Govt keen on taking 30pc equity

Business

THE Government wants to exercise its option to take up to the full 30 per cent equity in the K18.5 billion Wafi-Golpu project in Morobe, Kumul Minerals Holdings Ltd (KMHL) managing director Dr John Kuwimb says.
Kuwimb said KMHL was looking forward to participating in future projects, especially in the gold and copper mining projects and rare earth minerals when prices are rising and likely to remain owing to global demand for these minerals caused by the climate change agenda and geopolitical conflicts and realignments happening at the moment.
“If we secure 30 per cent in Wafi, then it is likely that some percentage will go to the Morobe government and the Special Mining Lease (SML) area landowners and so we will be left with the balance to keep for the rest of Papua New Guinea,” he said.
“Under government policy, the National Government has the option to take up to 30 per cent equity in large mining projects, and so, in the Wafi project, the Government wants to exercise that option to take the full 30 per cent.”
“The future plan is to concentrate especially on gold and copper projects, and buy into existing exploration licenses.
“Our future is bright.
“We want to follow a future that is sustainable and prosperous by dominating the mining industry in this country.” The developers of the mining project are Newcrest and Harmony under the Wafi-Golpu Joint Venture.

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