Barrick Niugini Limited Operations Located in Port Moresby

by PNG Business News - July 28, 2022

Photo: Barrick Logo

Barrick (Niugini) Limited (BNL), in response to a recent media article that the Port Moresby BNL office would operate out of Perth, Australia, is not accurate. BNL would like to clarify that the Port Moresby Office will continue to be the Head of Country office for its operations in Papua New Guinea, after the incorporation of New Porgera Limited.

Barrick President and Chief Executive officer, Mark Bristow, explained that Barrick recently opened a Perth Office for Barrick’s Asia Pacific growth operations.

“Barrick has recognized the potential for the mining industry in the Asia Pacific region with current operations in Papua New Guinea and Pakistan. We are looking at other mines throughout Asia Pacific, and the new Barrick office in Perth will allow for our move into the region. As for the Porgera Mine, our head office for all of Papua New Guinea operations is Port Moresby and will continue to be after the Shareholders Agreement is fully executed.”

Bristow said that Barrick’s approach is to ensure that the countries in which Barrick has primary operations, is managed by citizens of that country. For PNG, the Porgera Project Commencement Agreement ensures a greater participation by its citizens and the State.

Speaking from Port Moresby Bristow said, “The Porgera Project Commencement Agreement shows our genuine intention to nation building here in Papua New Guinea. On top of the 51% equity to PNG stakeholders, of which 10% is protected equity for Project-impacted landowners, we are committed to building a predominantly PNG national workforce at Porgera Mine - and refining our approach to localizing our supply and business contracts.”

Mark Bristow, who was in country this week, stated that once Mineral Resource Enga Limited signs the Shareholders Agreement and other associated agreements, the long awaited economic benefits for the country will flow.


Article courtesy of Barrick 

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PNG Business News - March 23, 2021

Barrick Positive About Porgera's Restart

After PNG declined to renew a special mining lease (SML), the mine was shut down about a year ago. Barrick Niugini is appealing both the rejection and PNG's August decision to grant an SML to state-owned Kumul Minerals Holdings. President and CEO Mark Bristow said in Barrick's annual report issued last week that the company had signed an in-principle deal with the government on the re-opening and potential service of Porgera in the fourth quarter. "Teams from both sides continue to work on the details of a mutually acceptable settlement agreement," he said. "This has been a long and difficult negotiation, but I am optimistic that we will reach an agreement and get the mine re-opened this year." The excitement was echoed in Zijin Mining's annual numbers, which were published over the weekend. "Having all relevant parties' interests in mind, the company is striving for renewal of the mining lease of the Porgera gold mine in Papua New Guinea and resumption of production," Zijin said. Late last year, Bristow flew to PNG for talks with Prime Minister James Marape, who was under pressure to get a better return on the country's capital. Porgera has been removed from Barrick's production forecast of 4.4-4.7 million ounces of gold for the time being. Porgera's share of output in 2019 was 284,000 ounces of gold, at all-in sustaining costs of US$1,003/oz, according to the Canadian miner. Both Barrick and Zijin own 47.5 per cent of Porgera, with the Enga provincial government and landowners holding the remaining 5%. Meanwhile, PNG is dealing with an increase in COVID-19 incidents, prompting Australia to announce a fortnight-long travel ban between the two countries last week. Newcrest Mining, headquartered in Australia, said that no disruption to gold production at its Lihir mine was planned at this time and that it was consulting with the government to better grasp the specifics of the travel ban and to assess and minimize any possible effects. Similarly, K92 Mining, based in Canada, said the ban was unlikely to have a substantial effect on production at its Kainantu operations, though certain non-production-related activities may be affected. K92 CEO John Lewins told Mining Journal's sister publication PNG Report that the company had seen no positive cases across its quarantine scheme for the first nine months, but had discovered 15 in the last four weeks.

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