The Wafi-Golpu Mine in Morobe Province will be the largest and most complex mine introducing new technology and experience to PNG.
Executive general manager of the Wafi-Golpu Joint Venture, Craig Jones, said this during the PNG Resources Sector Media Workshop in Port Moresby.
Jones said the complexity and technological state of the mine will see an initial capital investment of K8.8 billion.
Whilst the outcome of the Special Mining Lease (SML) application for the Wafi-Golpu is yet to be determined, joint venture partners Newcrest Mining and Harmony Gold say an overall capital investment of K16.7 billion will be made throughout the life of the mine, which is estimated to be 28 years.
Jones said it estimated that 2,500 jobs will be created during construction with an estimated 850 to be ongoing jobs.
There will also be numerous opportunities for local contractors and businesses.
Jones presented Newcrest’s 2017 contribution to PNG through various revenue streams under the Lihir Gold Mine project. They include;
- K154 million in taxes
- K86 million in royalties (K15 million to landowners)
- K43 million in infrastructure (roads, schools, etc..)
- K82 million for landowner, local and provincial government agreements
- K189 million in salaries
- K965 million in contracts and local supplier engagement
The development of Wafi-Gopu, if an SML is granted, could take around four to five years, and is estimated to generate US$900 million annually once production kicks off.