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.
It provides a framework of key terms to be included in the Mining Development Contract and other related agreements with the State, including provision for stability to underpin the significant long-term investment required to develop and operate the Project.
The MOU also re-affirms the intention of the parties to complete the permitting process and achieve grant of a Special Mining Lease by 30 June 2019.
As a result of entering into the MOU, the WGJV is completing approval processes to commence a substantial work program, including establishment of underground access for further drilling of the Golpu deposit and the construction of a bridge over the Markham River, which is an integral feature of the proposed new Northern Access road from the Highlands Highway to the mine site.
Newcrest states that the MOU also encourages the development of the Project in a way which will contribute to the advancement of the social and economic welfare of the people of Papua New Guinea, while also providing a viable and stable foundation for the long term development of the Project by the WGJV.