The Minister for International Trade and Investment, Richard Maru has expressed grave concerns over Newmont Corporation’s decision to shift its country office to Australia and directs the Securities Commission of Papua New Guinea (PNG) to immediately investigate Newmont Corporation for breach of the Memorandum of Agreement (MOA). Minister Maru said the agreement obligated Newmont Corporation to prioritize its operational presence in PNG when acquiring Newcrest Interest, which is now being undermined by the closure of its PNG office and relocating its head office to Australia. One of the understandings reached on October 9, 2023, was for Newmont’s head office to be based in PNG for mutual benefits, to foster economic growth, and to uphold national interests. The MOA emphasized Newmont’s commitment to advancing PNG’s national interests through job creation, tax contributions, and the promotion of local economic opportunities to ensure the eleven million citizens of PNG benefit from the revenue derived from mining activities. Minister Maru said, “This decision is a fundamental breach of trust and has significant negative implications for PNG’s economy and has violated the intended purpose of the MOA and section 277(6) of the Capital Markets Act 2015 and the National Goals & Directive Principals 3, 5, and of the Constitution. “The decision to redirect activities outside PNG erodes this opportunity, jeopardizing the broader economic and social benefits envisioned. “ Minister Maru pointed out that the MOA was signed under the oversight of the Securities Commission of PNG, which granted regulatory approvals tied to specific conditions, including compliance with commitments to operate within the country. The move to Australia risks breaching these regulatory conditions, further compounding the situation. “It is deeply regrettable that Newmont Corporation, having agreed in good faith, now disregards its commitments to PNG. Such actions have far-reaching consequences, including significant losses, reduced tax revenue, and the erosion of economic opportunities that were critical to the agreement. “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 lightly. “PNG has always honored its contracts with its investors since independence despite the change of governments. It is a slap in the face of PNG when we are in the negotiations that will lead to the granting of the Special Mining Lease (SML) to Newmont for the Wafi-Golpu Project. Such bad faith at this time is regrettable. Minister Maru emphasized that these measures are vital to safeguarding PNG’s national interests and ensuring that agreements entered into in good faith are upheld to the benefit of the country and its people. The Securities Commission is immediately directed to work in collaboration with legal experts and other regulatory bodies to investigate and ensure Newmont complies with the MOA.