11:59 AM EDT, 07/25/2024 (MT Newswires) -- Barrick Gold ( GOLD ) was down 3.7% after the company on Thursday said its Porgera mine in Papua New Guinea continues to meet production targets following a massive May landslide in the country.

The company said "keeping Porgera open in the wake of the landslide allowed for a swift response by the mine to the collective recovery effort while sustaining the mine's contribution to the provincial and national economies".

The Mulitaka landslide killed more than 2,000 people and cut access to the mine site.

"Reacting rapidly to the disaster, our teams put into operation an air bridge and a temporary pipe across the slip to be able to supply fuel and essential goods not only to the mine but to local businesses serving the tens of thousands of residents of the Porgera valley," chief executive Mark Bristow said in a release.

The miner said Porgera's gold production for the first half was above guidance while all-in sustaining costs are trending lower.

Barrick shares were last seen down $0.95 to $24.55 on the Toronto Stock Exchange.

Price: 24.55, Change: -0.95, Percent Change: -3.73