Wafi-Golpu Project to Move Forward as PNG Government Finalizes Contract
Papua New Guinea Prime Minister James Marape has announced that the Government will finalise the mine development contract for the Wafi-Golpu project in the first quarter of 2025.
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| Wafi-Golpu Project to Move Forward as PNG Government Finalizes Contract |
According to Marape, the State negotiating team has been directed to review the draft contract currently under consideration. He stated that all outstanding matters would be addressed in February to ensure the contract is signed promptly, enabling the project to progress toward a final investment decision (FID) and subsequent development.
The Prime Minister discussed the project with Newmont president and chief executive officer Tom Palmer and executive vice president for strategic development Peter Toth during the World Economic Forum in Davos, Switzerland. The Wafi-Golpu project is projected to become one of the world’s largest copper mines, with substantial gold resources.
Marape revealed that the State would hold a 30% equity stake in the project, with 10% allocated to the Morobe government and landowners. He assured stakeholders that the Government is committed to ensuring the benefits are shared equitably.
Additionally, Marape highlighted that the Morobe government would engage with landowners to finalise community benefit-sharing agreements. He emphasized the importance of partnerships to ensure the success of the project for all involved parties.
Palmer reportedly assured the Prime Minister that Newmont would retain its Port Moresby office despite the company’s global restructuring. Marape also noted the listing of Newmont shares on the PNG Stock Exchange as an opportunity for Papua New Guineans, companies, and superannuation funds to invest directly in the world’s largest gold mining company.
“This opens up opportunities for our people to participate directly in the success of this global company,” Marape said, underscoring the broader benefits of the Wafi-Golpu project for the nation.
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