Mining
Monday, October 16th, 2023 2:18 pm EDT
Key Points
- Barrick Gold has received approval from the Government of Papua New Guinea to restart operations at the Porgera gold mine, which had been shut down for three years.
- The mine is expected to produce 700,000 ounces of gold per year, and Barrick holds a 49% stake in the venture while Papua New Guinea stakeholders own the remaining 51%.
Canadian mining company Barrick Gold has received approval from the Government of Papua New Guinea to resume operations at the Porgera gold mine, which had been idle for three years. The government took control of the mine in April 2020 after refusing to extend Barrick’s special mining lease, citing environmental concerns. The newly granted special mining lease allows the mine to produce 700,000 ounces of gold annually. Barrick holds a 49% stake in the project and operates the mine, while Papua New Guinea stakeholders own the remaining 51%. Following the announcement, Barrick’s stock price increased by 4% on the Toronto Stock Exchange.
For the full original article, please click here: https://www.mining-technology.com/news/barrick-to-resume-gold-mining-operations/?cf-view
