The Porgera Joint Venture has officially resumed full-scale gold production following the signing of a new operating agreement between Barrick Gold and the Papua New Guinea government, ending a dispute that had kept the mine idle for over two years.
The mine, located in Enga Province, is one of the largest gold operations in the Asia-Pacific region and is expected to produce approximately 500,000 ounces of gold annually at full capacity. The restart is projected to add over K2 billion to PNG's export earnings in the current fiscal year.
Terms of the New Agreement
Under the restructured deal, the PNG government — through its Kumul Minerals Holdings — holds a 51% stake in the venture, with Barrick Gold retaining 49%. The arrangement gives PNG majority ownership of one of its most significant mineral assets for the first time.
Prime Minister James Marape described the agreement as a "historic moment" for resource sovereignty in Papua New Guinea. "This is what we mean when we say Papua New Guinea must take back its resources," he said at the signing ceremony in Port Moresby.
