2023-03-31 11:51:16 ET
Barrick Gold ( NYSE: GOLD ) said it signed an agreement Thursday with Papua New Guinea's government and local partners to resume operations at the Porgera mine, which had been suspended since 2020.
"All parties are committed to reopening the mine at the earliest opportunity," Barrick ( GOLD ) said, without disclosing a specific date; the project team will move ahead with filings for a special mining lease and fulfill other conditions in the restart agreement.
Barrick ( GOLD ) forecasts Porgera will produce an average of 700K oz/year, which would represent 17% of the company's overall gold production from last year; before the suspension, the mine accounted for ~5% of total output.
Porgera hosts an orebody with measured and indicated resources of 10M oz and inferred resources of 3.4M oz.
Barrick Gold ( GOLD ) is burdened by a growing list of emerging threats to profitability in Africa, South America and the Middle East, Real Investments writes in an analysis published recently on Seeking Alpha .
For further details see:
Barrick set to restart Porgera gold mine after deal with Papua New Guinea