Mine Generates K1.95bn In Benefits

August 15, 2017

Source: Post Courier

Lihir Gold Mine continues to generate direct benefits for Papua New Guinea.
Miner-Newcrest said in January-December 2016 this had translated to K69.9million in royalty payments and a further K40m in January-June of 2017.

These royalty payments flow to the PNG national, provincial and local level governments to support their development priorities and provision of critical services, while also directly to the landowners.

Other economic contributions from mine during January-December 2016 had totaled K1.95 billion of which K741 million had been payments to local suppliers for good and services, contracts-K806 million, government taxes K144 million, salaries K185 million.

“Newcrest also contributes to the New Ireland community by providing infrastructure services through the Tax Credit Scheme (TCS).

“These projects include roads, education facilities, provision of power and water to the local villages, and access to better health services,” the miner stated.

“Newcrest spends K18 million every year to manage the Lihir Medical Centre, which provides dentistry, optometry, antenatal services, as well as malaria and yaws research.”

The firms country manager Peter Aitsi in commenting said: “When Newcrest performs well, PNG benefits and when PNG is strong we can achieve more together.

“That’s why Newcrest invests in programs that will help people across PNG build a more prosperous future.”

Meanwhile, the firm in its full year financial results released on the stock market yesterday, had highlighted that the Australian firm’s results were driven by a strengthened annual gold production at Lihir.

It was also a testament to the hard work of its staff onsite.


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