A new player in the mining industry has been introduced to the country. Prime Minister James Marape welcomed Newmont Corporation, the world's leading gold company, into Papua New Guinea. He made the welcome, during a joint press conference with Peter Toth, Chief Development Officer of Newmont, marking the company's acquisition of all Newcrest operations in PNG. Prime Minister Marape said the significance of this corporate transaction, as Newmont assumes control of all Newcrest operations in Papua New Guinea, including the Lihir mine in New Ireland and the Wafi-Golpu project in Morobe. "It adds value to Papua New Guinea's global branding as an investment destination. What this country effectively has now is the world's No. 1 gold company." He further highlighted that both Newmont and Barrick, the world's second-largest gold company, are now operating in PNG, reinforcing the country's appeal as a favourable investment destination for mining. Prime Minister Marape expressed his gratitude to Newmont's Chief Executive Officer, Tom Palmer, Toth, and the Newmont executive team for their faith in PNG as an investment destination. He highlighted his firm stance during negotiations, emphasising the importance of the company being headquartered in PNG, a commitment that Newmont has agreed to with plans to establish an office in the country. Additionally, the Prime Minister announced an agreement for Newmont to conduct an initial public offering (IPO) on the Port Moresby Stock Exchange, allowing the PNG public to purchase shares of stock to the value of K100 million. He reaffirmed the commitment to the Wafi-Golpu project, stressing the importance of adhering to the agreed timeline and ensuring that the project commences operations as soon as possible. He also called for increased local employment and content, with the preference for nationals to fill positions over expatriates. He further stated that he encouraged the procurement of goods and services within PNG, wherever feasible, to stimulate the local economy.