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Barrick hopes to reopen Porgera mine in the near future

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(Kitco News) - Barrick Gold (NYSE:GOLD)(TSX:ABX) noted today the statement released by Papua New Guinea prime minister James Marape announcing an imminent agreement to reopen Porgera mine.

Barrick said that the company and the Government of Papua New Guinea have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020.

The company added that the agreement under discussion is in line with the principles announced in October, providing for a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate Porgera going forward on the basis of increased PNG ownership and a fair sharing of economic benefits. BNL would continue as the operator of the mine.

Barrick pointed out that the company remains hopeful that it will reach agreement with the PNG Government on a long-term partnership that will see the reopening of Porgera in the near future.

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 kilometres north-west of Port Moresby. BNL is a joint venture company in which Barrick and Zijin Mining each own 50%.

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