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Citing a statement from Papua New Guinea Prime Minister James Marape, Barrick said on Monday that an agreement to reopen the mine was “imminent”.

The agreement, the miner stated, was in line with the principles announced in October last year.

It provides for a joint venture between Barrick Niugini and the Papua New Guinea government to operate Porgera on the basis of increased local ownership and a fair sharing of economic benefits, Barrick said.

Barrick’s lease over the Porgera mine, which it operated with China’s Zijin Mining, lapsed when Marape refused to extend it in April 2020.

Barrick CEO Mark Bristow said last month that it had been a “long and difficult negotiation”, but that he was optimistic that an agreement would be reached and that the mine would reopen this year.