Barrick, the higher minor of the gold of the world, indicated its seam of Porgera for – hundred – had by 95 in Guinea New Guinea-News, already on the way to provide the company 600.000 ounces this year, held the promise of more than gold to come in years to come.

“We expect it to be a solid producer in our stable for a number of years to come and as such have made it one of three key sites for additional greenfields exploration,” company president Joc O’Rourke told a gold mining conference in Perth.

Barrick spent $250 million to acquire a further 20 percent of the mine from Emperor Mines Ltd. .

“Apart from existing operations, Porgera has considerable potential at depth and will be a very valuable piece of our portfolio going forward,” O’Rourke said.

Company Chairman and founder Peter Munk said on May 16 Barrick may consider expanding further into other non-gold precious or base metals production if its share price continues underperforming.

Barrick shares are down about 10 percent so far this year.

Gold was discovered at Porgera in 1938.

But it was 1990 before the first gold was poured from the mine, located in Enga Province in Papua New Guinea’s Highlands district. To date, The mine has yielded more than 13 million ounces of gold.

Output from Porgera would be part of a total contribution from Barrick’s 10 mines in the Australia-Pacific region of between 2.2 million and 2.3 million ounces, O’Rourke sad.

Barrick was on the way to meet its councils of the whole year of total output between 8.1 million to 8.4 million ounces of gold this year at an average money cost cash of $335-$350 per ounce, it said. Gold currently sells for approximately $662 per ounce.

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