Barrick Gold Announces Porgera Mine In Papua New Guinea To Resume Operations, Gold Pouring To Begin In Early 2024
Portfolio Pulse from Benzinga Newsdesk
Barrick Gold has announced that the Porgera Mine in Papua New Guinea, which is a joint venture between Barrick and Zijin of China, will resume operations with gold pouring expected to begin in early 2024. The equity in New Porgera is split with 51% held by PNG stakeholders and 49% by Barrick Niugini Limited. PNG stakeholders will receive 53% of the economic benefits, potentially amounting to over $7 billion over 20 years, assuming a gold price of $1,800 per ounce.
December 11, 2023 | 6:23 am
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POSITIVE IMPACT
Barrick Gold's joint venture to resume operations at Porgera Mine could lead to increased production and revenue, with operations starting in early 2024 and significant economic benefits projected.
The resumption of operations at the Porgera Mine is directly related to Barrick Gold and is likely to have a positive impact on the company's production and revenue. The announcement of the mine's reopening and the expected economic benefits provide a positive outlook for the company's future performance. The confidence score is high due to the clear connection between the mine's operations and Barrick Gold's financial interests.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100