GOLD - Barrick prepares to restart Papua New Guinea gold mine shut since 2020

2023-08-04 09:42:07 ET

Barrick Gold ( NYSE: GOLD ) said Friday it aims to restart operations at the Porgera gold mine in Papua New Guinea later this year.

The mine produced nearly 600K oz of gold in 2019 but was placed on care and maintenance in 2020 following a dispute with the government over benefit sharing terms.

In preparation for the restart, the mobile fleet and fixed plant are being recommissioned, mining and metallurgy plans have been updated, and a personnel recruitment plan has been finalized, CEO Mark Bristow said.

The miner's local Barrick Niugini unit owns 49% and will operate the mine, with PNG stakeholders owning 51%.

Earlier this week , Barrick ( GOLD ) said it is aiming to start production at the Reko Diq copper-gold project in Pakistan by 2028.

Barrick ( GOLD ) owns 50% of Reko Diq and is developing and will operate the mine; the other half is held by state and provincial entities.

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