President of the PNG Chamber of Resources and Energy, Anthony Smare, has acknowledged Newmont Corporation’s commitment to PNG.
Newmont completed the acquisition of Newcrest Mining Limited on the 6th of November, 2023, making it the world’s leading gold company with robust copper production.
For the first time, they were represented at PNG’s 17th Resources and Energy Investment Conference in Sydney, that was held from the 10th-13th of December, 2023, at the International Convention Centre.
When welcoming the new faces at the conference, President of the PNG Chamber of Resources and Energy, Anthony Smare, acknowledged Newmont’s President and Chief Executive Officer, Tom Palmer, saying the company that he leads will play an outsized role in contributing to our economy and investing in PNG, both now and into the future.
“As you know, the big news in the mining industry in 2023 was undoubtedly Newmont’s $15 billion (K56 billion) acquisition of Newcrest, which closed on November 6th, 2023, consolidating Newmont’s position as the world’s largest gold company with a market capitalisation of US$45 billion (K168bn),” said Smare.
“There was some conjecture in financial media, from commentators about whether Newmont would dispose or keep Newcrest’s PNG assets. Well, the good news is that Newmont didn’t just commit to PNG but they doubled down in a big way.
“Firstly, they ensured that $100m of shares were listed on POMSOX to be made available to PNG shareholders to acquire, allowing retail investors – Papua New Guinean moms and dads – to gain exposure to Newmont’s growth, and particularly the opportunities that come through the development of Wafi-Golpu.
“Secondly, Tom announced that they were setting up PNG as a regional business unit of its own, separate from Australia, run out of Port Moresby – with its own managing director – to administer Lihir and Newmont’s interest in Wafi Golpu JV and any other interest that they acquire or develop in the future.
“Tom is an Aussie, fourth-generation miner, he’s the son of legendary Rio Tinto mining executive, Terry Palmer. Those of us who had some involvement with Bougainville will remember that Terry had an involvement with BCL back in the 90s.”
Smare said for the CEO of the world’s largest gold company to speak to attendees about their confidence in PNG as an investment destination, engenders a lot of good will in PNG custom.
“It’s something we call ‘pasin’. The behaviours of showing respect and courtesy go a long way and that’s something that Papua New Guineans don’t forget.”