Barrick Gold forges ahead
18 January 2020
JEFF LEWIS & MELANIE BURTON
| Reuters | Extract
MELBOURNE - Barrick Gold is set to elevate its troubled Papua New Guinea mine to its top-tier assets, despite landowner and government demands to cede a larger stake and deteriorating security at the joint venture with China's Zijin Mining.
With a 20-year lease renewal application in the balance, Barrick has faced backlash from PNG landowners and residents.
Critics say the Porgera mine has polluted the water supply and created other environmental and social problems, with minimal economic returns for locals.
Seven people have died at the Porgera mine since September, including three so-called illegal miners last month in clashes that prompted Barrick's local entity to appeal for government intervention.
Barrick hopes to boost the mine's production by 18% or more.
This previously unreported outlook raises the stakes for prime minister James Marape's government, which has been seeking richer terms from miners and oil and gas producers.
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Posted by: Bernard Corden | 21 January 2020 at 01:11 PM