Newcrest Mining Limited

Lihir royalty payment update

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.

Wafi-Golpu MOU signed

Newcrest Mining Limited and its Joint Venture partner Harmony Gold Mining Company Limited (Harmony) announced this on December 11th 2018.

In a statement released by Newcrest, the MOU establishes the framework for the parties to progress the permitting of the Wafi-Golpu Project as quickly as practicable in accordance with applicable regulatory processes.

Significant economic benefits generated: Newcrest

This includes K85 million in royalties and K156 million paid in taxes amongst multi-million kina investments public infrastructure and salaries to its five thousand local employees.

These figures were revealed in the company’s 2017 Sustainability report released last month.

The report also states Newcrest’s commitment as a development partner for PNG to expand with further progress toward the Wafi-Golpu Project.

ITCS moratorium should be lifted: Newcrest

Newcrest tax credit scheme manager, Jonathan Hardy, said by lifting the moratorium, much-needed infrastructure projects can be implemented and this will also assist in revenue flows in the country.

He said this during Wednesday’s ITCS stakeholders’ workshop.

In his presentation to the workshop, Hardy called on the moratorium to be lifted so that planned projects can go ahead.

Over 5 million oz gold in Golpu reserve

This is reaffirmed in an ‘Updated Wafi-Golpu Feasibility Study’ dated 19th March 2018.

In a market release to the Port Moresby Stock Exchange (POMSOX), Newcrest Mining Limited says this estimate is materially in line with previous estimates.

Newcrest, who has 50 percent interest in the project, says this reflects updated long-term cost and metal price assumptions and optimised designs in the Golpu Feasibility Study Update.

Newcrest Royalties on hold

The people of Namatanai district, claim they have not received their share of royalties in the last 10 years, an amount that equates to K7 million.

With the restraining order in place, only the Nimamar LLG and Lihir Landowners will receive their royalties this month.

Kavieng and Namatanai districts and the New Ireland Provincial governments will not receive any payments until parties present their case, on how much they should be paid, and get a clarity on the figures in court next month.   

Newcrest joins ICMM

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas said: “We are proud to become the 25th member company of ICMM.”

He said Newcrest is committed to ICMM principles on sustainable development and is working across our operations to embed them.

“Sustainable mining delivers safe and profitable operations. It means that local communities are engaged and respected, that environmental impacts are assessed and managed, and that business decisions are made ethically and transparently.”

Proposed amendments must not affect revenue: Chamber

PNG country manager for Newcrest Mining Limited and vice-president of the PNG Chamber of Mining and Petroleum, Peter Aitsi, recently told new MPs that regulatory frameworks that are detrimental to investment will have a direct impact on revenue streams for the country.

The comments were made during the National Parliament Induction Programme.

Speaking to recently elected MPs, Aitsi said they needed to be aware of the delicate correlation between PNG remaining an investment destination as well as regulations introduced for the country.

New technology to improve gold production

The company announced this following the successful installation of its float tails leach phase 2 project cyclone tower and associated pipework.

The technology will enable the company to recover cyanide soluble gold from the flotation grade gold (FGO) and high grade gold (HGO 1&2) flotation tails.

Superintendent-major projects, Greg Bridge, said: “Previously, gold was lost through the flotation circuit. With the addition of the two cyclone clusters, we reduce our losses and increase our recovery rate, subsequently increasing our gold production.”

​PNG engineer proud of Lihir mine work

Richard Kuaru, the Structural Mechanical and Piping Supervisor for Downer Construction and his team worked on the building of two new cyclone clusters. And he said their involvement was a positive one.

“As Papua New Guineans working on the project, the experience has given us great job satisfaction.

“We are also gaining more experience in building it from the ground up, right to its completion stage, and we are proud of our work in helping Newcrest in its business improvement projects.”