The government of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited signed an agreement to progress with the resumption of operations at the Porgera gold mine, which have been suspended since 2020.
Porgera hosts an orebody with measured and indicated resources of 10 million ounces and inferred resources of 3.4 million ounces.
After initial ramp up and optimisation of the Wangima pit, the mine is forecast to produce an average of 700,000 ounces per year.
The equity in New Porgera is shared 51% by Papua New Guinea (PNG) stakeholders, including local landowners and the Enga provincial government. Economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited, which will operate the mine, barrick.com notes.
Alex Shishlo for Rough&Polished
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