Firm to boost output

Business, Normal

The National, Thursday December 3rd, 2015

 By Gedion Timothy Lapan

BARRICK Niugini Ltd, the operator of the Porgera gold mine in Enga, says it is forecasting an eight per cent increase in production next year, amid the slump in the global gold price.

Executive managing director Greg Walker told The National that parent company, Toronto-based Barrick Gold was focused on reducing costs and increasing efficiency. “2016 will continue to see increased performance from our underground operation, which is expected to increase production by eight per cent for the third consecutive year,” Walker said. 

He said there would be a targeted drilling programme to increase the current reserve/resource base and extend the current 2027 life of mine plan. He said the commissioning of a process to generate concentrate for export to a smelter would offer an opportunity to further optimise the operation and to reduce the operating cost further. 

“Barrick Niugini Ltd has entered into a joint venture with Zijin Mining, a major mining house based in China.  

“This partnership will bring new skills to the PJV and will continue to strengthen our operating performance,” he said.

“The PJV is a successful operation, and with continued support from the landowners, Government and stakeholders, it will continue to be for many years to come.”

The PJV is an open pit and underground gold mine which is located at an altitude of about 2700 metres.