100 million ounces of gold yet to be mined

PORT MORESBY, August 12, 2024 (The Post & Courier) – Papua New Guinea may have 100 million ounces of gold yet to be mined in the country, with a total asset base of US$50 billion (K581 billion).

Prime Minister James Marape made the announcement at the closing ceremony of the Geoscience, Exploration and Mining Conference in Port Moresby last Friday.

He said the figure was staggering considering PNG also produced copper, nickel and silver, adding to its asset base.

“When you look at the potential copper resources in our country, the numbers are staggering.

“If you look at silver and nickel ores, those are just four minerals that we know of that we can mine today, and I haven’t even mentioned the other rare minerals and other minerals that we may have in this country, the number is staggering,” he said.

Marape said PNG was looking at continuing exploration, tightening policy and continuing to ensure the country produces its own resources, harvests and processes them in Asia’s largest market base.

“There are 4 billion people in Asia and millions more in Australia with a strong demand for resources.

“We are in a part of the planet where we can produce resources, process them and supply them to markets closer to home,” he said.

Marape said the government would continue to support the mining sector by establishing a regulatory framework and legislative environment for investors, while also adding value through resource extraction and promoting economic development resulting from resource extraction.

He said despite the challenges, Papua New Guinea would remain a free market economy, democratically governed and with a highly independent and robust judiciary… PACNEWS

Related