Barrick Gold Corporation

It is also a low cost producer, producing per ounce of gold at a price lower than most other mining companies do.

Having a life of 30 million ounces, Porgera is special to Barrick Gold Corporation.

Barrick Gold Corporation is the 49 per cent shareholder in the New Porgera Limited and will be the operator of the giant Porgera Mine.

Loop PNG sat down with the President and CEO of Barrick Corporation, Mark Bristow in an exclusive interview following the granting of SML 13 to New Porgera Limited.

The agreements signed between the State and New Porgera Ltd include the Mining Development Contract, Special Mining Lease 13, Fiscal Stability Agreement, and Escrow Arrangement for landowners.

Prime Minister James Marape has hailed the signing as a "giant leap" towards the reopening of Porgera gold mine.

The mine is expected to commence operations before the end of the year, with full production anticipated within six months, contingent upon the finalisation of compensation agreements for landowners.

President and Chief Executive Officer of Barrick Gold Corporation, Mark Bristow, met with Prime Minister James Marape on Monday, July 17, 2023, to discuss recent progress and status of the matters remaining to be completed in anticipation of the reopening of Porgera Mine.

Barrick Gold Corporation Chief Executive Officer Mark Bristow has urged all Papua New Guinea parties involved in the Porgera Mine reopening negotiations to complete the process by the end of the first quarter 2023. 
 
Bristow was in the country as part of his quarterly visits to all Barrick owned and operated mines. 

The State of Papua New Guinea and Barrick Niugini Limited today formally signed the Framework Agreement at Government House paving the way for a new partnership with BNL.

Under the framework agreement the ownership of the Porgera Gold Mine will be held in a new Joint Venture company with PNG to hold a 51% stake and BNL with 49%.

The Framework Agreement also sets the foundation for operations arrangements, and benefit split

Under the new deal BNL will finance the start-up of the mine and remain the operator.

“It’s disappointing to come here and see such conflict. We should be working to make sure that the community around this mine improves…to make this place a better place to come to work,” Bristow said during a ‘question and answer’ (Q&A) session with employees recently, at the Porgera Gold Mine.

On his maiden visit to Papua New Guinea, Bristow led a Barrick delegation to Port Moresby and up to Porgera, from 15 to 18 February 2019.