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October 16, 2020

Barrick to remain Papua New Guinea’s Porgera gold mine operator

Papua New Guinea (PNG) Prime Minister James Marape said that the Barrick Niugini joint venture is set to remain as operator of the Porgera gold mine following talks in Port Moresby.

Papua New Guinea (PNG) Prime Minister James Marape said that Barrick Niugini joint venture is set to remain as operator of the Porgera gold mine following talks in Port Moresby.

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The Porgera gold mine is located in Enga Province, about 600km north west of Port Moresby.

Barrick Niugini, which is jointly owned by Barrick Gold and China-based Zijin Mining, owns a 95% stake in the Porgera Joint Venture that owns the Porgera gold mine.

In April, PNG government said it will take control of the Porgera gold mine after refusing to extend Barrick Gold’s special mining lease over the facility.

Marape had then refused the extension citing environmental concerns.

This had led Barrick Niugini to mount legal challenges, Reuters reported.

In a statement after talks with Barrick Gold Chief Executive Mark Bristow, the news agency quoted Marape as stating: “We have agreed in principle that Papua New Guinea will take a major share of equity under the new arrangements and BNL will retain operatorship and there will be a fair sharing of the economic benefits.”

Barrick and Zijin each hold 47.5% stake in Porgera.

The remaining stake of 5% is owned by Mineral Resource Enga, a consortium between the Enga provincial government (2.5%) and the Porgera landowners (2.5%).

Reuters quoted Bristow as saying: “I am certain that my team will be able to work with the PNG state negotiation team… in finalising full commercial details.”

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img

Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
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