VANCOUVER (miningweekly.com) – Canadian miner Barrick Gold has reported significant damage to the power plant that supplies electricity to the Porgera joint venture, following a 7.5 magnitude earthquake that struck Papua New Guinea (PNG) on February 26.
However, the NYSE- and TSX-listed miner said it does not expect the Porgera JV’s 2018 guidance of 4.5-million to 5-million ounces of gold to be affected at this stage.
No employees or contractors were injured because of the incident. Barrick said it is supporting its subsidiary Barrick Niugini (BNL) to protect the safety of those at site, and in the local communities, as recovery efforts get under way.
The Porgera JV is owned 95% by BNL and is the manager of the operation. Barrick and Zijin Mining each own 50% of BNL.
MOODY’S RATINGS BOOST
Meanwhile, Moody’s Investors Service has upgraded the senior unsecured ratings of Barrick and all rated subsidiaries to Baa2 from Baa3, with a stable outlook.
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