In a pivotal meeting underscoring Papua New Guinea's commitment to fostering strong partnerships with global mining entities, Prime Minister James Marape engaged in discussions with Tom Palmer, the recently-appointed President and Chief Executive Officer of Newmont, in the Nation's Capital yesterday.
Mr. Palmer, on a visit to the country to gain deeper insights into Newmont's operations and strategic plans for 2024 and beyond, paid a courtesy call on PM Marape at his office in Sir Manasupe Haus. The meeting aimed to provide an update on Mr. Palmer's visit to Newmont's mining sites, aligning with the company's objectives to enhance operational efficiency and sustainability.
During the dialogue, Prime Minister Marape expressed gratitude to Mr. Palmer for the visit and reiterated his government's unwavering commitment to collaborate with Newmont across its various projects, particularly in the Lihir and Wafi-Golpu regions.
Commending Newmont for its responsiveness to his recommendations, Prime Minister Marape highlighted several key areas of collaboration. This included advocating for Papua New Guinea to establish its own operational presence within Newmont's global business framework and initiating discussions on an Initial Public Offering (IPO) at the Port Moresby Stock Exchange to broaden local participation in the stock market.
The discussions also addressed pressing issues such as temporary measures to alleviate the fuel shortage affecting mining operations, corporate tax revenue generated from the Lihir mine, and strategies to enhance local ownership content in the Lihir Mine as part of the forthcoming review of the mining contract in 2035.
The meeting between Prime Minister Marape and Mr. Palmer underscores the significance of constructive engagement between the government and private sector stakeholders to drive sustainable development and mutually beneficial outcomes in the mining sector.
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