PORT MORESBY, Papua New Guinea, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Governor General Sir Bob Dabae today granted a special mining lease to New Porgera Limited (NPL), clearing the way for Barrick Gold Corporation to restart production at the gold mine, which has been on care and maintenance for three years.1
This follows the signing of a mining development contract and the conclusion of a fiscal stability agreement for New Porgera between the government and NPL. NPL will meet the mine property's landowners in the coming week to settle compensation agreements.
Barrick president and chief executive Mark Bristow said subject to agreement on compensation, the mine was positioned to restart before the end of this year. Recruitment was being accelerated to employ the full workforce that will be required when the mine starts ramping up operations as soon as the compensation agreements are in place.
"It's been a long road, but the end is now in sight. Negotiations between Barrick, the government and the other stakeholders required patience and persistence but the spirit of partnership in which they were conducted eventually led to an outcome acceptable to all. Barrick's commitment to partnership with its host countries is also reflected in NPL's ownership structure, which ensures the equitable sharing of the value created by Porgera with all stakeholders," he said.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Endnote
- Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2023 guidance. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations.
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Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "signal", "positioned", "progress", "ensure", "clearing the way", "will", "potential", "create", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: progress toward the resumption of operations at the Porgera mine under the Commencement Agreement and the ...