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  • Barrick Gold Corporation (ABX) is moving towards an agreement to reopen the Porgera Mine
  • The mine joint venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in Papua New Guinea
  • The mine has been closed for maintenance since April 2020
  • A recent statement released by Papua New Guinea prime minister James Marape announced an imminent agreement to reopen the mine
  • Barrick Gold is up 1.41 per cent on the day, with shares of the company trading at C$25.93 at 11:36 am ET

Barrick Gold Corporation (ABX) is moving towards an agreement to reopen the Porgera Mine.

The mine joint venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea.

Barrick and the Government of Papua New Guinea have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020.

Now, the company is pointing to a recent statement released by Papua New Guinea prime minister James Marape announcing an imminent agreement to reopen the Porgera mine.

The agreement under discussion is in line with the principles announced in October. It outlines a joint venture between Barrick Niugini Limited and the government of Papua New Guinea to operate Porgera going forward on the basis of increased Papa New Guinean ownership and a fair sharing of economic benefits.

Barrick Niugini Limited would continue as the operator of the mine and the company says it "remains hopeful" that it will reach agreement with the country's government on a long-term partnership that will see the reopening of Porgera in the near future.

A further statement will be issued once a final agreement is achieved.

Barrick Niugini Limited is a joint venture company in which Barrick and Zijin Mining Group each own a 50 per cent stake.

The Porgera Gold Mine is a large gold and silver mining operation located at the head of the Porgera Valley. The mine is situated in the rain forest covered highlands in a region of high rainfall, landslides, and frequent earthquakes.

Barrick Gold is up 1.41 per cent on the day, with shares of the company trading at C$25.93 at 11:36 am ET.

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