NCMGY - Barrick Gold Papua New Guinea poised to reopen Porgera mine

Barrick Gold (GOLD) says it reached a deal that gives the Papua New Guinea government a majority share in the Porgera gold mine as part of plans to restart operations.The deal places Porgera ownership in a new joint venture that is 51% owned by PNG stakeholders and the rest by Barrick Niugini Ltd., which is jointly owned by Barrick and China's Zijin Mining and will remain the operator of the mine.Porgera has been on care and maintenance since April 2020 when the government declined to renew its special mining lease.PNG Prime Minister James Marape says the deal will set a benchmark for further resources projects in the region and help shape the terms of new developments by Newcrest Mining (NCMGY) and others.Barrick's weak stock quote the last six months has opened a strong buy opportunity for intelligent investors, Paul Franke writes in a bullish new analysis posted on Seeking Alpha.

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Barrick Gold, Papua New Guinea poised to reopen Porgera mine