Miner Barrick Gold said on Monday Papua New Guinea Prime Minister James Marape announced an imminent agreement to reopen the disputed Porgera gold mine a year after it was shut.

The world's second-largest gold producer lost a key court challenge last year over rights to the mine.

In April last year, Marape refused to extend Barrick's lease for the requested 20 years, citing environmental and social issues, and instead gave it to a state-owned mining company, Kumul Minerals Holdings Ltd.

However, Marape said in October that Barrick Niugini Limited (BNL) was set to remain operator of the Porgera gold mine following talks with Barrick CEO Mark Bristow.

BNL is a joint venture company in which Barrick and Zijin Mining Group each own 50%.

The Porgera joint venture is an open pit and underground gold mine in the Enga province of Papua New Guinea, about 600 kilometers north-west of Port Moresby.