The company said it had sought a stay on the government decision pending further substantive review of the issue, scheduled to take place later this month.

 

"The stay orders issued by the National Court prevent the state from seeking to effect or implement the decision made by the National Executive Council in April this year not to grant Barrick Niugini's application for an extension to the term of the Porgera SML.

 

"The company notes that the court further ordered that the parties to the proceedings should conduct negotiations regarding the matter, and that if these did not occur, the court would consider ordering mediation to resolve the situation.

 

"The company further notes that it remains ready and willing to conduct discussions with the state regarding the matter.

 

Porgera gold mine in Enga Province is a joint venture between Barrick and the Zijin Mining Group, in which each owns 47.5%, with the remaining 5% interest held by Mineral Resources Enga (owned equally by Porgera SML landowners and the Enga Provincial Government). The mine is operated by Barrick Niugini.