Papua New Guinea Prime Minister James Marape announced an imminent agreement to reopen Barrick Gold’s Porgera mine. Barrick and the Government of Papua New Guinea have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020.

The agreement under discussion is in line with the principles announced in October, providing for a joint venture between Barrick Niugini Ltd. (BNL) and the government of Papua New Guinea to operate Porgera going forward on the basis of increased government ownership and a fair sharing of economic benefits. BNL would continue as the operator of the mine.

Barrick said it remains hopeful that it will reach agreement with the government on a long-term partnership that will see the reopening of Porgera in the near future.

The Porgera Joint Venture is an open-pit and underground gold mine located at an altitude of 2,200 meters (m) to 2,600 m in the Enga Province of Papua New Guinea, about 600 kilometers northwest of Port Moresby. BNL is a joint venture company in which Barrick and Zijin Mining Group each own 50%.