Newcrest Mining Limited’s (ASX: NCM) (TSX: NCM) (PNGX: NCM) wholly owned subsidiary Lihir Gold Limited (“LGL”) has completed the signing of new compensation, relocation and benefits sharing agreements with the mining lease area landholders at its Lihir gold mine in New Ireland Province, Papua New Guinea (“PNG”).
The comprehensive review of the previous agreements conducted over several years was sanctioned by the National Governments Mineral Resource Authority and identified a range of key improvements to previous agreements.
The new agreements enhance socio-economic development outcomes for landholders and enable benefits to be distributed directly to their intended beneficiaries. The agreements enable efficient and transparent distribution of compensation and benefits, without a material increase in quantum.
The agreements are structured to provide a direct and transparent relationship between LGL and landholders and are valid for the term of Lihir’s Special Mining Lease.
Newcrest Chief Operating Officer for PNG, Craig Jones, said “These agreements build on the strong relationships developed with the mining lease area landholders over recent years and provides transparency of compensation, relocation and benefits sharing and clear accountability for the development agenda for Lihir Island.”
13 Tenement and Relocation Team Leader, Newman Sana, said “The signing of the Compensation and Relocation Agreements marks the dawn of a new era on Lihir. One of inclusiveness, empowerment and transparency for dealings with the landholders. This is the first time that landholders have been supported to deal directly with the Developer, LGL, culminating in the signing of the agreements. The future is now bright for Lihirians.”
Authorised by the Newcrest Disclosure Committee
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