Wafi-Golpu Project has the potential to make a significant economic and social contribution to Papua New Guinea over a long period. Photo: newcrest.com
The Papua New Guinea government has indicated that it hopes to have a Mine Development Contract finalised for the Wafi-Golpu project within 24 months.
Prime Minister James Marape made the announcement in Lae during a meeting with traditional landowning clan representatives in Morobe Province.
"I have instructed our team to move fast," Marape said.
"We will be having a meeting on this matter so we have a clear view on the Mine Development Contract."
Marape said Wafi-Golpu has been on the table since 2019.
"We have made progress but there's also been corporate changeovers, like Newmont tookover from Newcrest, that's caused some delay in the negotiations.
"But now we're in one page. We're almost there...at the Mine Development Contract level and after that SML [Special Minig Lease] will be issued."
The US$28 billion Wafi-Golpu project is expected to a game changer for the Morobe Province and PNG due to the revenues the mine is expected to generate.
On the political front, the Prime Minister has repeatedly stated the government negotiating team has been working to secure more in terms of benefits from the resource sector.
It has secured a 30 percent stake in the Wafi-Golpu project and 51 percent in the Pogera mine.
In September 2023, PNG state negotiations chairman Dairi Vele said the returns could exceed US$15 billion.
While civil society organisations have warned of environmental damage from the Wafi-Golpu project, Morobe Governor Luther Wenge has said the provincial government supports the dumping of tailings into the Huon Gulf.
"The deep sea tailings placement will happen. The Morobe Provincial government will deal with the legal repercussions," he said.