You are here
Papua New Guinea gains 'major share' of Barrick's Porgera mine
From Bloomberg News
via Yahoo News
Friday, October 16, 2020
Papua New Guinea's push for greater sway over its own mineral wealth scored a win, with Barrick Gold Corp. agreeing to a deal that will see the South Pacific nation get a big stake in a key gold mine.
Barrick will give Papua New Guinea a "major share" of the Porgera mine, Prime Minister James Marape said Thursday in a joint statement with the Toronto-based miner. In exchange, Barrick can reopen and keep operating the facility, which had been suspended after the government didn't extend its mining lease in April, and there would be a "fair sharing" of the economic benefits.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
The in-principle agreement follows a months-long showdown that escalated to legal challenges and tested Marape's pledge to obtain a greater share of Papua New Guinea's resource wealth. It echoes similar drives by other commodity-rich nations, including Indonesia, to direct more revenues to state coffers.
"I look forward to hearing of the outcomes of further discussions on the economic principles to guide future mining operations," Marape said after talks in Port Moresby with Barrick's Chief Executive Officer Mark Bristow.
Marape swept to power last year with a pledge to increase the state's share of wealth from the production and export of materials. He also criticized previous deals and is pursuing energy giant Exxon Mobil Corp. for better terms on a gas investment. ...
... For the remainder of the report:
Join GATA here:
Mining Investment Asia (Virtual)
Monday-Wednesday, November 2-4, 2020
Mining Investment North America (Virtual)
Wednesday-Thursday, November 11-12, 2020
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at firstname.lastname@example.org.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at email@example.com.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: