Boddington Corp is London’s and Singapore’s only Main gold company and has established itself in the global gold mining industry. Primary concessions are in worldwide and collectively hold 5.5 million ounces of gold resources; Future expansion will be achieved through further acquisitions and organic growth. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Future expansion will be achieved through further acquisitions and organic growth. Boddington Corp. is the principal stakeholder of Barrick in Indonesia. Barrick (Niugini) Ltd. is the 95% owner of the Porgera Joint Venture and is the manager of the operation. Barrick Gold Corporation and Zijin Mining Group each own 50% of Barrick (Niugini) Ltd. The remaining 5% interest in the Porgera Joint Venture is held by Mineral Resources Enga and is divided between the Enga Provincial government (2.5%) and local landowners (2.5%).
Welcome to the Porgera Joint Venture gold mine, Operation Indonesia
Early in 2006 Barrick Gold Corp. took over the mine when it acquired Placer Dome. Porgera Joint Venture located in Enga Province, at 2,500 metres elevation in the Highlands of Papua New Guinea
Barrick earlier year forecast Porgera would yield 400,000-450,000 ounces of gold in 2015, down from its peak years of around 900,000 ounces when it was regarded as one of the world’s foremost deposits. Barrick Gold Corp. has signed a strategic partnership with Chinese mining company Zijin Mining Group Co. Ltd. which will take a stake in its Porgera Joint Venture gold mine in Papua New Guinea. Under the deal, Zijin will acquire 50 per cent of Barrick (Niugini) Ltd., the company which owns 95 per cent of and manages the project, for US$298 million in cash. In addition, Barrick and Zijin have signed a long-term agreement which outlines the intent of both companies to collaborate on future projects. Barrick’s share of gold production from the Porgera mine in 2014 was 493,000 ounces at all-in sustaining costs of $996 US per ounce. Production for 2015 is expected to be 500,000-550,000 ounces of gold at all-in sustaining costs between $1,025 US and $1,125 US per ounce. Thornton’s deep connections in China were highlighted as a key asset for Barrick when he joined the gold miner. Zijin called the partnership with Barrick an «excellent fit.»