Photo credit: Newcrest Mining
According to Dr. John Kuwimb, managing director of Kumul Minerals Holdings Ltd (KMHL), the government plans to exercise its option to acquire up to the full 30% equity in the K18.5 billion Wafi-Golpu project in Morobe.
Kuwimb stated that KMHL was looking forward to taking part in upcoming projects, particularly those involving the mining of rare earth minerals, gold, and copper, where prices are rising and are likely to continue doing so due to increased demand for these minerals due to the climate change agenda, ongoing geopolitical conflicts, and realignments.
“If we secure 30 per cent in Wafi, then it is likely that some percentage will go to the Morobe government and the Special Mining Lease (SML) area landowners and so we will be left with the balance to keep for the rest of Papua New Guinea,” he said.
“Under government policy, the National Government has the option to take up to 30 per cent equity in large mining projects, and so, in the Wafi project, the Government wants to exercise that option to take the full 30 per cent.”
“The future plan is to concentrate especially on gold and copper projects and buy into existing exploration licenses.
“Our future is bright.
“We want to follow a future that is sustainable and prosperous by dominating the mining industry in this country.” The developers of the mining project are Newcrest and Harmony under the Wafi-Golpu Joint Venture.
Reference: The National (23 June 2022). Govt keen on taking 30pc equity”.
