Papua New Guinea plans to take a larger share of the Porgera gold mine as part of lease-renewal talks, diluting the ownership of joint venture partners Barrick Gold and Zijin Mining, the country’s Commerce Minister told Reuters on Monday.
Porgera, located in PNG’s northern highlands region, is expected to produce 240 000 oz to 260 000 oz of gold this year. Barrick and Zijin each own 47.5% of the mine, with the remaining 5% held by landowner group, Mineral Resources Enga.