The Porgera gold mine is a joint venture located in the Enga Province in the highlands of Papua New Guinea. 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 mine is located at an altitude of 2,200 to 2,700 metres. It is 95% owned and operated by a subsidiary of Barrick. The Porgera deposit is mined by utilizing open-pit and underground mining methods.
In 2008, the Company’s share of production totaled approximately 627,000 ounces of gold at cash costs of $417 per ounce1. The Company’s share of proven and probable mineral reserves at December 31, 2008 is estimated at 7.8 million ounces of gold2.