Wafi-Golpu Talks in Final Stage as Newmont Eyes $4.5B Build, 40-Year PNG Future

Papua New Guinea is on the verge of securing its next major mining venture, the Wafi-Golpu Mine, with Newmont confirming it is in the final stages of negotiating a development contract with the Marape Government. This agreement is set to unlock a Special Mining Lease and pave the way for a $4.5 billion construction phase for one of the world's largest gold-copper deposits.

Peter Toth, Newmont's Chief Sustainability and Development Officer, revealed the progress from the company's headquarters in Colorado. He outlined a 40-year vision that places PNG at the center of the global competition for "critical minerals." Toth confirmed that negotiations are actively underway, with the PNG Government holding a 30% equity stake in the project. The Mine Development Contract will encompass all policy, fiscal, and regulatory aspects of the mine.

Upon signing, the state will issue the Special Mining Lease, initiating a five-year program to update the feasibility study before construction begins. Toth emphasized that PNG's 30% equity means shared responsibility and reward, with the state contributing to the substantial capital investment required. He noted that Wafi-Golpu's potential 20-40 year lifespan offers a different participation model for the government compared to traditional tax and royalty contributions.

“

We’re actively in negotiation with the PNG Government. As you know, the PNG Government has 30% equity. We are at the final stages of agreeing on the Mine Development Contract, which captures all of the policy, fiscal and regulatory aspects of that mine.

Unlike Newmont's Lihir gold mine, Wafi-Golpu's substantial copper resource positions it strategically within the intensifying geopolitical competition for resource security. Toth described copper as the "commodity of the next supercycle," and Wafi-Golpu is well-situated to capitalize on this trend. He stressed the need for stability over the mine's long lifecycle, which will inevitably span multiple economic and political cycles.

While Wafi-Golpu advances, Newmont also reaffirmed its commitment to the Lihir mine, which recently made a significant corporate tax payment. The Wafi-Golpu project's development is expected to be a major economic driver for PNG, integrating the nation more deeply into the global supply chain for essential minerals.

“

Copper is, in my view, certainly the commodity of the next supercycle. Wafi sits in that context a little bit more than Lihir.