papua New Guinea (PNG), refutes claims that it has sought to unlawfully export gold as alleged in a public release dated 5 June 2020 issued by … PORT MORESBY, Papua New Guinea, April 09, 2021 (GLOBE NEWSWIRE) -- The Porgera gold mine is on track to resume operations later this year after the Papua New Guinea (PNG) government and Barrick Niugini Limited (BNL) agreed on a partnership for its future ownership and operation. This comes after the PNG government announced that Barrick Niugini Limited would ink a new deal for the reopening of the Porgera Gold Mine. THE people and the Government of Papua New Guinea are now the major equity stakeholders (51-49 per cent) in the new Porgera gold mine going forward over the next 10 years and beyond. No steam from the idle autoclaves at Porgera mine after the government refused to renew Barrick's SML. The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200- 2,600 meters in the Enga Province of Papua New Guinea. He claimed that the 10 million ounces of resources will be enough to sustain the mine for the next 20 years. BNL is a joint venture company in which Barrick and Zijin Mining each own 50%. Multiple industry bodies have urged the government to urgently negotiate with the mine’s joint venture operators, Barrick Gold and Zijin Mining, pointing to extreme economic stress. Email Updates Get the latest news from Barrick directly to your inbox. PORGERA gold mine operator Barrick Niugini (BNL) plans to “urgently appeal” a lower court ruling in Papua New Guinea, which dismissed its application for a judicial review of the government’s refusal to extend its special mining lease. THE people and the Government of Papua New Guinea are now the major equity stakeholders (51-49 per cent) in the new Porgera gold mine going forward over the next 10 years and beyond. Porgera holds promise for improved revenues in an economy that has been under pressure for close to two years now. Owners of the Porgera gold mine in Papua New Guinea say they will terminate the employment of 2,650 local mine workers by the end of July as the result of an ongoing dispute with the federal government. BY JEFFREY ELAPA. The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea, about 600 km northwest of Port Moresby. Papua New Guinea has swooped in to take control of Barrick Gold’s Porgera gold mine after refusing to extend a special mining lease with the Canadian company. Porgera is one of Papua New Guinea’s longest running goldmines. Data is currently not available. Latest News. The Canada-based miner's share of Porgera… reserves of 11.6 million ounces.”. The Porgera gold mine in PNG was put on care and maintenance in April over the lease dispute. Papua New Guinea's government is coming under intense pressure to renegotiate the Special Mining Lease for the Porgera gold mine, which it refused to extend in April. Barrick has excluded Porgera for the time being from its 2021 production guidance of 4.4-4.7 million ounces of gold. THE re-opening of Porgera gold mine in Enga later in the year is undoubtedly an eagerly awaited event that many individuals and businesses are looking forward to. June 2, 2021 The National Editorial. BREAKING NEWS Marape hands over Framework Agreement for Porgera mi... ne reopening to landowners today Friday, 4 June 2021 Prime Minister James Marape has officially handed over the framework agreement for the reopening of Porgera Gold Mine. Barrick (Niugini) Limited (“BNL”), majority owner and operator of the Porgera gold mine in the Enga province of Papua New Guinea (PNG), said today the Government’s decision not to extend its Special Mining Lease was tantamount to nationalization, without due process, and in violation of the Government’s legal obligations to BNL. To opt-in for email alerts, please enter your email address in the field below and select at least one alert option. Each owns 47.5% of the mine, … The open pit and underground gold mine sits at an altitude of 2,200-2,600 metres in Enga province, and is about 600 km (370 miles) northwest of Port Moresby. Porgera Moves Closer to Restart. Share Mining.com Recommends Papua New Guinea Prime Minister James Marape assures the country that his government is doing everything within it’s mandate to reopen Porgera Gold mine, contrary to what PNC Party Leader Peter O’Neill may say. BARRICK Gold has declared a dispute under the bilateral investment treaty between Papua New Guinea and Australia over the PNG government's refusal to extend the mine’s special mining lease (SML). Share the News. The framework agreement will see the ownership of the mine under a new structure, owned 51 per cent by PNG stakeholders and … The National Government has reaffirmed its commitment to complete the Porgera Mining Project Memorandum of Agreement review this week in Kokopo. “According to our experts, the mine has a life of 20 years, with high grade gold. Porgera gold mine set for restart. Barrick escalates Porgera dispute. Barrick Gold CEO Mark Bristow sits for an interview in his Toronto office on Feb. 12, 2020. Latest News. Per the terms of the agreement, ownership of Porgera will be held in a new joint venture owned 51% by PNG stakeholders and 49% by BNL. Papua New Guinea's sprawling Porgera gold mine has produced more than 16 million ounces of gold since opening in 1990 - an amount that would be worth more than US$20 billion at today's … Visit to Porgera. The reopening of the Porgera Gold Mine at the earliest, according to the Porgera Mining and Allied Workers Union (PMAWU), is good news. According to Mark Bristow, president and CEO of Barrick, the Porgera gold mine has reserves of about 10 million ounces. Canada-based mining firm Barrick Gold has announced that it is about to finalise an agreement with the Papua New Guinea (PNG) Government to reopen the Porgera gold mine. Prime Minister James Marape moves to allay concerns among Papua New Guinea’s mining companies following the decision not to renew the special mining lease for the Porgera gold mine. Operating for 30 years in the highlands province of Enga, this large mine was expected to produce around 250,000 ounces of gold … The gold mine is set to resume operations in late 2021.
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