Wafi-Golpu Project: One of the World’s Most Significant Copper-Gold Developments Moves Closer to Reality

The Wafi-Golpu copper-gold project in Papua New Guinea is widely regarded as one of the most significant undeveloped mineral deposits in the Asia-Pacific region. Located in Morobe Province approximately 65 kilometres south-west of the coastal city of Lae, the project has the potential to become one of the largest underground block-cave mining operations in the world once development proceeds.

The project is owned by the Wafi-Golpu Joint Venture (WGJV), a partnership between subsidiaries of Newmont Corporation (NYSE: NEM) and Harmony Gold Mining Company Limited (JSE: HAR; NYSE: HMY). Harmony holds a 50% interest through Wafi Mining Limited, while Newmont controls the remaining share following its acquisition of Australian miner Newcrest Mining Limited in 2023. The joint venture structure combines Newmont’s large-scale underground mining expertise with Harmony’s experience operating complex gold assets in challenging jurisdictions.

Exploration drilling carried out over the past two decades has confirmed that the Wafi-Golpu district hosts a cluster of major mineralised systems, including the Golpu copper-gold porphyry deposit, the Nambonga copper-gold porphyry and the Wafi high-sulphidation epithermal gold deposit. Together these discoveries form one of the highest-grade copper porphyry systems identified in Southeast Asia.

The Golpu deposit is particularly significant. Geological studies and feasibility work have shown that the orebody is ideally suited to block cave mining, a large-scale underground method used for massive, vertically extensive ore deposits. Similar techniques are successfully employed at the Cadia Valley Operations in Australia.

Under current development plans, the project would be mined through a series of three block caves, beginning with a starter cave that would provide initial production before later expansion stages bring additional caves into operation.

Development planning for Wafi-Golpu has been ongoing for more than a decade. The joint venture submitted a Special Mining Lease (SML) application to the Papua New Guinea Mineral Resources Authority in 2016, supported by a comprehensive feasibility study and environmental assessments.

Negotiations between the joint venture partners and the PNG Government have continued in recent years, focusing on fiscal arrangements, ownership structure, environmental management and community benefits. These discussions are critical in establishing the framework for one of the country’s largest future mining investments.

While final development approvals are still being refined, both partners continue to advance project planning and engineering work so that construction can begin once the regulatory framework is finalised.

If approved under current timelines, major construction activities could begin within the next few years, potentially making Wafi-Golpu one of the largest new mining developments in the Pacific region.

The Wafi-Golpu project is expected to deliver significant economic benefits to Papua New Guinea over its multi-decade operating life. Once operational, the mine could generate billions of dollars in export revenue through copper and gold production.

The project would also represent a major investment in national infrastructure, including road upgrades, power supply systems, port logistics and community facilities. Thousands of jobs could be created during both the construction and operational phases, providing long-term employment opportunities for the Morobe Province region.

For the joint venture partners, Wafi-Golpu represents a strategically important asset. For Newmont, the project would strengthen its portfolio of long-life copper-gold assets in the Asia-Pacific region, complementing existing operations. For Harmony Gold, the development offers diversification beyond its traditional South African operations and a foothold in one of the world’s most prospective mineral provinces.

Although final approvals are still pending, Wafi-Golpu remains one of the most significant mining developments in Papua New Guinea. With world-class copper and gold resources, strong industry partners and the potential for decades of production, the project represents a transformational opportunity for Papua New Guinea’s mining sector.

For suppliers, contractors and investors, the next phase of development could unlock substantial opportunities as one of the world’s most significant copper-gold projects moves closer to construction.

For the global mining industry, Wafi-Golpu represents a rare combination of scale, grade and long mine life. For Papua New Guinea, it could become a cornerstone resource project capable of delivering sustained economic growth, infrastructure development and thousands of jobs.

With world-class operators Newmont Corporation and Harmony Gold Mining Company Limited leading the project, the development is expected to remain one of the most closely watched mining investments in the Asia-Pacific region.

Location:
Morobe Province, Papua New Guinea
Approximately 65km south-west of Lae

Project Owners:
Wafi-Golpu Joint Venture

• Newmont Corporation – 50%

• Harmony Gold Mining Company Limited – 50%

Ownership Background:
Newmont inherited its stake through the 2023 acquisition of Newcrest Mining Limited.

Deposit Type:
Porphyry copper-gold system

Major Deposits in the District:

• Golpu copper-gold deposit

• Nambonga copper-gold porphyry

• Wafi epithermal gold deposit

Mining Method:
Large-scale underground block cave mining

Development Concept:
Three sequential block caves to access deeper high-grade ore zones.

Mine Life (estimated):
Up to 40 years

Special Mining Lease Application:
Submitted to the PNG Mineral Resources Authority in 2016

Current Status (2026):

• Project negotiations with PNG Government continuing

• Development framework being finalised

• Construction planning ongoing

Strategic Importance:

• One of the largest undeveloped copper-gold deposits globally

• Potential to become PNG’s next major long-life mining operation