Sarimu Kanu, Managing Director at Kumul Minerals Holdings, speaks with Business Advantage PNG about negotiations over the Wafi-Golpu copper-gold project, the latest developments at the Porgera and Ok Tedi mines, and plans to consolidate stranded gold assets.

The US$5.4 billion (K22 billion) Wafi-Golpu copper-gold project has been the subject of ongoing negotiations between joint-venture partners Newmont and Harmony Gold Mining on one side, and PNG’s State Negotiating Team on the other. Under PNG law, the state may acquire up to a 30 per cent participating interest in the project, with 20 per cent to be held by its nominee Kumul Minerals Holdings (KMHL).

In this exclusive interview, KMHL Managing Director Sarimu Kanu shares an update on the talks for the project which he believes “will be a game changer for the PNG economy.”

He goes into detail about the ramp-up at the embattled Porgera gold mine, in which KMHL has a 36 per cent interest, and expansion plans at the Ok Tedi gold-copper mine, in which KMHL has a 67 per cent interest.

Finally, he speaks about KMHL’s regional consolidation strategy, through which it is aiming to develop multiple stranded assets in Milne Bay and New Ireland provinces.

Enjoy this exclusive interview, recorded by Business Advantage PNG in Port Moresby in November 2024.