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Wafi-Golpu project strong despite challenges

Staff Reporter | 2:11 PM | |
SOLID progress has been made by the joint venture partners of the Wafi-Golpu copper-gold project in the Morobe province.

This is one of the positive developments the PNG Chamber of Mines and Petroleum says is taking place in the resources sector amid the challenges it is experiencing.

The partners of the project include Morobe Mining Joint Venture, Newcrest Mining Limited and South Africa’s Harmony Gold.

The Chamber’s executive director Greg Anderson said the partners have concluded a pre-feasibility study with positive indications of a potential for a robust commercial operation.

Mr Anderson said the operators expect to hold discussions with the national government on an agreement on future fiscal stability in order to proceed with a US$2.5billion, (about K6.44 billion) pre-mine development plan.

He said the Freida River copper-gold project in Sandaun Province to also be another project with a positive take.

Mr Anderson said the operator PanAust is set to complete a feasibility study on their US$1.7billion (K4.38 billion) world class-project that will have a long operational life once it is developed.

With regards to the existing mines, Mr Anderson stated that Porgera (though stable), OK Tedi, Lihiri and Simberi to be experiencing some challenges caused by the fall in the world prices for copper and gold over the past two years.