This follows closure of the operation after the Papua New Guinea government's attempt to nationalise the mine.
"Each redundant employee will receive a detailed summary of the elements that make up their final entitlement payment, such as accrued leave payments, redundancy entitlements, and other payments, and will have the opportunity to discuss the payment elements with company human resources personnel before it is finalised," the company said.
The announcement goes on to say that the company will also be making a non-mandatory severance payment to those employees - which includes payment in lieu of the notice period and additional payments ¬- based on years of service to assist them financially at this difficult time.
"The company is also extending existing medical and life insurance coverage for those employees who have been made redundant for a three-month period post redundancy.
The company is disappointed that the loss of employment will have a big impact on workers, their families and the Porgera community, as well as on the economy of Enga Province and the nation.
"The board and management of Barrick Niugini share their frustration at the situation the government has created through decisions that required a halt to mining, and will continue diligently to seek a resolution to this issue," the company said.