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 man leading negotiations for Papua New Guinea over the Wafi-Golpu goldmine in Morobe Province believes the country will earn billions of dollars from the project.
Wafi-Golpu project negotiations are nearing completion and the PNG prime minister James Marape has confirmed it will be a majority PNG-owned project.
Newcrest and Harmony Gold Mining Company will have a significant minority shareholding in the project.
The project is anticipated to make a significant economic and social contribution to PNG over a long period.
PNG state negotiations chairman Dairi Vele said even working with conservative figures, the return to the government and people of PNG could exceed US$15 billion.
"That's $28b over 28 years of which we are going to get 55 percent," Vele said.
"We are going to end up with around $US14-15b of that 28b, which is again very, very big numbers.
"On paper, we have just got to see what is in the ground before we get excited."
During his tour to Lae last month, Marape said indigenous landowners were set to become the biggest beneficiaries of the Wafi-Golpu project under the new arrangements between Newcrest and Harmony Gold Mining and the government.
Morobe Province governor Luther Wenge said the response from the local landowners was positive and they "generally want the mine to go ahead".