PNG Sovereign Risk, page-8

I think you're misunderstanding what refining means in this context. The refining step is taking the gold dore and turning it into pure bars. The diagram you've got specifically shows that dore is planned to be exported to Australia.

I don't think this is a big deal for GPR. This has happened in a few other countries to try and keep the downstream processing of various metals within local industry. It's more of a problem for base metals where smelting and refining require a lot more capex, energy etc.

Having Newcrest and Barrick in PNG probably helps with industry consultation so this is done properly.

As I understand Newcrest's bigger issue for Wafi-Golpu (and other new gold mines in PNG) is the general agreement around mining leases and royalties etc. GPR have an existing agreement on old terms whereas the Government was trying to get a bigger cut in new mines.