Barrick cleared to restart Porgera gold mine in Papua New Guinea – by Staff ( – October 13, 2023)

Barrick Gold (NYSE: GOLD) (TSX: ABX) has received the go-ahead from the government of Papua New Guinea to restart the Porgera mine, which has been placed on care and maintenance for three years.

On Friday, the gold miner announced that New Porgera Ltd. (NPL) was granted a special mining lease by the island country’s Governor General, clearing the way for the 700,000 oz./y operation to return to production.

Barrick holds a 49% stake in NPL and is the mine’s operator. PNG stakeholders own the remaining 51%.

The special mining lease follows the signing of a mining development contract and the conclusion of a fiscal stability agreement between the PNG government and the Porgera joint venture. NPL will meet the mine property’s landowners in the coming week to settle compensation agreements, Barrick said.

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