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.