Barrick and Papua New Guinea Progress Porgera Negotiations

TORONTO, April 05, 2021 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) notes the statement released by Papua New Guinea prime minister James Marape announcing an imminent agreement to reopen Porgera mine. Barrick and the Government of Papua New Guinea have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020.

The agreement under discussion is in line with the principles announced in October, providing for a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate Porgera going forward on the basis of increased PNG ownership and a fair sharing of economic benefits. BNL would continue as the operator of the mine. We remain hopeful that we will reach agreement with the PNG Government on a long-term partnership that will see the reopening of Porgera in the near future.

A further statement will be issued once a final agreement is achieved.

About Porgera

The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metres in the Enga Province of Papua New Guinea, about 600 kilometres north-west of Port Moresby.  BNL is a joint venture company in which Barrick and Zijin Mining Group each own 50%.

Enquiries:

Kathy du Plessis
Investor and Media Relations
[phone]
Email: [e-mail]

Website: www.barrick.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “progress”, “negotiations”, “imminent”, “continue”, “discussion”, “expect”, “will”, “would”, “remain”, “future” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the statement released by Papua New Guinea Prime Minister James Marape announcing an imminent agreement to reopen the Porgera mine; the status of discussions with the government of Papua New Guinea to reopen the Porgera mine and resume production in line with the agreement in principle announced in October 2020, and the expected terms and timeline to finalize the proposed framework agreement; the duration of the temporary suspension of operations at Porgera; Barrick and BNL’s response to the government of Papua New Guinea’s decision not to extend Porgera’s special mining lease; and expectations regarding financial performance and other outlook or guidance.