Newmont will be the first company to be listed in PNG using depository interests, known as PETS Depository Interests (“PDI”).
PNGX Group, operator of Papua New Guinea’s national stock exchange – PNGX Markets, made this known when welcoming Newmont Corporation (PNGX Code: NEM) to the market.
“Newmont has interests in the Lihir gold operation and the Wafi-Golpu gold and copper joint venture, both of which are significant to the future of the country,” said PNGX chairman, David Lawrence.
“There are over 2,000 Papua New Guinean shareholders of Newcrest who will receive Newmont PDIs and be able to trade them on the PNGX market. Without the PNGX PDI initiative, those shareholders would have been required to trade on ASX or New York Stock Exchange (NYSE).”
PNGCSD Nominees Limited will act as the nominee holder of the underlying Newmont shares on behalf of the PDI holders.
“This new development represents a significant step forward in our commitment to providing investors with more diverse and accessible opportunities that ultimately contribute to the growth and development of the PNG capital market,” said PNGX General Manager, Elizabeth Wamsa.
“We are excited to welcome Newmont and to introduce the trading of PDIs on the PNG markets and look forward to further growth opportunities and developments in future.”
Newmont was listed and commenced trading on the PNGX market on Friday, October 27th, 2023.