Foreign miners to hold state’s equity: O’Neill

Cedric Patjole | Loop PNG | January 30, 2019

Prime Minister Peter O’Neill says understandings have been reached with Papua LNG developer Total E&P PNG and the Wafi-Golpu Joint Venture (WGJV) to hold State’s equity until the first export from both projects.

This is to ensure the state does not borrow to purchase equity in a project.

“The initial understanding we have with the second LNG and in particular Wafi-Golpu is that our participation in equity will be carried by the developer until the first export of either the gold and copper from Wafi-Golpu or in the second LNG Project, meaning we don’t have to borrow large sums of money that we are unable to repay.

“This is our resource, the developer has to carry us to a certain extent. I’m thankful that Total and Newcrest have agreed to those understanding and we are looking forward to our Ministerial committee finalising the development agreement that will make sure the resource owners are fully participating rather than waiting for loans to be paid and of course, the benefits rolling out to them,” said O’Neill.

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Filed under Mine construction, Papua New Guinea

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