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Minister says Papua New Guinea wants 40% of gold from Newcrest, Harmony JV

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Minister says Papua New Guinea wants 40% of gold from Newcrest, Harmony JV

Papua New Guinea wants 40% of the gold produced at the proposed Wafi-Golpu project, a 50/50 joint venture between Harmony Gold Mining Co. Ltd. and Newcrest Mining Ltd., Reuters reported, citing Commerce Minister Wera Mori.

"They get 60% of the production, we get 40%. If they don't like it we'll mine it ourselves — we own the resources," Mori said.

Mori said the government wants Newcrest to start negotiations regarding the changes; however, a spokesperson for the company said the minister's views are different from the country's Cabinet.

"The minister for commerce has nothing to do with mining. He has no accountability or involvement with negotiations with resource companies," the spokesperson said, adding that the company is willing to hold discussions with Mori.

The permitting process and grant of a special mining lease for the Wafi-Golpu project was delayed earlier in the year due to the election of a new prime minister as well as legal proceedings between the central government and the Morobe provincial government regarding the internal distribution of the country's economic interests in the project.