PRIME MINISTER James Marape today held a productive meeting with Tom Palmer, President and CEO of Newmont Corporation (pictured), and Peter Toth, Newmont’s Executive Vice President for Strategic Development. Discussions centred on advancing the Wafi-Golpu Project, ensuring efficiency in Newmont’s operations in Papua New Guinea, and addressing the company’s global restructuring.
Prime Minister Marape emphasised that Newmont’s global restructuring will not impact its operations in Papua New Guinea.
“Mr. Palmer and Mr. Toth assured me that PNG remains a significant part of Newmont’s global portfolio. They are committed to ensuring efficiency in the Lihir gold mine operations while staying focused on progressing the Wafi-Golpu Project,” said Prime Minister Marape.
The Prime Minister also reaffirmed the government’s commitment to finalising the Mine Development Contract (MDC) for Wafi-Golpu within the first quarter of 2025.
“I have instructed the State Negotiating Team to review the draft MDC currently under consideration. Upon my return, we will finalise all outstanding matters in February to ensure the contract is signed at the earliest possible time. This will allow the project to move toward a Final Investment Decision (FID) and subsequent development,” he added.
The Wafi-Golpu Project is poised to become one of the world’s largest copper mines, with significant gold resources.
Prime Minister Marape emphasised the project’s transformative potential for Papua New Guinea’s economy and its people.
“The State will have a 30% equity stake in the project, with 10% of that stake allocated to the Morobe Provincial Government and landowners. We are committed to ensuring the benefits of this project are shared equitably among all stakeholders,” he stated.
The Prime Minister also confirmed that the government will engage with the Morobe Provincial Government and landowners to finalise community benefit-sharing agreements.
Prime Minister Marape acknowledged Newmont’s status as the world’s leading gold mining company and welcomed their continued presence in Papua New Guinea.
“Mr. Palmer assured me that Newmont will maintain its Port Moresby office despite the company’s global restructuring. This demonstrates their commitment to PNG as an integral part of their portfolio,” he said.
The Prime Minister also highlighted an opportunity for Papua New Guinean individuals, companies, and superannuation funds to invest in Newmont, whose shares are now listed on the Port Moresby Stock Exchange.
“This opens up opportunities for our people to participate directly in the success of the world’s largest gold mining company,” he added.
Prime Minister Marape concluded the meeting by reaffirming his government’s commitment to advancing the Wafi-Golpu Project as a national priority.
“This is a project my government is deeply committed to, and we aim to finalise the MDC within the first quarter of 2025. With strong support from Newmont, the Wafi-Golpu Project is poised to become a transformative development for Papua New Guinea, driving economic growth and creating lasting benefits for our people,” he said.
