Prime Minister James Marape of Papua New Guinea (PNG) yesterday extended an official welcome to Newmont Corporation, the world’s leading gold company, marking its acquisition of all Newcrest operations in PNG.
In a joint press conference with Mr. Peter Toth, Chief Development Officer of Newmont, Prime Minister Marape highlighted the significance of this corporate transaction. Which now places the world’s top two gold companies, Newmont and Barrick, in PNG.
“It adds value to Papua New Guinea’s global branding as an investment destination,” said Marape. “What this country effectively has now is the world’s No. 1 gold company.”
The Prime Minister also revealed that Newmont has agreed to establish its headquarters in PNG and will conduct an Initial Public Offering (IPO) on the Port Moresby Stock Exchange, enabling PNG residents to buy shares to the value of K100 million.
In the same conference, Prime Minister Marape provided an update on the Wafi-Golpu Mine project in Morobe. Indicating that the government expects to make a major announcement regarding the project at the upcoming PNG Mining and Petroleum Conference in Sydney, Australia, next month.
“We’re now at the stage where the principle of what constitutes the Mine Development Contract (MDC) and Special Mining Lease (SML) is waiting to be agreed upon,” said Marape. “We want to have these two key documents ready at the same time, and we’re hoping that at the December Mining and Petroleum Conference, we will make an announcement to the market.”
The Wafi-Golpu project, now controlled by Newmont, has a 36-month timeline to reach a Final Investment Decision. Marape expressed his confidence in the process, pointing to the successful collaboration between stakeholders in establishing an MDC and SML for the Porgera Mine in Enga.
Marape thanked Wafi-Golpu partners Harmony, Newmont, and Kumul Mineral Holdings for their commitment to the project and emphasized the importance of adhering to the agreed timeline. He also called for increased local employment and content, with preference for nationals over expatriates, and encouraged the procurement of goods and services within PNG to stimulate the local economy.
Earlier: https://insidepng.com/marape-welcomes-ramu-nickel-expansion-plans/