14 Jun 2013

PNG to consider possible aid to Newcrest next week

6:51 am on 14 June 2013

Papua New Guinea Prime Minister Peter O'Neill will hold talks with Newcrest mining executives next week to discuss the company's controversial asset write-down.

Newcrest last week announced an asset write-down of nearly 6 billion US dollars with a primary focus on the company's Lihir gold mining operations in PNG's Hidden Valley.

Mr O'Neill earlier this week publicly offered the company assistance to limit the fallout, and says he expects to meet with executives when he returns from a state visit to Indonesia next week.

He says whatever assistance his government extends to Newcrest mining will be determined by those meetings.

Mr O'Neill says mining is an industry that is very important to the PNG economy.

He says the government will take responsible actions to make sure that it safeguards Newcrest's investment.