Canada-headquartered Barrick Gold is continuing to negotiate with the government of Papua New Guinea about the Porgera mine, which entered care and maintenance nearly a year ago.
Barrick CEO Mark Bristow says teams from both sides continue to work on the details of a mutually acceptable settlement agreement, having struck an in-principle agreement in late 2020.
“This has been a long and difficult negotiation, but I am optimistic that we will reach an agreement and get the mine reopened this year,” he says.
Barrick’s lease over the Porgera mine, which it operated with China’s Zijin Mining, lapsed when Prime Minister James Marape refused to extend it in April 2020. The parties have since agreed that Barrick Niugini Limited will remain as operator.