African Rainbow Minerals Eyes $5 Billion Copper Venture in Papua New Guinea with Newmont

Papua New Guinea (stock image)

African Rainbow Minerals (ARM) is considering a major copper investment in Papua New Guinea in partnership with US-based mining giant Newmont Corporation, according to chairman Patrice Motsepe. Speaking at a Bloomberg-hosted event, Motsepe revealed that the venture could require an investment of up to $4–5 billion. He emphasized that ARM’s financial position is strong enough to support such a large-scale project, citing the company’s 13 billion rand ($756.2 million) in cash reserves and access to an additional 7 billion rand in facilities.

Motsepe noted that a significant portion of this capital is earmarked for projects in Australia and Papua New Guinea, regions known for their copper resources. He added that shareholders expect the company to pursue opportunities in these areas. The Papua New Guinea initiative is part of ARM’s long-term strategy to align with global decarbonization efforts and meet the rising demand for critical minerals such as copper.

In addition to its international copper ambitions, ARM will continue investing in gold, platinum group metals, iron ore, and manganese within South Africa. The company also maintains a copper stake in Canada, further diversifying its portfolio across key mineral sectors.