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Don’t do business in PNG!

Posted by ipso facto @ 11:35 on July 10, 2020  

Barrick Gold escalates dispute with PNG over Porgera mine

Canada’s Barrick Gold (TSX: ABX) (NYSE: GOLD) has served a dispute notice to the Papua New Guinea (PNG) government over the country’s refusal to renew a licence for Porgera mine.

The world’s second-largest gold producer argues that PNG’s decision to reject the application for the lease extension violated a bilateral investment treaty between the country and Australia, as well as international law governing foreign investment.

Barrick and its Chinese partner, Zijin Mining, temporarily halted operations at the mine in Enga Province late in April. The move followed Prime Minister James Marape’s refusal to renew Porgera’s permit on environmental and social concerns.

THE ONGOING DISPUTE WITH PNG OVER PORGERA MINE HAS DONE WHAT THE PANDEMIC DID NOT — DENT BARRICK’S EXPECTED OUTPUT FOR THE YEAR

The Toronto-based miner noted such rejection was publicly announced without notifying the mine manager, Barrick Niugini Limited, or following appropriate processes.

more https://www.mining.com/barrick-gold-escalates-dispute-with-png-over-porgera-mine/

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.