Porgera Moves Closer to Restart
Barrick Gold Corporation (BC) (GOLD)
Last barrick gold corporation (bc) earnings: 2/12 07:00 am
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Source: GlobeNewswire
PORGERA, Papua New Guinea, June 04, 2021 (GLOBE NEWSWIRE) -- The process of re-opening the Porgera gold mine under the terms of the binding framework agreement between the government and operator Barrick Niugini Limited (BNL) took a major step forward with a discussion between Barrick President and Chief Executive Mark Bristow, Prime Minister James Marape and the various Porgera Landowners groups and others here today. The framework agreement provides that Porgera will be owned by a new joint venture held 51% by Papua New Guinea (PNG) stakeholders and 49% by BNL, with BNL continuing as the operator. The framework agreement also calls on the Porgera Landowners and the Enga Province to have a dialogue to determine how the 10% ‘protected equity’ which forms part of PNG’s 51% interest will be allocated. Speaking at the event, which was attended by Prime Minister James Marape, Enga Governor Peter Ipatas and local Member of Parliament Tomait Kapili, Bristow said the agreement made eac
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