The team from Wafi-Golpu yesterday presented the feasibility study update to Deputy Prime Minister Charles Abel and Mining Minister Johnson Tuke in Port Moresby.
The update will form part of a revised proposal for development in support of the Special Mining Lease application, which was also submitted to the Mineral Resources Authority (MRA) in Port Moresby the same day (March 20).
Craig Jones, the executive general manager for WGJV, said the feasibility study update sets out an improved business case for the project, and clarifies the preferred options for a successful project from a technical, safety, environmental, social and legacy perspective.
Meantime, Deputy Prime Minister Abel thanked Wafi-Golpu for the updated report and committed to work with them.
Subject to board approvals by the joint venture participants, construction would commence after the granting of an SML and receipt of all other required Government approvals, and first ore production would be expected around 5 years from that decision.
An initial capital investment is expected of approximately K9.1 billion (US$2.8 billion), with total capital expenditure expected to be around K17.4 billion (US$5.4 billion) over the life of the mine.