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Barrick Gold Corp
Symbol ABX
Shares Issued 1,755,467,937
Close 2023-10-12 C$ 20.71
Market Cap C$ 36,355,740,975
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Barrick says Porgera mine poised to restart by year-end

2023-10-13 11:12 ET - News Release

Mr. Mark Bristow reports


Today, Governor General Bob Dabae granted a special mining lease to New Porgera Ltd. (NPL), clearing the way for Barrick Gold Corp. to restart production at the gold mine, which has been on care and maintenance for three years.

This follows the signing of a mining development contract and the conclusion of a fiscal stability agreement for New Porgera between the government and NPL. NPL will meet the mine property's landowners in the coming week to settle compensation agreements.

Barrick president and chief executive Mark Bristow said subject to agreement on compensation, the mine was positioned to restart before the end of this year. Recruitment was being accelerated to employ the full work force that will be required when the mine starts ramping up operations as soon as the compensation agreements are in place.

"It's been a long road, but the end is now in sight. Negotiations between Barrick, the government and the other stakeholders required patience and persistence, but the spirit of partnership in which they were conducted eventually led to an outcome acceptable to all. Barrick's commitment to partnership with its host countries is also reflected in NPL's ownership structure, which ensures the equitable sharing of the value created by Porgera with all stakeholders," Mr. Bristow said.

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