Barrick and Papua New Guinea Progress Porgera Negotiations
April 05 2021 - 10:59AM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) notes the statement
released by Papua New Guinea prime minister James Marape announcing
an imminent agreement to reopen Porgera mine. Barrick and the
Government of Papua New Guinea have continued to hold constructive
discussions on a framework agreement for the recommissioning of
Porgera, which has been on care and maintenance since April 2020.
The agreement under discussion is in line with the
principles announced in October, providing for a joint venture
between Barrick Niugini Limited (BNL) and the government of PNG to
operate Porgera going forward on the basis of increased PNG
ownership and a fair sharing of economic benefits. BNL would
continue as the operator of the mine. We remain hopeful that we
will reach agreement with the PNG Government on a long-term
partnership that will see the reopening of Porgera in the near
future.
A further statement will be issued once a final
agreement is achieved.
About Porgera
The Porgera Joint Venture is an open pit and underground gold
mine located at an altitude of 2,200-2,600 metres in the Enga
Province of Papua New Guinea, about 600 kilometres north-west of
Port Moresby. BNL is a joint venture company in which Barrick
and Zijin Mining Group each own 50%.
Enquiries:
Kathy du PlessisInvestor and Media Relations+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “progress”, “negotiations”,
“imminent”, “continue”, “discussion”, “expect”, “will”, “would”,
“remain”, “future” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: the statement released by Papua New Guinea Prime
Minister James Marape announcing an imminent agreement to reopen
the Porgera mine; the status of discussions with the government of
Papua New Guinea to reopen the Porgera mine and resume production
in line with the agreement in principle announced in October 2020,
and the expected terms and timeline to finalize the proposed
framework agreement; the duration of the temporary suspension of
operations at Porgera; Barrick and BNL’s response to the government
of Papua New Guinea’s decision not to extend Porgera’s special
mining lease; and expectations regarding financial performance and
other outlook or guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation and exploration
successes; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; disruption of supply routes which may cause delays in
construction and mining activities at Barrick’s more remote
properties; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; non-renewal of key licences by
governmental authorities, including non-renewal of Porgera’s
Special Mining Lease; changes in national and local government
legislation, taxation, controls or regulations and/or changes in
the administration of laws, policies and practices; expropriation
or nationalization of property and political or economic
developments in Papua New Guinea; timing of receipt of, or failure
to comply with, necessary permits and approvals; lack of certainty
with respect to foreign legal systems, corruption and other factors
that are inconsistent with the rule of law; risks associated with
illegal and artisanal mining; risks associated with new diseases,
epidemics and pandemics, including the effects and potential
effects of the global Covid-19 pandemic; damage to the Company’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
Company’s handling of environmental matters or dealings with
community groups, whether true or not; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; litigation;
contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company; risks associated with
working with partners in jointly controlled assets; employee
relations including loss of key employees; increased costs and
physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. In
addition, there are risks and hazards associated with the business
of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion, copper
cathode or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
We disclaim any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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