SHANGHAI, May 27 (SMM) – Zijin Mining Group will buy 50% stake in Barrick (Niugini) Limited – holder of 95% interest in the Porgera Gold Mine - with $298 million through its wholly-owned subsidiary Gold Mountains (H.K.) International Mining, according to its statement filed to the Shanghai Stock Exchange.
Barrick (Niugini) Limited is a company incorporated in Papua New Guinea with 100% equity interest held by Barrick (PD) Australia Limited – a wholly-owned subsidiary of world’s leading gold producer Barrick Gold Corp.
Porgera Gold Mine, located in Papua New Guinea, now has a capacity to produce 5.4 million tonnes of raw ore per year and its dressing plant is able to process 6 million tonnes of raw ore each year.
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