Newcrest Mining (ASX, TSX: NCM) and Harmony Gold (NYSE: HMY) said Thursday they have signed a framework agreement with the Papua New Guinea (PNG) government that sets key terms to jointly develop the Wafi-Golpu copper and gold project.
The memorandum of understanding (MoU) outlines the main aspects to be included in the mining development contract, a prerequisite for obtaining a special mining lease for the project, equally owned by both miners.
The granting of a licence for Wafi-Golpu has been stalled since 2019, first by the change of government in the Pacific island nation that year and, shortly after, by the global pandemic.
The MoU 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. It also contains a provision for stability to underpin the significant long-term investment required to develop and operate the project.
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