Papua New Guinea is an attractive investment destination and Newmont will be in PNG for a long time, says Newmont Corporate President and Chief Executive Officer, Tom Palmer.
Palmer was speaking in Sydney, Australia, at the 17th PNG Resources and Energy Investment Conference.
“We view the mineral-rich nation of Papua New Guinea as an attractive investment destination and we are here to stay for the long term. Ours is a multi-decade, multi-generational commitment.”
He told the over 800 delegates that as Newmont works towards its future in PNG, there are five immediate priorities the company is committed to.
These are:
- To sustain and improve the operational performance of the Lihir operation;
- Develop the Wafi-Golpu joint venture in partnership with Harmony Gold and PNG;
- To strengthen the company’s environmental and social performance;
- To establish the PNG Business Unit and appoint Alwyn Pretorius as Managing Director; and
- Work on maximising Newmont’s listing on the PNG Stock Exchange.
Palmer also stressed the importance of partnerships, and thanked Prime Minister James Marape, his cabinet and senior officials who welcomed Newmont to PNG and worked closely with the company during the acquisition transaction of Newcrest.
He said the mining industry is not immune from societal expectations, one of which is the increased attention and focus on the mining industry to contribute more through taxes, royalties, development and social investments, whilst still responsibly supplying materials needed to support the modern way of life.
Palmer said the solution requires more than just putting money into it - it requires companies to leverage the capability, creativity and goodwill of its workforce and community partners working together.
“Its about establishing and maintaining long lasting relationships built on trust and respect – relationships that have their foundation the creation of safe, healthy and equitable workplaces.”