Papua New Guinea warns Barrick over gold mine control [Yahoo! Finance News]
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Source: Yahoo! Finance News
MELBOURNE, April 28 ) - Papua New Guinea has threatened to take control of a gold mine operated by Barrick Gold Corp in the country after Barrick's local unit suspended operations at the weekend following news the mine's lease would not be renewed.Barrick, one of the world's biggest gold miners, had applied for a twenty-year lease renewal with its joint venture partner, China's Zijin Mining, of the Porgera gold mine which Papua New Guinea rejected on Friday.The Toronto-listed company had run into opposition from Papua New Guinea landowners and residents. Critics say the Porgera mine has polluted the water supply and created other environmental and social problems, with minimal economic returns for locals.Barrick says the lack of renewal is tantamount to nationalisation. Its local unit, Barrick Niugini) Limited, suspended operations on Saturday because the government had not given it any formal notification that it would not renew the lease, or any detail over a planned transition, it
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