May 21, 2016

Chinese Zijin Mining Group invests in Porgera Gold Mine

CHINESE company, Zijin Mining Group Company Limited is stepping up its efforts to expand its business outside China.
It has already invested in eight countries including the Democratic Republic of Congo in Africa for the Kamoa Copper project, and PNG through the Porgera gold mine.
Zijin Group chairman Jinghe Chen led a delegation to visit the Barrick (Niugini) Limited-operated Porgera gold mine from May 5 to 7.
Chen is also the chairman of the newly-formed six-member BNL board.
In Congo, Zijin bought 49.5 per cent stake in Kamoa Holding Limited - a subsidiary company of Canada’s Ivanhoe Mines Ltd.  
At Porgera, the Zijin group holds 47.5 per cent stake in BNL with the remaining 47.5 per cent held by Barrick Gold Corporation, plus 95 per cent stake in the Porgera Joint Venture.
The remaining 5 per cent is held by the Mineral Resources Enga Ltd, made up of the  Enga Provincial Government (2.5 per cent) and the Porgera landowners (2.5 per cent).
He said the Zijin Group was honoured to work with Barrick as one of the largest gold mining companies in the world.
He said Porgera was a starting point for the Group to learn how to do business in Papua New Guinea.
“We believe at Porgera we have the opportunity to just complement each other with our respective strengths,” he said.