Barrick Comments on Potential Impact of Papua New Guinea Earthquake
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Barrick Gold Corporation confirmed that the power generation facility that supplies electricity to the Porgera Joint Venture mine experienced significant damage during the 7.5 magnitude earthquake that struck Papua New Guinea on Feb. 26, 2018.
The company said that all Porgera Joint Venture employees and contractors have been accounted for, and no injuries have been reported. Barrick’s top priority is to support Barrick (Niugini) Limited (BNL) in protecting the safety of those at site, and in the local communities, as recovery efforts get underway. BNL is the 95 percent owner of the Porgera Joint Venture, and is the manager of the operation. Barrick and Zijin Mining each own 50 percent of BNL.
The Hides natural gas power plant is located in the Hela province and is operated by BNL. Until full power can be restored, the mine is expected to operate at reduced capacity, supported by an existing onsite diesel power station, as well as through the procurement of additional generating capacity. Barrick is offering BNL its full support as BNL works to restore full power to the site.
Based on an initial assessment, Barrick does not expect this event to impact production to an extent that would require a revision to the company’s consolidated 2018 gold production guidance of 4.5-5.0 million ounces. The company will continue to monitor developments on the ground and will provide further updates if circumstances change.
About Barrick Gold
Barrick has mining operations in Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States, and Zambia. More than 75 percent of our gold production comes from the Americas region. The company was founded in 1983 by Canadian entrepreneur and philanthropist Peter Munk, and is headquartered in Toronto, Canada.
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