PNG is just ripe for new developments. With six multi-million projects valued at K133 billion in the pipeline, the country is just waiting for approval from the government.
According to Prime Minister James Marape, the government has been in careful consideration with project developers so that the State and the landowners can have their “fair share''.”
“For far too long, we have been denied a fair and equitable share of the benefits from the development of our natural resources,” he said. “We continue to get such a raw deal because of the manner in which project agreements are negotiated and entered into. We welcome all investors to our country. They are entitled to a good return on their investment. But likewise, we too deserve our fair share.”
Among the projects in the pipeline include Papua LNG valued at US$13 billion (K45 billion), P’nyang at US$11.2 billion (K39.2 billion), Frieda River US$7 billion (K24.5 billion) Wafi Golpu- US$5.2 billion (K18.2 billion), Pasca US$1.6 billion (K5.6 billion) and Woodlark US$120 million (K420 million).
Meanwhile, Mineral Resources Authority managing director Jerry Garry said that in the mineral sector, three projects are still being considered. These are Wafi Golpu in Morobe, Frieda in Sepik and Woodlark in Milne Bay.
For Wafi Golpu, Garry said that the team was still waiting for the government to show how much equity, royalty, and tax concessions they would take. Garry said that the project would provide jobs as in the mines in Ok Tedi, Lihir or Porgera.
He said, “It will be a low-cost operation, fewer people, no blasts and no trucks. The block caving method meant everything will be processed underground.”
