PRECIOUS METALS

Barrick distances itself from political unrest in PNG

Barrick Nuigini to take legal action

Staff reporter

This article is 4 years old. Images might not display.

Key senior MPs, including deputy prime minister Sam Basil, crossed the floor last week to join PNG's opposition.

Marape has said on Facebook they were within their rights to do so but in the meantime he remained prime minister and had fought for a greater return from the country's resources, including from Porgera.

Barrick Nuigini (BNL) said yesterday "patently false statements" made by certain individuals linking Bristow's latest visit to the political manoeuvring were designed solely to create a fictitious narrative about BNL's role to further their own political agenda.

"Those defamatory and entirely false posts have been reported to PNG authorities requesting appropriate action, and have also been reported to Facebook," BNL said.

"Mr Bristow and his team travelled to PNG in good faith under a joint agreement between prime minister Marape and Mr Bristow, which committed to negotiations relating to the restart of the Porgera mine.

"During his recent visit, Mr Bristow and his team did not meet with anyone other than prime minister Marape, together with several of his ministerial colleagues, Enga governor Peter Ipatas, members of the state negotiating team, and the Porgera landowners and their team."

Bristow and Marape also held talks in October discussing the path to reopening Porgera.

The mine has been mothballed since April, after PNG refused to extend a special mining lease (SML), with BNL challenging both the refusal and PNG's August decision to award an SML to state-owned Kumul Minerals Holdings.

Porgera is owned 47.5% by both Barrick and Zijin Mining, with the remaining 5% held by the Enga provincial government and landowners.

Barrick has withdrawn 2020 guidance for Porgera, which last year produced 284,000 ounces of gold at all-in sustaining costs of US$1,003/oz for the Canada-based company.

Barrick shares (TSX: ABX) closed yesterday at C$33.84, capitalising it about $60 billion (US$46 billion).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.