Porgera mine.
Canada’s Barrick Gold (NYSE, TSX:ABX), in the midst of a worldwide assets sale to help reduce net debt by at least $3 billion, has something else to worry about these days, as the firm is now facing a legal threat in Papua New Guinea.
A group of landowners announced Thursday they have submitted a position statement to Barrick, and its subsidiary Barrick Niugini, outlining “irreparable losses” as a result of social, economic and environmental damages caused by the Porgera gold mine.
The alliance, called Justice Foundation for Porgera (JFP), claims property-owners’ subsistence and livelihoods were “catastrophically changed” as a result of the near doubling of the open-pit mining rate. They also argue that Barrick Niugini breached agreements pertaining to environmental standards, the relocation of displaced landowners and the number of fly-in, fly-out workers to the region.
Porgera, which produced 493,000 ounces last year, is one of Barrick’s assets up for sale in Australia. Located in PNG’s highlands, the operation is expected to fetch close to $100m.
Image courtesy of Barrick Gold.
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