The Porgera gold mine is a joint venture operation located at an altitude of 2,200-2,700 meters in the Enga Province in the highlands of Papua New Guinea (PNG). The mine is located about 130 kilometers west of the established town of Mount Hagen, 600 kilometers northwest of Port Moresby, and about 680 kilometers by road from the coastal port of Lae from which all materials are freighted.
The Porgera JV operation is 95% owned (remainder is owned by PNG government) and operated by a Barrick subsidiary. Both open-pit and underground mining methods are employed.
In the first nine months of 2013, Barrick’s share of production was 351,000 ounces of gold at all-in sustaining costs of $1,273 per ounce1. Barrick’s share of proven and probable mineral reserves as at December 31, 2012, was 6.2 million ounces of gold2.
The company is evaluating changes to the mine plan and is also exploring other alternatives to improve cash flow.