In May this year, Barrick announced that it had formed a strategic partnership with Zijin, a Chinese mining company, after the two companies signed a long-term strategic cooperation agreement, which outlined their intent to collaborate on future projects and joint investments.
As a first step in this partnership, Zijin will acquire 50 per cent of Barrick (Niugini) Ltd (BNL), the company which owned 95 per cent of and manages Porgera Joint Venture gold mine in Enga.
Zijin will pay US$298 million (K819 million) for its 50 per cent interest in BNL.
In welcoming the delegation, Barrick Niugini country executive director Dr Ila Temu said the
new investors recognised the significant potential that existed at Porgera.
“Combining Barrick’s past experience and track record of operating success in Papua New Guinea with Zijin’s strong mining capabilities will help BNL going forward unlock the full value of this mine for the benefits of all stakeholders,” Temu said.
“BNL is committed to working with local communities and other partners in Papua New Guinea to ensure the Porgera mine generates values for all of its stakeholders for many years to come.” The National