Barrick Makes Milestone in Pouring First Gold in Nearly 4 Years
Barrick Gold's Papua New Guinea Resurgence
In a triumphant return to Papua New Guinea’s Porgera mine, Barrick Gold marks a milestone, pouring its first gold in nearly four years.
The Porgera mine, underwent a period of care and maintenance from April 2020 to December 2023 as Barrick and partner Zijin Mining renegotiated terms with the government. Despite hurdles that have disrupted operations in the past, Barrick CEO Mark Bristow, remains optimistic about the mine’s prospects. His hands-on approach and commitment to building local partnerships are evident as Barrick works to re-establish operations at Porgera.
By prioritizing partnerships and community engagement, Barrick aims to secure its social license to operate, recognizing that without the support of local stakeholders, mining ventures face significant risks.
The recent surge in gold prices, driven by global economic uncertainties and geopolitical tensions, has provided a favorable backdrop for gold miners like Barrick. However, the company faces challenges such as permit delays at key projects.
Despite these challenges, Barrick remains focused on its long-term growth strategy, with greenfields exploration in Nevada and a commitment to responsible mining practices. Bristow’s emphasis on maximizing shareholder value while ensuring equitable economic benefits for local communities reflects Barrick’s commitment to sustainable growth.
As Barrick continues to navigate the complex landscape of the mining industry, Bristow’s leadership and vision for the future position the company for success in Papua New Guinea and beyond.
With a renewed focus on operational excellence, innovation, and stakeholder engagement, Barrick remains poised to deliver long-term value for its shareholders and contribute to the economic development of the communities where it operates.
This is summarised version of the full article of which the link is provided below https://www.mining.com/exclusive-barrick-ceo-bristow-drives-another-u-turn-in-a-remote-land/
