Govt positive Wafi-Golpu will be a world-class project

Business

THE Government is committed to seeing a world-class Wafi-Golpu Mine project get off the ground, says Mining Minister Johnson Tuke.
Tuke said was speaking yesterday during a consultative conference in Lae for stakeholders of the mine.
The meeting was attended by a number of Cabinet ministers, landowners, government department representatives, politicians, public servants and the mine developer.
Tuke said the US$5.4 billion (K16.7bil) gold and copper mine will boost the country’s economy.
“The government is committed in providing the regulatory assessment and approvals for the Wafi-Golpu mine project in an effective and efficient manner,” Tuke said.
“It has been over 30 years since the first discovery of mineral resources at Wafi-Golpu,” Tuke said.
“This venture will inject an initial capital investment of US$ 2.8 billion (over K8bil),” he said.
Tuke said that once operational, the mine would process an ore reserve that was estimated to contain 5.4 million ounces of gold and 2.8 million tonnes of copper for the next 33 years.
“We are all here to participate, share ideas and contribute to move this important project to another level,” Tuke said.
“The purpose of this forum is firstly to update all stakeholders and interested parties on the progress of this exciting project,” he said.
Tuke said a Special Mining Lease would be given to the developer if it met all the conditions and requirements of the government.
“The government, after critically reviewing and evaluation all the documents submitted by Wafi-Golpu Joint Venture, is prepared to back this project,” Tuke said.
“I am prepared to ask the head of state to grant the development licence once the State is satisfied with all the necessary steps taken to convince the government,” Tuke said.
“The state is currently putting together a set of conditions for the development licence for this project.
“The commencement of the project will prove significant from the country as it will boost our economy and foreign exchange.
“It will give confidence to other international investors trying to come into the country and invest,” he said.

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