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The Wafi-Golpu Project has the potential to make significant economic and social contributions to Papua New Guinea in the long term.
photo: newcrest.com
The Papua New Guinea government has said it hopes to complete the mine development contract for the Wafi-Golpu project within 24 months.
Prime Minister James Marape made the announcement during a meeting with representatives of traditional landowner clans in Morobe Province in Lae.
“I have instructed our teams to act quickly,” Marape said.
“We will hold a meeting on this matter so that we can have a clear understanding of the mine development contract.”
Marape said the Wafi-Golpu project had been under discussion since 2019.
“We made progress, but there were some corporate changes, such as Newmont acquiring Newcrest, which caused some delays in the negotiations.
“But now we have reached an agreement. We are almost there … at the mine development contract level, after which the SML (special mining lease) will be issued.”
The $28 billion Wafi-Golpu project is expected to bring about major changes to Morobe Province and Papua New Guinea as the mine is expected to generate huge revenues.
On the political front, the Prime Minister has repeatedly said the government’s negotiating team has been working hard to gain more benefits from the resource sector.
The company has acquired a 30% stake in the Wafi-Golpu project and a 51% stake in the Porgera mine.
In September 2023, Papua New Guinea’s national negotiator, Dairi Vele, said the payoff could be more than $15 billion.
Although civil society organizations Warning of environmental damage Regarding the Wafi-Golpu project, Morobe Governor Luther Wenge said the provincial government supports dumping tailings into Horn Bay.
“The disposal of deep-sea tailings will take place. The Morobe provincial government will deal with the legal consequences,” he said.
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