Wafi-Golpu project worth K12.7 billion

September 1, 2017
Source: Post Courier

The Wafi-Golpu project being developed by Newcrest Mining Limited in the Morobe Province is an investment collectively worth US$4 billion (K12.7b).

It has the potential to contribute substantially to the economic growth not just in the region it is located in but the country as a whole.

Newcrest’s chief executive officer (CEO) Sandeep Biswas said this yesterday during the signing of a Memorandum of Understanding between the miner and the Australian High Commission to formalise their collaboration in support of development projects in PNG.

Mr Biswas said he was pleased to be back in the country, adding this was his first visit since the formation of the new government.

He said he was particularly pleased to hear from government and more particularly from the Prime Minister Peter O’Neill and his deputy and Minister for Treasury Charles Abel on the plans on how they intend on getting the economy back on track.

He said the company was a long term partner not just of government but the country and his visit was to reinforce that fact.

“The 100 plan that has come out recently, it was really good to see a number of items in there that seek to maintain the fiscal and regulatory certainty in the country,” he said.

He said the Lihir Gold project, which the company currently operates in PNG was already making significant contributions not just to the local economy but nationally as well and that the Wafi/Golpu project had the potential to add to that.

In that regard he said the company was pleased it is part of the 100 day plan and that the continued to looked forward to working with the local and national government to try and move the project forward.

 

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