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Barrick Gold eyes Porgera restart before the end of 2023

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX) announced today it is aiming to restart operations at the Porgera gold mine in Papua New Guinea later this year.

President and chief executive Mark Bristow said that, if all goes according to plan, Porgera could be back in operation before the end of 2023.

According to a press release, 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 finalized, with preference given to local employment.

“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.

The Porgera joint venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 meters in the Enga Province of Papua New Guinea, about 600 kilometers north-west of Port Moresby.

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.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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