African Rainbow Minerals (ARM) Chairman Patrice Motsepe said on Tuesday that the company is assessing a major copper project in Papua New Guinea in cooperation with U.S. mining company Newmont Corporation. Speaking at an event hosted by Bloomberg, he stated: "There's a huge investment that we are currently looking at in Papua New Guinea. We've got a partnership there with Newmont that might require as much as four or five billion dollars to be invested down the line."

A logo of the African Rainbow Minerals (ARM) is seen at the company's offices in Sandton, South Africa March 7, 2024.

Motsepe said ARM’s financial position is strong enough to support a project of that scale. The company currently holds 13 billion rand in cash and has additional facilities amounting to 7 billion rand. He added that a significant portion of these funds would be allocated to projects in Australia and Papua New Guinea, which he described as key regions for copper development. According to Motsepe, investors would expect the company to pursue opportunities in those areas due to long-term prospects.

He said the Papua New Guinea copper investment is aligned with broader global trends, including efforts to reduce carbon emissions and rising demand for minerals essential to energy transition technologies. Motsepe described the initiative as a long-term strategy intended to strengthen the company’s presence in markets where copper plays a central role in future infrastructure.

In addition to its potential expansion in Papua New Guinea, ARM plans to continue investing in several commodities in South Africa. Motsepe noted that the company would maintain its focus on gold, platinum group metals, iron ore and manganese. He also highlighted that ARM holds a copper investment in Canada, which remains part of the company’s diversified portfolio.

The comments underline ARM’s intention to expand internationally while preserving a strong operational base in South Africa. The company aims to balance its portfolio by growing its exposure to minerals that support global energy transition objectives. Motsepe indicated that future decisions would consider both financial capacity and long-term strategic value.

The potential partnership with Newmont represents one of ARM’s most significant prospective investments, reflecting the increasing importance of copper in global markets. Motsepe’s remarks suggest that the company is preparing to deploy substantial capital into regions viewed as central to future mineral supply.