Newmont Lihir Gold Ltd has delivered the highest first instalment corporate tax payment to the Papua New Guinea (PNG) Internal Revenue Commission (IRC) this year all thanks to good global gold prices.

The Acting Commissioner General (CG) Mr. Sam Loi upon receiving the cheque recently, acknowledged Newmont, Lihir Gold Ltd for delivering the highest first instalment corporate tax payment of K852 million — a substantial increase from K92.4 million paid during the corresponding period last year, and the highest first instalment contribution recorded in the sector to date.

The Acting CG stated that the strong outcome reflects the value of constructive engagement and close collaboration between the IRC and the extractive sector, particularly through transparent administration in accordance with prevailing market-based valuation principles under the tax legislation.

He noted that the assessment was driven by prevailing international gold prices, with the IRC applying current market value benchmarks to ensure that the taxes assessed and paid accurately reflect the sector’s earnings performance.

He further emphasized that the advance corporate tax system is grounded in the principle of paying tax in line with current-year quarterly earnings and profitability reflecting real-time profitability and economic activity.

“This result demonstrates what is possible when there are transparency, compliance, and mutual confidence between the State and industry. Strong commodity prices are expected to translate into fair and timely returns to the country, and the IRC remains duty bound to administering the tax system with integrity, consistency, and commercial awareness,” the Acting CG said.

The payment highlights the growing contribution of the resources sector to national revenue and reinforces the importance of predictable tax administration, responsible corporate citizenship, and continued partnership in supporting PNG’s economic future.