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Harmony, Newcrest sign Wafi-Golpu gold mining project MoU with PNG govt

11th December 2018

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Harmony Gold and its Wafi-Golpu Joint Venture (WGJV) partner Newcrest Mining on Tuesday signed a memorandum of understanding (MoU) with the Independent State of Papua New Guinea, as an affirmation of the parties’ intent to proceed with the Wafi-Golpu gold mining project in Papua New Guinea.

This is subject to finalisation of the permitting process and Harmony and Newcrest board approvals.

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 reaffirms the intention of the parties to complete the permitting process and secure a special mining lease by June 30, 2019. 

“This MoU is an important step in progressing the permitting of the Wafi-Golpu project. I wish to thank PM [Peter] O’Neill and his government for the constructive manner in which they have worked with the WGJV partners and for the commitment demonstrated

in advancing this important project in the best interests of the people of Papua New Guinea and shareholders,” Harmony CEO Peter Steenkamp said in a statement issued on Tuesday.

As a result of entering into the MoU, the WGJV is completing approval processes to begin a substantial work programme, including the establishment of underground access for further drilling of the Golpu deposit and the construction of a bridge over the Markham river, an integral feature of the proposed new Northern Access road from the Highlands Highway to the mine site.

Mining Weekly Online reported in March that a feasibility study into the Wafi-Golpu project had estimated a life-of-project capital requirement of A$5.3-billion. The project is expected to produce 4.5-million tonnes of copper and 7.4-million ounces of gold over a 28-year mine life.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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