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Article

4 Jun 2024

Author:
Nadav Shemer Shlezinger, Business Advantage PNG

Papua New Guinea: Kumul Minerals head positive about completion of Wafi-Golpu copper-gold mine joint venture contract

"Kumul Minerals head: Wafi-Golpu contract to be completed by mid-2024", 4 June 2024

Fresh off the reopening of the Porgera gold mine, state-owned Kumul Mineral Holdings Limited (KMHL) is now focusing on the development of another project of national importance: the Wafi-Golpu copper-gold mine in Morobe province.

KMHL’s Managing Director Sarimu Kanu tells Business Advantage PNG that he is confident the joint venture partners – Newmont Corporation and Harmony Gold – will sign a mine development contract by mid-2024 and that a special mining lease will follow soon after.

The 2023 memorandum of understanding between the Papua New Guinea government and the developers will see PNG exercise its full 30 per cent state equity participation option in the project. As the state’s nominee, KMHL will hold 20 per cent, while local participants will share the remaining 10 per cent.

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At Wafi-Golpu, the parties are now focused on completing the mine development contract.

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Timeline

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