Discussions to finalise Wafi Golpu Mine development contract underway

The State Negotiation Team [SNT] and developers of Wafi – Golpu Mine are in discussion to finalise the Mine Development Contract [MDC].

Prime Minister James Marape said MDC is critical in preparing for the issuance of the Special Mining Lease [SML].

Through a joint venture, Newcrest Mining Limited and Harmony Gold Mining Company each own 50% of the Wafi – Golpu Project, located in Morobe Province.

Mr Marape further clarified that Infrastructure Development Grants [IDGs] for Wafi-Golpu Mine will be released after the landowners’ development forum.

“We hope to have a clearer understanding of the joint venture going forward with the State to have 30 percent, Harmony 35 percent, and Newmont 35 percent. Of the State’s 30 percent, 10 percent will go to the Morobe Provincial Government and landowners.

“The 10 percent for the Morobe Provincial Government and landowners is a milestone achievement and a very important precedent for resource projects in our country.

"The Framework Memorandum of Understanding we signed in April 2023 ensures that the State will be the biggest winner in Wafi-Golpu, with a 55 percent share of the economic benefits of the project. Wafi-Golpu is expected to generate US$28 billion over the life of the mine, from which we are projected to receive 55 percent through taxes, royalties, and equity distribution,” Mr Marape said.