Papua New Guinea Gold Mine Set to Reopen After Foreign Owners Agree to Lower Stakes

The largest Chinese-backed gold mine in Papua New Guinea (PNG) is expected to reopen this year, two years after getting mothballed in the wake of a local government takeover, now that Zijin Mining Group Co. Ltd. (601899.SH) and its foreign partner have agreed to give up half their stake in the project.

A binding “reboot agreement” signed by Zijin, the company’s Canadian joint venture partner, and the PNG government went into effect in early February, the Chinese company said in its annual earnings report (link in Chinese) published Friday.