Barrick Gold Initiates Recommissioning of Porgera Gold Mine in Papua New Guinea
Reopening After Prolonged Closure
The Porgera gold mine in Papua New Guinea, managed by Barrick Gold, is set to resume operations following an extensive period of inactivity. The mine, which has been on care and maintenance since April 2020, is undergoing recommissioning work, a process expected to span the next few weeks. This development follows the formal completion of the Porgera Project Commencement Agreement.
Anticipated Restart in 2024
Barrick Gold anticipates that mining and processing activities at the Porgera mine will recommence in the first quarter of 2024. This timeline marks a significant turnaround for the mine, which had remained dormant for nearly four years.
New Ownership Structure and Negotiations
The mine's restart was facilitated by intricate negotiations, closely overseen by Barrick President and CEO Mark Bristow. The new ownership structure of the Porgera mine aligns with Barrick Gold's host country partnership business model, reflecting a collaborative approach between the company and its operating regions.
Strategic Implications for Barrick Gold
The recommissioning of the Porgera gold mine signifies a strategic move for Barrick Gold, reinstating a key asset within its global mining portfolio. The decision to restart operations underlines the company's commitment to its business model and its efforts to maintain strong relationships with host countries. The Porgera mine's return to production is a noteworthy development in the global mining industry, particularly for stakeholders in Papua New Guinea and Barrick Gold.
