Mine produces strongest results, highest in 10 years

THE Porgera Joint Venture (PJV) produced its strongest operational and financial results in more than a decade, delivering positive returns for the joint venture partners, the company said in a statement.
The partners include landowners and the Enga government, as well as significant economic benefits to Papua New Guinea as a whole.
Those benefits include an advance payment this week of an additional K59 million in corporate income tax paid by Barrick Niugini Ltd, for a total of over K215 million for 2019.
Barrick Niugini Ltd general manager (corporate and legal) Anthony Smare said the mine exceeded budgeted gold production for the year by approximately 16,000 ounces.
“In terms of both operational and financial performance, 2019 has been one of Porgera’s best years for more than a decade, with a total of 597,000 ounces of gold produced at an all sustaining cost of US$1,002 (K3,300) per ounce and direct operating costs on target at US$338 million (K1.01b),” Smare said.
“As a consequence of our performance, the mine also made an enormous contribution to the PNG.”