Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] received some good news on Thursday October 15 when Papua New Guinea Prime Minister James Marape said Barrick and its Chinese joint venture partner Zijin Mining can continue to operate the Porgera gold mine.
According to published reports, the announcement follows talks in Port Moresby, the Papua New Guinea capital, and coincides with the release today of Barrick’s third quarter 2020 production results, which were largely in line with expectations.
Barrick shares were virtually unchanged on the news, easing 0.86% or $0.32 to $36.89 on volume of 2.25 million. The shares are currently trading in a 52-week range of $41.09 and $17.52.
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 north-west of Port Moresby.
Proven and probable reserves at the site stand at 2.3 million ounces, with a further 3.6 million ounces and 1.2 million ounces listed in the measured and indicated, and inferred categories, respectively.
For the rest of this article: https://resourceworld.com/barrick-gold-gets-good-news-in-papua-new-guinea/