Royalty

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.

LOs make history

The agreement with the Ok Tedi Landowners Royalty Investment Trust will see TPA provide technical and other support to the landowner communities to develop and market their tourism products.

Tourism Promotion Authority CEO, Jerry Agus, said whilst we appreciate the good work that the mining and petroleum sector is doing, it is common knowledge that this sector has a timeframe to it.

“Over the next 20 or 30 years’ time, we know that these sectors will come to an end,” he stated.

“And when that happens, which industries are we going to fall back on?

K660m in royalties from Lihir

Of the total royalty payments made between 1997 and December 2017 (K660m);

  • New Ireland Provincial Government (+ districts) had received K330,057,253
  • Nimamar Local Level Government had received K198,034,351
  • Special Mining Lease Block Owners had received K132,022,902            

From January to December 2017, Lihir Gold Limited royalty payments to the people of New Ireland have added to a total of K75,065,077 as highlighted (in yellow) in the table below.

What are royalties?

Govt commits 2% royalty from Tolukuma sale

This will come from the sale of gold from the gold mine.

This is the first of five major commitments outlined in the revised Tolukuma Gold Mine memorandum of agreement (MOA) signed yesterday in Port Moresby.

The commitments were announced by Mining Minister, Byron Chan, who urged the landowenrs to look after their money.