Zijin Mining Group Co.Ltd
Zijin Mining Group Co.Ltd
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Global gold major Barrick Gold and its Porgera mine partner Zijin Mining Group have escalated their dispute with the PNG government, announcing plans to challenge its move to grant a 20-year lease over the giant openpit and underground gold mine.
In a statement, the JV company Barrick Niugini did not detail the planned challenge to the “purported grant” of the special mining lease over Porgera by PM James Marape to the state-owned Kumul Minerals, Reuters reported.
(SOVEREIGN RISK)
Barrick Gold, partner Zijin Mining Group and their mine operator joint venture company Barrick Niugini have launched arbitration proceedings seeking undisclosed damages from the Papua New Guinea government over its refusal to renew the special mining lease for the giant Porgera gold mine.
Barrick Gold has notified the Papua New Guinea government it will seek undisclosed damages for current and future losses over the refusal to extend its special mining lease over the giant Porgera gold mine in the Enga Province, 600km NW of Port Moresby.
Through its Australian subsidiary, the global gold mining giant will claim PNG has breached its bilateral investment treaty with Australia and international foreign investment law.
Barrick Gold will lay off most staff at its Porgera Gold Mine in Papua New Guinea, the mine’s operator said today, a signal that the impasse with the govt over ownership is unlikely to be resolved swiftly, Reuters reports.
The world’s 2nd biggest gold miner was refused an extension of its expired Porgera mine lease in April this year, with the govt citing unrest and pollution concerns.
China’s Zijin Mining is buying Guyana Goldfields for $C323M ($US238M) cash, bringing an end to a protracted takeover battle for the Canada-listed gold miner, Reuters reports.
Guyana announced on June 3 that it had received a binding proposal from an unnamed overseas-based miner to acquire the company, valuing it around 35% higher than a previously accepted offer from Silvercorp Metals.
China’s Zijin Mining is buying 50.1% of Tibet Julong Copper, operator of the Qulong mine, one of China’s biggest copper deposits, and the Zhibula mine for $US548M cash, Reuters reports.
Best known as a gold miner and smelter, Zijin’s aim is to boost its resource base as copper smelters fret over raw material supply due to coronavirus-related mine closures around the world.
Barrick Gold has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners in a bid to break an impasse with the national govt over the mine’s future, Reuters reports.
Barrick Gold has thrown another 15% stake in the giant Porgera gold mine in PNG into the negotiation pot to get the mine back into operation
PNG Prime Minister James Marape has confirmed the government plans to take control of the Porgera gold mine from joint owners Barrick Gold and Zijin Mining Group after refusing to extend the Western Highlands project’s special mining lease.
Marape said the government accepted a recommendation from its Mining Advisory Committee to refuse Barrick’s 20-year lease extension application owing to environmental and social problems connected to the mine, Reuters reported.
Barrick Gold has accused the PNG of seeking to nationalise its 47.5%-owned Porgera gold mine in the Western Highlands by stealth by its refusal to approve a renewal of its special mining lease.