Gold News

Barrick announces Porgera acquisition

Barrick Gold has announced that it has completed its acquisition of a stake in Papua New Guinea's Porgera mine from Emperor Mines.

The purchase of an extra 20 per cent in the mine takes Barrick's total interest up to 95 per cent - the financial benefit from which the company has been entitled to from April 1st, 2007.

Producing around 542,000 ounces during the course of 2006, the site has reserves (proven and probable) of 9.42 million ounces.

Barrick acquired the extra 20 per cent interest in the mine for $250 million plus adjustment - after gaining its initial 75 per cent through the purchase of Placer Dome in January 2006.

The firm is the world's largest producer of gold, generating 8.64 million ounces of the precious metal last year.

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