Maru wants mining giant investigated

International Trade and Investment Minister Richard Maru has instructed the Securities Commission of Papua New Guinea to investigate Newmont Corporation following its decision to move its country's office to Australia.

According to Minister Maru, the move to Australia is a breach of the Memorandum of Agreement [MOA] signed between the parties in 2023.

He said a clause agreed to in the MOA is for Newmont to be based in PNG for mutual benefit, foster economic growth and uphold national interest.

Minister Maru further stated this is a breach of trust and has significant negative implications.

The International Trade Minister believes Newmont's office relocation is a direct violation of its commitment to advance national interest through job creation, tax contribution and promotion of local economic opportunities.

“As a sovereign nation, we cannot and will not allow this breach to go unchallenged. I now direct the Securities Commission of PNG to take decisive action to ensure Newmont Corporation fulfills its obligations.

“Corporate responsibility is not optional, it is a cornerstone of mutual respect, partnership, and sustainable development and our government will not take it light

“PNG has always honored its contracts with its investors since independence despite change of Governments. It is a slap in the face of PNG when we are in the negotiations which will lead to the granting of Special Mining Lease [SML] to Newmont for the Wafi-Golpu Project. Such bad faith at this time is regrettable,” Minister Maru said.

NBC Online is reaching out to get the comments from Newmont.