Photo credit: Wafi Golpu JV
The Wafi-Golpu project in Morobe Province could become one of the world's largest copper and gold mines, according to Dairi Vele, the State Negotiation Team chairman. In an interview with a local paper, Vele said that the state is working to ensure that all stakeholders benefit from the US$5.4 billion (K18.5 billion) project.
"We need to make sure that the state gets its fair share, that the company gets a good return on its investments, and all of us ensure that the landowners and the provincial government are able to participate and receive strong benefits as well," he said.
Vele emphasized that negotiations are progressing as scheduled and that an announcement will be made in the next few months. "We are confident that PNG will get a much more mature deal," he said.
"We are two months into the New Year and six weeks away to the end of the first quarter, so we believe we are on schedule."
Vele also noted that the project will take a long time to complete. "It's not like we sign something today and we have a gold mine tomorrow," he said. "Because it's a big project, it will take a little bit of time to get it up and going."
He added that the developers, Harmony and Newcrest, understand the expectations of the country and their shareholders. "At the same time, they have shareholders that they need to give to as well, so we will have that fine balance and be able to make announcements shortly," he said.
