Papua New Guinea
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SIR JULIUS CHAN REMINDS NEWMONT TO FULFILL NEWCREST OUTSTANDING COMMITMENTS

Governor for New Ireland Province, Sir Julius Chan has reminded Newmont to fulfill any outstanding commitments left by Newcrest during its era of operation at the Lihir Gold mine.

This followed PNG’s Independent Consumer and Competition Commission’s (ICCC) clearance on Newmont Corporation’s proposed acquisition of Newcrest Mining Limited earlier last month.

The Governor and his negotiating team made this clear during their first meeting with Newmont President and Chief Executive officer Tom Palmer and his team at the Airways Hotel in Port Moresby yesterday.

The New Ireland Government’s negotiating team stressed the need for more collaboration between the developer and the landowners, Nimamar LLG and Provincial Government and to fix the “gaps” created by Newcrest, emphasizing that the provincial government’s commitment to the continuation of Lihir’s operation will depend on the fair treatment of the parties involved.

Newmont assured the Governor that the company will fully cooperate with the New Ireland Government.

The New Ireland negotiating team led by Governor Sir Julius included; CEO Economics Edward Lasisi, Former Namatanai MP and Minister for Mining Byron Chan, Legal draftsman Kalu Yomalieu, legal advisor Dr John Kwimb and First secretary Peter Hinawai.

Accompanying Newmont CEO Tom Palmer to the meeting was; Newcrest Mining Chief Technical & Project Officer Suresh Vadnagra , Strategic Country Manager Tim Bryson and Country Manager Stanley Komunt.