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    601899   CNE100000B24

ZIJIN MINING GROUP COMPANY LIMITED

(601899)
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Seeking to reopen PNG gold mine, Barrick CEO meets landowners

11/12/2020 | 04:14am EST

SYDNEY, Nov 12 (Reuters) - Barrick Gold Corp boss Mark Bristow met Papua New Guinea landowners in the capital of Port Moresby on Thursday to discuss royalty arrangements, the landowners said, as the miner seeks to negotiate a reopening of the remote Porgera gold mine.

The Canadian miner's lease over the highlands mine, which it operated with China's Zijin Mining, lapsed when Prime Minister James Marape refused to extend it in April.

Last month Bristow and Marape agreed that Barrick and Zijin would be allowed to remain as operator, but few other details seem settled and Bristow told a mining conference that fuller resolution of the dispute was "a long way off".

The Porgera Landowners Association, representing some local landowners, said in a statement that they met Bristow in a Port Moresby hotel and are pressing for direct royalty payments. It was unclear if anything was agreed.

Barrick and Barrick Niugini, the joint venture which operated Porgera had no immediate response when contacted by Reuters over email. Representatives of Marape also had no immediate response. (Reporting by Tom Westbrook; Editing by Simon Cameron-Moore)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORPORATION -0.04% 24.43 Delayed Quote.-15.76%
GOLD 0.59% 1797.368 Delayed Quote.-5.40%
ZIJIN MINING GROUP COMPANY LIMITED -1.06% 10.25 End-of-day quote.10.33%
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Financials
Sales 2021 212 B 33 347 M 33 347 M
Net income 2021 15 024 M 2 359 M 2 359 M
Net Debt 2021 49 084 M 7 706 M 7 706 M
P/E ratio 2021 14,5x
Yield 2021 3,36%
Capitalization 259 B 40 574 M 40 691 M
EV / Sales 2021 1,45x
EV / Sales 2022 1,20x
Nbr of Employees 36 860
Free-Float 75,7%
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Number of Analysts 14
Last Close Price 8,39 CNY
Average target price 12,50 CNY
Spread / Average Target 49,0%
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Managers and Directors
Lai Chang Zou President & Executive Director
Shui Qing Lin Chairman-Supervisory Board
Jing He Chen Chairman
Kai Xi Jiang Chief Scientist & Engineer
Guang Zhu Independent Director
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