Barrick Gold, one the world’s largest producers of gold, has completed the sale of the Kainantu copper-gold mine in Papua New Guinea to K92 Mining in a deal worth around $62 million.
The initial resource estimate for the deposit is 1.84 million inferred ounces at 11.6 grams per tonne of gold equivalent and 240,000 indicated ounces at 13.3 grams per tonne of gold equivalent, according to Australia-based Nolidan Mineral Consultants.
“The decision to divest the project was made for corporate rationalisation reasons based on global competition for exploration expenditure rather than geological reasons,” it said.
“Another significant step forward in reopening the K92 Mine in the Eastern Highlands Province of PNG has been achieved,” K92 CEO Ian Stalker said.
(Editing by Mark Shaw)