Prime Minister Hon. James Marape on Wednesday, 21 October 2026, witnessed a major step forward for the long-awaited Frieda River copper-gold and infrastructure initiative as his government executed a new cooperation agreement with China’s state-owned enterprise, Guangdong Rising Holdings (GDRH).
The agreement, titled the Joint Understanding on Further Advancing Cooperation Relating to the Sepik Integrated Development Project, was signed during a formal ceremony at the Sheraton Hotel by Minister for Mining Hon. Solen Loifa and GDRH Chairman LV Yongzhong. The partnership establishes an official framework for both entities to optimize the project's feasibility studies and prepare for formal state negotiations.
Guangdong Rising Holdings, a major provincial state-owned enterprise from Guangdong, China, holds a full controlling stake in the Frieda River Project through its subsidiary, PanAust Limited.
Located in the Telefomin District, the project stands as one of the most significant resource developments planned for Papua New Guinea, strategically combining a massive copper-gold mine with a large-scale hydroelectric power facility. GDRH and PanAust have spent years managing the exploratory phases and building vital community relations. Both parties are now refining the project's scope to integrate seamlessly with newly launched regional road networks.
Prime Minister Marape warmly welcomed the Chinese delegation to Port Moresby, noting that the agreement marks tangible progress just ahead of his upcoming travel to Shenzhen, China, for the APEC Leaders Summit.
“We welcome you, have faith in you, and we want to move this project forward," Prime Minister Marape said. "The people of Papua New Guinea must see Frieda as a flagship of the China-PNG partnership and mutual respect.”
Speaking at the ceremony, GDRH Chairman LV Yongzhong reaffirmed the group's long-term commitment to Papua New Guinea.
"We have always regarded the Frieda River Project as a flagship overseas project, a project that benefits local communities, and a project of friendship," Chairman LV said. "It is both a key platform for cooperation between China and Papua New Guinea in the mineral resources sector and an important opportunity for us to demonstrate the responsibility of a Chinese enterprise while contributing to Papua New Guinea’s high-quality development."
Chairman LV noted that local infrastructure improvements, such as active road construction between Vanimo Port and the project zone, have significantly bolstered investor confidence. He expressed optimism that technical working teams from both sides would establish an open dialogue mechanism to update the project's feasibility framework.
"Guangdong Rising Holdings will draw fully on its specialist capabilities and extensive experience in mine development and operations, mobilize its best resources, deploy leading teams, and apply advanced technologies to develop the Frieda River copper-gold mine into a safe, environmentally responsible, and efficient modern mining operation," Chairman LV added. "Compliance, integrity in fulfilling our commitments, and mutual benefit are fundamental to how we operate."
Chinese Ambassador to PNG, H.E. Yang Xiaoguang, also addressed the gathering, reiterating the duty of Chinese corporate investors to adhere strictly to regulatory and environmental benchmarks.
"The Chinese government has always demanded that Chinese citizens and enterprises abroad abide by the laws and regulations of the hosting countries, and actually give back to the local community," Ambassador Yang said. "We hope the Frieda River project will follow PNG's laws and regulations, and implement them to the highest environmental standards. We hope it brings many benefits to PNG, including infrastructure, employment, and royalties."
Prime Minister Marape reassured the visiting delegation that a dedicated State team, operating under the direct watch of Chief Secretary Ivan Pomaleu, will be on standby to ensure the project moves forward "earlier rather than later."
A high-level Papua New Guinea delegation attended the signing, including:
• Hon. Solen Loifa, Minister for Mining
• Hon. Thomas Opa, Minister for Finance
• Hon. John Kaupa, Minister for Environment, Conservation and Climate Change
• Hon. Richard Maru, Minister for International Trade and Investment
• Hon. Joe Sungi, Minister for Public Service
• Hon. Tony Wowow, West Sepik Governor
• Hon. Douglas Tomuriesa, Member for Kiriwina-Goodenough
• Ambassador Ivan Pomaleu, Chief Secretary to Government
The Chinese delegation included Ambassador Yang alongside senior officials from the State-owned Assets Supervision and Administration Commission (SASAC), led by Deputy Director He Yu.