Lihir's $719M in royalties

NEWCREST’S Lihir gold mine has paid K719 million in royalties to New Ireland from 1997 to 2018 as part of its socio-economic commitment to the province and country.
Lihir's $719M in royalties Lihir's $719M in royalties Lihir's $719M in royalties Lihir's $719M in royalties Lihir's $719M in royalties

Staff Reporter

The company said in a statement that this was done through the New Ireland government (NIPG), Nimamar local level government (NLLG) and traditional block owners of the special mining lease (SML) area.
 
The 2% royalty payment summary from 1997 to September 2018:
 
• NIPG received K359,516,284 (50%);
 
• NLLG received K215,709,770 (30% ); and
 
• Lihir SML received K143,806, 514 (20%), all of which adds up to a total of K719,032, 568.
 
In the quarter July to September 2018, Newcrest paid K15 million to stakeholders.
 
"New Ireland government (NIPG) received K7,545,840 (50%), NLLG received K4,527,504 (30%) and Lihir SML block owners received K3,018,336 (20%)," Lihir Gold, the Newcrest subsidiary, said.
 
"These portions have been agreed upon, through a signed memorandum-of-agreement by the State, NIPG, NLLG and SML block owners.
 
"Lihir contributes to the social and economic progress of PNG, New Ireland and Lihir by delivering sustainable and socially responsible outcomes. This means listening to the people's needs, enabling and empowering its employees and the local communities and protecting the environment through safe, operationally disciplined and efficient practices, all consistent with the mining development contract," Lihir Gold said.

 

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