Barrick Gold (NYSE:GOLD) mentioned Friday it was granted a special mining lease for its New Porgera three way partnership in Papua New Guinea, clearing the best way to restart manufacturing on the mine that has been on care and upkeep for three years.
The transfer follows the signing of a mining improvement contract and the conclusion of a fiscal stability settlement with the federal government.
Barrick (GOLD) mentioned New Porgera will meet mine property landowners within the coming week to settle compensation agreements; topic to these agreements, the mine is positioned to restart earlier than the tip of this yr.
Papua New Guinea stakeholders personal 51% of New Porgera, whereas Barrick Niugini holds 49% and can function the mine.
Barrick Gold (GOLD) +4.3% in Friday’s buying and selling, as treasured metals miners get pleasure from sturdy features with gold climbing above $1,900/oz, driving a safe-haven demand for the steel as a result of Israel-Hamas conflict.
Barrick Gold (NYSE:GOLD) mentioned Friday it was granted a special mining lease for its New Porgera three way partnership in Papua New Guinea, clearing the best way to restart manufacturing on the mine that has been on care and upkeep for three years.
The transfer follows the signing of a mining improvement contract and the conclusion of a fiscal stability settlement with the federal government.
Barrick (GOLD) mentioned New Porgera will meet mine property landowners within the coming week to settle compensation agreements; topic to these agreements, the mine is positioned to restart earlier than the tip of this yr.
Papua New Guinea stakeholders personal 51% of New Porgera, whereas Barrick Niugini holds 49% and can function the mine.
Barrick Gold (GOLD) +4.3% in Friday’s buying and selling, as treasured metals miners get pleasure from sturdy features with gold climbing above $1,900/oz, driving a safe-haven demand for the steel as a result of Israel-Hamas conflict.