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Port Moresby
July 29, 2021

Lihir Landowner Company Sets Aside K40 Million for Future

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Lihir Goldmine landowners havetheir eyes set on a brighter future afterthe life ofthe mine ends.

Business training and education programs are also part ofthe 3 years partnership.

Lihir gold mine is located on Niolam Island,the largest island inthe Lihir group offthe east coast of New Ireland Province. It’s an open pit mine that began production in 2007 and has a life span of 30 years. Sincethen it has been producing over 700 thousand ounces of gold every year.

The chairman saidthe 3 year agreement is a wise step towards a better future. The agreement will come underthe Lihir Business Leverage system. This is a facility that will enable Lihirians to easily access a range of business loans throughthe partnership.

20% ofthe funding will come from each landowner’s royalty payment and counterpart funding from mine developer – Newcrest.The agreement will be reviewed every 6 months. Locals have been urged to undergo a compulsory 2 weeks business training course in order to apply for the loans. The trainings are conducted bythe Entrepreneurial Development Training Centre based in Port Moresby.

Lamala has urged each person to start-up businesses and set a stable financial foundation for themselves.

The landowner association believes this initiative will contribute to building a sustainable economy and more vibrant community in line withthe Lihir destiny.


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