- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Tribal Conflict Leaves 30 Dead Near Porgera Gold Mine
The Porgera gold mine, owned in part by Barrick Gold and Zijin Mining, is one of Papua New Guinea's largest mining operations.
A violent conflict between rival tribes in Papua New Guinea's central highlands has resulted in at least 30 deaths, with authorities struggling to restore order near the country's Porgera gold mine.
On Sunday (September 15), more than 300 shots were exchanged as peace talks between the groups failed.
The clash was fueled by illegal mining and an ongoing land dispute between the Sakar and Piande clans, with the unrest forcing the nearby gold mine to shut down operations to maintain safety.
According to the BBC, Porgera has been a flashpoint for tensions between local groups. It is a significant source of revenue for the country, once accounting for around 10 percent of its annual export earnings
“The deteriorating situation has been caused by illegal miners and illegal settlers who are victimizing traditional landowners and using violence to terrorize local communities,” the news outlet quotes David Manning, Papua New Guinea's police commissioner, as saying about the situation.
This isn't the area's first instance of violence. In 2022, at least 17 people were killed in a shootout between rival clans.
Porgera belongs to the New Porgera joint venture, which is 51 percent owned by Papua New Guinea stakeholders and 49 percent held by an affiliate of Barrick Gold (TSX:ABX,NYSE:GOLD). The Barrick affiliate is a 50/50 partnership between Barrick and China's Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899), giving each a 24.5 percent stake in the asset.
The mine is one of Papua New Guinea's largest mining properties, and despite ongoing tribal violence and a landslide in Mulitaka in July, Barrick and Zijin have reported strong performance since operations resumed in December of last year.
However, the ongoing tribal conflict and lawlessness in the area pose a serious threat to its long-term viability.
Manning said that the use of "lethal force" to quell the violence near the mine has already been authorized as security forces attempt to restore order in the region. The government has imposed a curfew and banned alcohol sales in an effort to stem the violence, and security teams have been deployed along the highway leading to the Porgera mine.
Despite the challenges posed by tribal violence and recent natural disasters, Barrick has maintained its commitment to the region, calling for law and order to protect the mine’s status as a tier one asset.
Currently, New Porgera employs 2,500 people, with the majority hailing from the local Porgera and Enga communities.
In January, the mine poured its first gold following the resumption of operations, and by June the mine had completed a throughput performance test, finishing it four months ahead of schedule.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics. When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
Learn about our editorial policies.