UPDATE 1-PNG demands Wafi-Golpu gold stays in-country, urges Newcrest, Harmony talks [Reuters]
NEWCREST MINING LTD S/ADR (NCMGY)
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Source: Reuters
PNG demands Wafi-Golpu gold stays in-country, urges Newcrest, Harmony talks SYDNEY (Reuters) - Papua New Guinea wants to keep 40% of gold produced from the proposed Wafi-Golpu project, the country’s commerce minister said, creating a potential hurdle to an agreement with co-owners Newcrest Mining and Harmony Gold. The miners had been hoping to secure a mining lease over the major gold and copper deposit earlier this year, before a change in PNG’s leadership and a shift in minerals policy led to delays. “We’d like to see Newcrest come to the negotiating table on this,” PNG’s Minister for Commerce and Industry Wera Mori told Reuters in a phone interview late on Thursday. “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 that the government could offer concessions on duties and taxes as part of the negotiations and he said he was confident a deal would be struck. Newcrest and Harmony each own 50% of Wafi-Golpu, w
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