The Wafi-Golpu Framework Memorandum of Understanding in Port Moresby was signed by the Governor General Sir Bob Dadaii in Port Moresby on Thursday, following the approval by the National Executive Council. The signing of the framework is an important milestone as it now sets the guard rails for all the stakeholders to negotiate the mining development contract, and other agreements for Wafi Golpu project and will drive future agreements. “The Framework MOU contains the key terms and principles of the project on matters such as equity, fiscal structure which includes a raft of fiscal terms, licensing, non-fiscal terms including national content.” That’s according to Prime Minister James Marape. “We have demonstrated that we can negotiate better deals for our stakeholders without migrating to a new legislative regime.” The Prime Minister and his cabinet have noted the key terms agreed and embodied in the MoU for the Wafi-Golpu Project and the overall increase of US$1.1 billion in proposed State Benefits achieved by the State Negotiation Team from the previous negotiation rounds. “We have secured over 55% of the benefit split for the project and I want to appreciate our landowners, Newcrest and Harmony for giving respect to the country’s desire to get back more from our resources for our people." “The Wafi Golpu project is the largest undeveloped gold and copper deposit in the world, and will provide enormous economic benefits to the investors, the national and provincial government, the landowners, and the country as a whole.” The Prime Minister also recognized the critical role that the Morobe Provincial Government played in securing alignment with the national government to ensure that the project reach this point in the process. “Governor Luther Wenge and the Morobe Provincial Government have been solid in guiding the province and the landowners in seeking consensus for the state negotiating team to move quickly in securing this important deal for his province but for the country as well.” “NEC also approved the accelerated timeline for the SNT under the continued chairmanship of Mr. Dairi Vele and his team will continue to negotiate the formal agreements with the Wafi-Golpu Joint Venture participants,” said Prime Minister Marape. Wafi Mining Limited and Newcrest PNG 2 Limited are equally registered holders of Exploration Licenses 440 and 1106 and the equal participants in the unincorporated Wafi-Golpu Joint Venture (WGJV).