Barrick’s Chinese partner warns Papua New Guinea against ending mine lease [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Barrick’s Chinese partner warns Papua New Guinea against ending mine lease A view of tailings at Barrick Gold Corp's Porgera mine in Papua New Guinea. Catherine Coumans/MiningWatch Canada A view of tailings at Barrick Gold Corp's Porgera mine in Papua New Guinea. China’s Zijin Mining has warned Papua New Guinea that its failure to renew the lease of a gold mine it jointly owns with Barrick Gold Corp there could damage bilateral relations. Papua New Guinea on Friday said it would not renew a 20-year mining lease at its Porgera gold mine, citing environmental damage and social unrest even as gold prices have soared to more than seven-year highs. Barrick (Niugini) Limited (BNL), the local venture in which both miners have a 47.5% stake, suspended operations on Saturday, saying the government had not given it formal notification that it would not renew the lease, or any details of a planned transition. Zijin, which is a state-controlled company, said that Papua New Guinea needed to con
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