Special Mining Lease Signals Porgera Restart
PORT MORESBY, Papua New Guinea, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Governor General Sir Bob Dabae today granted a special mining lease to New Porgera Limited (NPL), clearing the way for Barrick Gold Corporation to restart production at the gold mine, which has been on care and maintenance for three years.1
- PORT MORESBY, Papua New Guinea, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Governor General Sir Bob Dabae today granted a special mining lease to New Porgera Limited (NPL), clearing the way for Barrick Gold Corporation to restart production at the gold mine, which has been on care and maintenance for three years.1
This follows the signing of a mining development contract and the conclusion of a fiscal stability agreement for New Porgera between the government and NPL. - NPL will meet the mine property’s landowners in the coming week to settle compensation agreements.
- Barrick president and chief executive Mark Bristow said subject to agreement on compensation, the mine was positioned to restart before the end of this year.
- Barrick’s commitment to partnership with its host countries is also reflected in NPL’s ownership structure, which ensures the equitable sharing of the value created by Porgera with all stakeholders,” he said.