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 2015 was 436,000 ounces1, at a cost of sales of $375 million, and all-in sustaining costs of $1,018 per ounce.2 Barrick’s share of proven and probable mineral reserves as of December 31, 2015, was 1.97 million ounces of gold3 (14.5 million tonnes, grading 4.24 grams per tonne).
In 2016, Barrick's share of gold production is expected to be 230,000-250,000 ounces, at a cost of sales of $790-$860 per ounce, and all-in sustaining costs of $850-$920 per ounce.2