The Porgera gold mine was suspended last April when the government refused to renew the special mining lease for operator
Under the renegotiated agreement, the 95 per cent stake in the mine held by BNL drops to 49 per cent and the government's ownership jumps from five per cent to 51 per cent, although BNL will still be the operator.
However, Barrick says the economic benefits generated over the life of mine are to be split on a 53-47 per cent basis with the larger share going to the government.
It says BNL has to pay all the capital costs of restarting the mine and, in 10 years, the state will have the right to buy its 49 per cent stake at fair market value.
Barrick says the parties will now work toward signing definitive agreements in advance of mine recommencement work.
“We intend to partner with all key stakeholders to make Porgera a world-class, long-life gold mine,” said Barrick chief executive
“I thank
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