This follows the Security Forum and the opening of the Development Forum on July 20, a precondition for the granting of a special mining lease, by the Minister of Mining, the Hon Sir Ano Pala, at an event attended by the Prime Minister, the Hon James Marape, the Governor of Enga Province, Sir Peter Ipatas and several thousand Porgerans. At the same event, the Mining Minister told the audience the maintenance of law and order was critical for the successful restart and operation of the mine.
Bristow, Barrick's President and CEO, commented that if all goes according to plan Porgera could be back in operation before the end of 2023. In preparation for the restart, the mobile fleet and fixed plant are being recommissioned, the mining and metallurgy plans have been updated, and the personnel recruitment plan has been finalised, with preference given to local employment.
Porgera has declared proven and probable gold reserves of 1.2m ounces, measured and iIndicated gold resources of 2.5m ounces and inferred gold resources of 820,000 ounces. Since it began operating, the mine has produced more than 16 million ounces of gold and almost 3 million ounces of silver, accounting for about 12 percent of Papua New Guinea's total exports. The mine is located in a mountainous region
“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders. For Barrick, the re-opening of the mine represents another victory for our host country partnership model which has been so successful in Tanzania and has also been adopted for the Reko Diq project in Pakistan,” Bristow said.
Papua New Guinea stakeholders own 51% of New Porgera with Barrick Niugini Limited, which will operate the mine, holding 49%. Economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini following renegotiation between the partners. No doubt this renegotiation included a reset of the company's approach to community relationships, which has had a chequered history. The publication of Barrrick's latest sustainability report The Positive Impact of Responsible Mining in July 2023 indicates a renewed focus on this aspect of operations, “Effective and equitable socio-economic development worldwide would not be possible without the transformative contribution of responsible mining,” said Bristow at that time. Sustainability executive Grant Beringer added: “We believe the mining industry is a catalyst for socio-economic development through the infrastructure we build, the jobs we create, the businesses we support through our supply chains and the investments we make in local communities. Last year we distributed more than $15 billion in economic value, almost $11 billion of which stayed in our host countries. A further $36 million was invested in community development projects.”
Porgera has declared proven and probable gold reserves of 1.2m ounces, Measured and Indicated gold resources of 2.5m ounces and inferred gold resources of 820,000 ounces. Since it began operating, the mine has produced more than 16 million ounces of gold and almost 3 million ounces of silver, accounting for about 12 percent of Papua New Guinea's total exports. The mine is located in a mountainous region in PNG's rain forest covered highlands at an altitude of between2,200 to 2,700 metres.
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