NCMGF - Newcrest Mining Harmony Gold sign MoU with PNG for Wafi-Golpu project

2023-04-06 07:38:01 ET

Newcrest Mining ( OTCPK:NCMGF ) and joint venture partner Harmony Gold ( NYSE: HMY ) said Thursday they signed a framework agreement with the Papua New Guinea government that sets key terms for development of the Wafi-Golpu copper and gold project.

The terms include the PNG government's stake in the project, royalty and tax rates, permitting "as quickly as practicable," and commitments by the JV to invest in local infrastructure and social development projects, but further details were not provided.

"The commitment of Prime Minister Marape, his government and the Morobe provincial governor to this MoU gives us the confidence that permitting will progress constructively and in a timely manner to the grant" of a special mining lease, Newcrest ( OTCPK:NCMGF ) interim CEO Sherry Duhe said.

Last month, Barrick Gold signed an agreement with the PNG government to move toward the resumption of operations at the Porgera gold mine, which have been suspended for three years .

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