porgera

The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,700 meters in the Enga Province of Papua New Guinea. The operation is roughly 130 kilometers west of Mount Hagen, and 600 kilometers northwest of the capital Port Moresby.

Barrick (Niugini) Ltd. is the 95% owner of the Porgera Joint Venture, and is the manager of the operation. Barrick Gold Corporation and Zijin Mining Group each own 50% of Barrick (Niugini) Ltd. The remaining 5% interest in the Porgera Joint Venture is held by Mineral Resources Enga and is divided between the Enga Provincial government (2.5%) and local landowners (2.5%).

Barrick’s share of gold production in 2016 was 234,000 ounces1, at a cost of sales of $836 per ounce, and all-in sustaining costs of $858 per ounce.2 Barrick’s share of proven and probable mineral reserves as of December 31, 2016, was 2.2 million ounces of gold 3 (14.5 million tonnes, grading 4.75 grams per tonne).

In 2017, Barrick's share of gold production is expected to be 240,000-260,000 ounces, at a cost of sales of $780-$840 per ounce, and all-in sustaining costs of $900-$970 per ounce.2

Map

Performance

234,000 Ounces of gold produced in 2016 (Barrick's share) 2,207,000 Ounces of proven and probable gold reserves (Barrick's share)
Date Download Description
January 1, 2013 files/design/bodybg/porgera.jpg
Operations > Australia Pacific > Porgera

Walrus Magazine

 

Human Rights Remedy Framework


Barrick welcomes the release of "Pillar III on the Ground: An Independent Assessment of the Porgera Remedy Framework" to provide durable lessons for businesses and stakeholders.

Pillar III on the Ground: An Independent Assessment of the Porgera Remedy Framework


 

Background documents and past correspondance

 

 

Human Rights Watch Report

Relocation Program

OECD Guidelines for Multinational Enterprises

Illegal Mining at PJV

Footnotes

On August 31, 2015, Barrick completed the sale of 50% of its interest in the Porgera mine to Zijin Mining Group Company ("Zijin"). The Porgera joint venture is operated by Barrick (Niugini) Limited ("BNL"), the joint venture entity, on behalf of Barrick and Zijin. Accordingly, all information related to Porgera on this website, or in any documents accessible from this website, from August 31, 2015 onwards is based on data provided by BNL, the joint venture entity.

  1. 95% basis until August 31, 2015 and a 47.5% basis thereafter.

  2. “All-in sustaining costs” per ounce of gold is a non-GAAP financial performance measure. “All-in sustaining costs” per ounce begins with cost of sales less, among other items, the impact of depreciation, and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, and minesite exploration and evaluation costs. Barrick believes that the use of “all-in sustaining costs” per ounce will assist investors, analysts, and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations, and to generate free cash flow on an overall Company basis. “All-in sustaining costs” per ounce is intended to provide additional information only, and does not have any standardized meaning under IFRS. Although a standardized definition of “all-in sustaining costs” was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on this non-GAAP measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

  3. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Complete mineral reserve and mineral resource data for all mines and projects referenced on this website, including tonnes, grades, and ounces, can be found on pages 88-93 of Barrick’s Fourth Quarter and Year-End 2016 Report.
Gold  $ 1,266.93 -2.87 -0.23% Volume: April 27, 2017
ABX NYSE  $ 16.96 +0.00 +0% Volume: 23,683,300 April 26, 2017
ABX TSX  $ 23.05 +0.00 +0% Volume: 4,645,800 April 26, 2017
Gold  $ 1,266.93 -2.87 -0.23% Volume: April 27, 2017

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