By Rositta Liosi – EMTV Online
2015 PNG Mining and Petroleum Conference
“Opportunities in Challenging Times”
Peter Aitsi, the PNG Country Manager for Newcrest Mining Limited, addressed the current state of Lihir operations at the 2015 PNG Mining and Petroleoum Conference held in Port Moresby.
2015 has been a difficult year for Newcrest Mining Limited (NML), primarily due to low gold prices. In order to combat the volatile gold price environment it is critical that low cost operations are maintained.
Aitsi emphasised that it was vital that there is fiscal and regulatory certainty because potential investors keep an eye out on any changes made to mining and tax legislation. He added that poor development-enabling infrastructure and high costs were not attractive to foreign investors because minerals such as gold are already a hard sell with some financiers.
Besides that NML is a substantial economic and social contributor, focused on safety, operational discipline, cash generation and profitable growth.
The NML Tax Credit Scheme provides:
- Vital infrastructure in New Ireland Province
- Direct and indirect community employment
- Training, development and scholarships
- Business opportunities
- Payments to government
- Landowner compensation and grants
- Community health, education and business development projects
- Local infrastructure and services
- K18 million committed for current financial year
The Lihir pit optimisation study potentially lowers development costs for NML.
Aitsi also gave an operation update on Hidden Valley and its newest development Wafi-Golpu, which are discussed in brief below.
You can watch more from Peter Aitsi on Resource PNG, with the episode date TBA.
For more PNG Mining & Petroleum conference updates, follow Resource PNG to the Facebook Page.
