{"id":1182699,"date":"2020-05-06T08:42:00","date_gmt":"2020-05-06T13:42:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1022906"},"modified":"2020-05-06T08:42:00","modified_gmt":"2020-05-06T13:42:00","slug":"barrick-cuts-2020-guidance-faces-191-million-bill-in-png","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1182699","title":{"rendered":"Barrick cuts 2020 guidance, faces $191-million bill in PNG"},"content":{"rendered":"<p>Barrick Gold (TSX: ABX) (NYSE: GOLD) has cut its 2020 production guidance after <a href=\"https:\/\/www.mining.com\/papua-new-guinea-snatches-barrick-golds-porgera-mine\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">running into conflict<\/a> with the government of Papua New Guinea over the Porgera gold mine last month.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>The world\u2019s second-largest gold producer <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.barrick.com\/news\/news-details\/2020\/barrick-makes-solid-start-to-year\/default.aspx\" >now expects to produce between 4.6 million and 5 million ounces of gold<\/a> this year, lowering its previous estimate by 200,000 ounces.<\/p>\n<p>Barrick had said it not expected<br \/>\nany significant impact on production from the coronavirus outbreak, which has<br \/>\nforced the closure of mines worldwide \u2014 some of them permanently.<\/p>\n<p>The Canadian miner and its Chinese partner in Porgera, Zijin Mining,\u00a0<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/papua-new-guinea-lashes-out-at-barrick-for-halting-porgera\/\" >temporarily halted operations<\/a>\u00a0at the mine last week. The move stemmed from Prime Minister James Marape\u2019s\u00a0<a href=\"https:\/\/www.mining.com\/papua-new-guinea-snatches-barrick-golds-porgera-mine\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">decision not to renew the operation\u2019s long-sought lease<\/a>.<\/p>\n<p>PNG\u00a0hit back, saying it <a href=\"https:\/\/www.mining.com\/papua-new-guinea-lashes-out-at-barrick-for-halting-porgera\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">would be \u201cforced\u201d to take immediate control<\/a> of Porgera if it remained closed during the transition of ownership period.<\/p>\n<p>Barrick <a href=\"https:\/\/barrick.q4cdn.com\/788666289\/files\/quarterly-report\/2020\/Barrick-Q1-2020-Report.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">revealed on Wednesday<\/a> that PNG is also asking the company and Zijin to pay $191-million in back taxes, arising from tax audits of Barrick Niugini Limited (BNL), the manager of Porgera, conducted between 2006 and 2015. <\/p>\n<p><em>More to come<\/em> &#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dispute with PNG over Porgera mine has done what a pandemic did not &mdash; dent the gold miner&rsquo;s expected output for the year.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182699"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1182699"}],"version-history":[{"count":8,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182699\/revisions"}],"predecessor-version":[{"id":1182758,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182699\/revisions\/1182758"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1182699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1182699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1182699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}