The Porgera gold mine is a joint venture operation located at an altitude of 2,200-2,700 metres in the Enga Province in the highlands of Papua New Guinea (PNG). The mine is located about 130 kilometres west of the established town of Mount Hagen, 600 kilometres northwest of Port Moresby, and about 680 kilometres by road from the coastal port of Lae from which all materials are freighted. The Porgera JV operation is 95% owned (remainder is owned by PNG government) and operated by a Barrick subsidiary. Both open-pit and underground mining methods are employed.
In 2010, the Company's share of production totaled approximately 519,000 ounces of gold at cash costs of $582 per ounce1. The Company's share of proven and probable mineral reserves at December 31, 2010 was 7.4 million ounces of gold.
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