This was from 1997-September 2018, as part of its socio-economic commitment to the province and the country.
In the quarter July-September 2018, Newcrest paid K15,091,680 to the stakeholders.
NIPG received K7,545,840 (50 percent), NLLG received K4,527,504 (30 percent) and Lihir SML block owners received K3,018,336 (20 percent). These portions (percentage) have been agreed upon, through a signed Memorandum of Agreement (MOA) by the State, NIPG, NLLG and SML block owners.
In a statement, the firm said: “LGL contributes to the social and economic progress of Papua New Guinea, New Ireland Province and Lihir by delivering sustainable and socially responsible outcomes. This means listening to the people’s needs, enabling and empowering its employees and the local communities, and protecting the environment through safe, operationally disciplined and efficient practices, all consistent with the Mining Development Contract (MDC).
“LGL and its parent company, Newcrest Mining Limited, promote good governance, transparency and commerciality as part of the company’s social obligation to ensure mine-derived benefits reach all Lihirian people and New Irelanders in general, through various benefit streams including direct cash benefits, employment training, business spin off activities, compensation payments, legacy projects and village development scheme projects.
“LGL and Newcrest is committed to open and honest communication in the way it does business, through government reports and information channels such as fact sheets and news releases.
“LGL and Newcrest cannot answer public questions about how Royalties are spent in the province or districts of New Ireland. Newcrest is a publicly listed company and its financial reports are posted every year online at www.newcrest.com.au.”