Barrick Gold Corp (ABX.TO) has reported that its Porgera Mine in Papua New Guinea is running without restriction and has enough fuel on site for 40 days, following a massive landslide that struck the Enga province where the mine is located.
The landslide buried more than 2,000 people, according to the Papua New Guinea government, as treacherous terrain impeded aid and lowered hopes of finding survivors.
The Porgera mine is an underground gold mine jointly run by Barrick Gold, China’s Zijin Mining Group (601899.SS), and stakeholders from Papua New Guinea. The mine was restarted earlier this year after being in dispute for four years.
Barrick stated that the Porgera gold mine is providing support to the survivors of the mountainside collapse, which happened 30 kilometers (18.64 miles) from the mine.
Despite the tragic event, Barrick’s operations at the Porgera Mine remain unaffected, with the company noting that the mine is running without any restrictions. Moreover, the mine has enough fuel on site for the next 40 days, ensuring uninterrupted production.
Shares of Barrick Gold were trading up by 1% on the Toronto Stock Exchange on Monday morning, reflecting the market’s confidence in the company’s ability to maintain its operations in the region.
The Porgera Mine is a significant asset for Barrick Gold, and its continued operation is crucial for the company’s overall performance. The fact that the mine is running without restriction after the devastating landslide is a testament to Barrick’s operational resilience and its commitment to supporting the local community during times of crisis.