Zijin Mining’s Porgera Gold Mine in Papua New Guinea Set for Full Production
Porgera Gold Mine Gears Up for Resumption
Zijin Mining, a major player in the global mining industry, has announced the imminent full-scale resumption of production at its Porgera Gold Mine in Papua New Guinea (PNG). The mine is scheduled to restart operations on December 22, 2023, following the completion of essential prerequisites for its reopening.
First Batch of Gold Expected in Early 2024
The restart of the mining and processing systems at Porgera Gold Mine is projected to yield the first batch of composite gold in the first quarter of 2024. This marks a significant milestone in the mine’s operational timeline.
Joint Venture Operations
The Porgera Gold Mine is operated under a joint venture between Zijin Mining and Barrick Gold Corporation (BNL), with each holding a 50% stake in BNL. BNL owns 49% of the shares in the Porgera Gold Mine's project company, while relevant parties in PNG hold the remaining 51%. BNL's role in managing the mine's operations is pivotal to ensuring a smooth and efficient resumption of production activities.
Gold Reserve and Production Estimates
According to BNL's latest planning, the Porgera Gold Mine boasts a substantial reserve of 417 tons of gold resources. Post-resumption, the mine is anticipated to produce an average of 21 tons of gold annually, extending the mine’s life by over 20 years. Zijin Mining, through its indirect 24.5% interest in the mine via BNL, is expected to contribute approximately 5 tons to its annual gold production. This addition will significantly enhance Zijin Mining’s overall gold output and contribute to steady profits.
