Porgera Mine Set to Restart as PNG and Barrick Niugini Limited Agree New Partnership

Sumary of Porgera Mine Set to Restart as PNG and Barrick Niugini Limited Agree New Partnership:

  • PORT MORESBY, Papua New Guinea, April 09, 2021 (GLOBE NEWSWIRE) — The Porgera gold mine is on track to resume operations later this year after the Papua New Guinea (PNG) government and Barrick Niugini Limited (BNL) agreed on a partnership for its future ownership and operation..
  • Porgera has been on care and maintenance since April 2020 when the government declined to renew its special mining lease..
  • Under the terms of a binding framework agreement signed here today by Governor General Sir Bob Dadae and Barrick Gold Corporation President and Chief Executive Mark Bristow, ownership of Porgera will be held in a new joint venture owned 51% by PNG stakeholders and 49% by BNL..
  • an increase in the equity allocated to a broad group of landowners who are the customary owners of the land where Porgera is located;.
  • The parties will now work towards the signing of definitive agreements at which time full mine recommencement work will begin..
  • “I thank Mr Bristow and his team for recognizing our nation aspirations and their willingness to partner with us in realizing this vision at Porgera,”.
  • Bristow said Barrick, on behalf of BNL joint venture partners Barrick and Zijin Mining, was delivering on its promise of reaching a fair agreement on the future of Porgera for the benefit of all its stakeholders, notably the local community, Enga province and the PNG government..
  • The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea, about 600 kilometres north-west of Port Moresby..
  • Cautionary Statement on Forward-Looking InformationCertain 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”..
  • In particular, this press release contains forward-looking statements including, without limitation, with respect to:.
  • the planned resumption of operations at Porgera later this year and the terms of a new partnership for Porgera future ownership and operation under the framework agreement between Papua New Guinea and BNL;.
  • the timeline for execution of definitive agreements and formation of a new joint venture to implement the framework agreement and recommence operations at Porgera;.
  • the anticipated sharing of economic benefits generated by the Porgera mine, increased equity ownership for Papua New Guinea and landowners and other expected benefits for stakeholders and the local community under the framework agreement;.
  • Barrick and BNL response to the government of Papua New Guinea decision not to extend Porgera special mining lease;.
  • Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies..
  • disruption of supply routes which may cause delays in construction and mining activities at Barrick more remote properties;.
  • operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems;.
  • non-renewal of key licences by governmental authorities, including non-renewal of Porgera special mining lease;…

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