Golden godsend for Placer Pacific
p. 10 · Read in the full issue
WHILE Mt Kare was being hit with law and order problems, the world-rated Porgera mine was churning out more gold than ever. Production at Porgera for 1991 was expected to reach 1.2 million ounces, well past the 900,000 ounces forecast for the year. Output during each quarter last year continued to grow from the previous one.
The -first three months produced 224,804 ounces and the second 273,330 ounces, followed by a big jump in the third; 342,925 ounces.
Porgera continues to be a godsend for Placer Pacific Ltd, Renison Goldfields
consolidated Ltd and Highlands Golc Ltd, which each have 30 per cent of the project. The PNG has 10 per cent.
Since its opening in September 1990 Porgera has been developed into a world class mine Located in Enga province ir the Western Highlands, gold was de tected there in 1938 but drilling didn’i start until 1989. Estimates suggest GC million tonnes of reserve at 6.5 gram O' gold per tonne can be produced from Porgera. Included in Porgcra’s Decem ber quarter figure will be gold extractec: from the stored material in the tailings
pond. C