Barrick Gold and Papua New Guinea Government strike new deal over Porgera

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The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership. 

In brief: Prime Minister says deal for Porgera’s reopening imminent and other business stories

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Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.

People moves: Nasfund, Mayur Resources, PNG, Tourism Promotion Authority, Barrick Gold

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Moves at Nasfund, Mayur Resources announces Non-Executive Director, Papua New Guinea Tourism Promotion Authority elects new CEO and Barrick Gold welcomes a new member to its board.

In brief: Papua New Guinea to make public resource project deals and other business stories

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Papua New Guinea set to make resource project agreements public starting 2021, news on Wafi-Golpu and Kina Bank releases its Mid-Year Economic and Fiscal Outlook. The business news you need to kickstart your week.

In brief:  Ok Tedi to reopen in September and other business stories

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Australia’s national cabinet has agreed to reopen its Pacific Labour Scheme, Ok Tedi is confident mine to reopen, and concern over COVID-19 funding. The business news you need to kickstart your week.

Papua New Guinea government and Barrick Gold outline competing visions for Porgera

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Prime Minister James Marape and Barrick Gold have offered two competing visions for the reopening of the Porgera gold mine. With the mine closed and court cases ongoing, the latter is highlighting the impact on business and the community.

In brief: Papua New Guinea confirms six new cases of COVID-19 and other business stories

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Papua New Guinea’s COVID-19 cases on the rise, Twinza Oil commences negotiations on Pasca-A, and K135 million for agriculture. The business news you need to kickstart your week.

Tools down: Papua New Guinea’s Porgera gold mine starts sacking workers

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Barrick Niugini, the majority owner and operator of the Porgera gold mine, has announced that it will be retrenching most of its workforce over the coming weeks. Meanwhile, Papua New Guinea’s government seems intent of finding a new operator for the mine.

Porgera: Barrick can challenge decision to end mining lease

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Papua New Guinea’s National Court has granted Barrick Niugini leave for a review of the decision not to extend the Special Mining Lease for the Porgera gold mine. Related disputes have also arisen, and the Prime Minister has flagged ‘minor amendments’ to PNG’s Mining Act.

Reconsidering Porgera: Papua New Guinea’s industry bodies urge government to negotiate

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Papua New Guinea’s government is coming under intense pressure to renegotiate the Special Mining Lease for the Porgera gold mine, which it refused to extend in April. Multiple industry bodies have urged the government to urgently negotiate with the mine’s joint venture operators, Barrick Gold and Zijin Mining, pointing to extreme economic stress.