Barrick Gold has announced the process of re-open-ing the Porgera gold mine in Papua New Guinea has taken an important step forward following talks between the company’s president and chief executive Mark Bristow, the country’s prime minister James Marape and a group of local landowners and other stakeholders.
The mine is operated by local subsidiary Barrick Niugini Limited (BNL), the Toronto-based miner said in a statement.
“The framework agreement provides that Porgera will be owned by a new joint venture held 51% by Papua New Guinea (PNG) stakeholders and 49% by BNL, with BNL continuing as the operator. The framework agree-ment also calls on the Porgera Landowners and the Enga Province to have a dialogue to determine how the 10% ‘protected equity’ which forms part of PNG’s 51% interest will be allocated,” Barrick Gold said.