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NEWMONT CORPORATION WELCOMED TO PAPUA NEW GUINEA

Prime Minister James Marape has officially welcomed Newmont Corporation, the world’s leading gold company, into Papua New Guinea. This was done on Monday, November 6, 2023, during a joint press conference with Mr. Peter Toth, Chief Development Officer of Newmont, marking the company’s acquisition of all Newcrest operations in PNG

Prime Minister Marape emphasized the significance of this corporate transaction, as Newmont assumes control of all Newcrest operations in Papua New Guinea, including the Lihir mine in New Ireland and the Wafi-Golpu project in Morobe.

“It adds value to Papua New Guinea’s global branding as an investment destination,” Prime Minister Marape said.

“What this country effectively has now is the world’s No. 1 gold company.”

He further highlighted the fact that both Newmont and Barrick, the world’s second-largest gold company, are now operating in PNG, and reinforcing the country’s appeal as a favorable investment destination for mining.

“The fact that Newmont decided to come in and acquire Newcrest, with Lihir and Wafi-Golpu among the top of Newcrest’s assets, is an affirmation of PNG as a mining investment destination,” he added.

“We now have the benefit of having two of the top gold companies in the world in residence in our country.”

Prime Minister Marape expressed his gratitude to Newmont’s Chief Executive Officer, Mr. Tom Palmer, Mr. Toth, and the Newmont executive team for their faith in PNG as an investment destination. He highlighted his firm stance during negotiations, emphasising the importance of the company being headquartered in PNG, a commitment that Newmont has agreed to with plans to establish an office in the country.

Additionally, the Prime Minister announced an agreement for Newmont to conduct an initial public offering (IPO) on the Port Moresby Stock Exchange, allowing the PNG public to purchase shares of stock to the value of K100 million.

Prime Minister Marape reaffirmed the commitment to the Wafi-Golpu project, stressing the importance of adhering to the agreed timeline and ensuring that the project commences operations as soon as possible. He also called for increased local employment and content, with the preference for nationals to fill positions over expatriates. Furthermore, he encouraged the procurement of goods and services within PNG, wherever feasible, to stimulate the local economy.

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