Loading ...Barrick Gold (TSX: ABX) (NYSE: GOLD) chief executive Mark Bristow has met with Papua New Guinea prime minister, James Marape, and landowners to fine-tune details of an agreement to reopen the Porgera gold mine.
The deal, inked in April, sets up a new joint venture in which PNG stakeholders will have a 51% stake and Barrick Niugini Limited (BNL) 49%. The partnership owns the gold mine, but BNL remains as the operator.
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The framework agreement also called on the Porgera Landowners and the Enga Province to have a dialogue to determine how the 10% “protected equity”, which forms part of PNG’s 51% interest, will be allocated.
more https://www.mining.com/bristow-marape-meet-as-porgera-closer-to-restart/