The World’s leading Gold Company has been welcomed to Papua New Guinea recently, Newmont Corporation, is marking all Newcrest operations in PNG.
During the joint press conference on 6 November 2023 Chief Development Officer of Newmont, Peter Toth and Prime Minister James Marape welcomed the company.
PM Marape shared the significance of this corporate transaction as Newmont assumes control of all Newcrest operations in Papua New Guinea including the Lihir mine in New Ireland and the Wafi-Golpu project in Morobe.
"It adds value to Papua New Guinea's global branding as an investment destination. What this country effectively has now is the world's number one gold company”, said Marape.
He highlighted the fact that Newmont and Barrick which is the world's second-largest gold company, are now operating in PNG reinforcing the country's appeal as a favourable investment destination for mining.
"The fact that Newmont decided to come in and acquire Newcrest with Lihir and Wafi-Golpu among the top of Newcrest's assets, is an affirmation of PNG as a mining investment destination.
"We now have the benefit of having two of the top gold companies in the world in residence in our country”, he continued.
Additionally, the Prime Minister announced an agreement for Newmont to conduct an initial public offering (IPO) on the Port Moresby Stock Exchange, allowing the PNG public to purchase shares of stock to the value of K100 million.
Gratitude was shown by the Prime Minister towards Newmont's Chief Executive Officer Tom Palmer, Chief Development Officer Peter Toth and the Newmont executive team for their faith in PNG as an investment destination.
He emphasized a firm stance during negotiations on the importance of the company being headquartered in PNG. This is a promise that Newmont has agreed to with plans to establish an office in the country.
Prime Minister Marape reaffirmed the commitment to the Wafi-Golpu project, stressing the importance of adhering to the agreed timeline and ensuring that the project commences operations as soon as possible.
Marape also made a call for increased local employment and content, with the preference for nationals to fill positions over expatriates.
Furthermore, he encouraged the procurement of goods and services within PN, wherever feasible, to stimulate the local economy.