PNG Government Close to Signing New Agreement with Barrick Gold for Reopening of the Porgera Gold Mine in Enga

April 7th, 2021

THE Government is poised to sign an agreement with Barrick Gold for the reopening of the Porgera Gold Mine in Enga, 12 months after its closure last April over rejection of renewing the mining lease by the State, Prime Minister James Marape announced yesterday.
Announcing the breakthrough in negotiations by the State and Barrick, Marape said Papua New Guinea would receive a “far superior deal” than the 31 years from 1989 to 2021.
“I’m announcing to our country that within the principles of my Government, which includes getting more from our natural resources, we are in a better position now to sign an agreement with Barrick for what will be a new Porgera,” he said.
“I can assure our country that this is a far-superior and better deal, meaning our landowners and Enga provincial government will get more, and the balance of equity through Kumul Minerals will mean we hold majority in equity.”