Barrick Gold lost its 'social licence' in Papua New Guinea. This is the price it's paying to earn it back

Ultimately, last April, Barrick was forced to put the mine on care and maintenance, essentially ceasing operations, when the government declined to renew its permit. Since then, Bristow has made countless trips to the island nation to meet with Prime Minister James Marape, including four since December.

Porgera, a high-elevation open pit and underground mine that produced 598,000 ounces of gold in 2019 at an all-in sustaining cost of US$1,002 per ounce, according to Bristow has the potential to continue for another two decades, and is a “world class asset.” His new partnership agreement comes at a time when gold prices are elevated, at US$1,735 per ounce, and governments in many countries with emerging economies are demanding greater returns from foreign extractive companies.

There is some precedent in the gold sector: In 2018, U.S.-based Freeport-McMoran Inc. struck a deal that gives Indonesia a roughly 51 per cent stake in its Grasberg mine, one of the largest copper and gold mines in the world.Article content Not all the details of the economic agreement with Papua New Guinea have been released yet, though, and Bristow said there are still several steps remaining before the mine can be reopened and the deal can be implemented, all of which could take months.So far, many financial analysts have given scant attention to the Porgera deal, in part, because the mine accounts for a tiny fraction of Barrick’s overall net asset value, estimated between one and two per cent.

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