Govt to issue SML for Wafi, says PM

PRIME Minister James Marape says the Government will issue the Special Mining Lease (SML) for the Wafi-Golpu project in Morobe.
“After Porgera (gold mine), we are moving to Wafi-Golpu,” he said.
“We are getting back more from Wafi-Glopu under our focus to get about 55 per cent. Discussions are running.”
He said 55 per cent of the project economy was different from equity.
“Project economy is the total residual take from every dollar earned from that project.
Equity is the ownership of the business,” he explained.
“Wafi-Golpu is going to be a little bit different. It is not going to be 51 per cent ownership like Porgera. It is 30 per cent to us and 35 per cent to (developer) Newmont and 35 per cent to (developer) Harmony.
“It is in that equity ownership structure that we are engaging on every other benefit-sharing for the State. We are pushing for the State to take more in terms of residual earning from construction dollars, local content, tax.
“If we give them fiscal stability, it comes at a price. We are charging two per cent additional tax of fiscal stability.”
The New Porgera Limited mine has resumed operation with the first gold pour last week witnessed by Prime Minister James Marape and officials of the operator Barrick.