Photo Credit: WorleyParsons
The Mineral Resource Authority (MRA) is looking for new capital investments of K45 billion for new projects.
In his presentation at the PNG Chamber of Mines and Petroleum media and community affairs workshop, MRA managing director Jerry Garry stated that the mining industry alone had generated K17 billion in export income in 2019.
“This is the highest export revenue by commodity and is only comparable to PNG LNG.”
He stated that the mining industry has been the country's main source of export earnings and will continue to expand.
“We are currently looking at new potential capital investments for new projects valuing around K45 billion.
“These projects are Frieda River, Wafi Golpu, Woodlark and Geothermal project and others,” he said.
“From an exploration point of view, we have been averaging between K200-K350 million annually on exploration.
“All of you would appreciate and we have repeated that in many fronts that without exploration there would be no mining because exploration is the lifeline of the mining business and that sector needs to be encouraged,” he said.
Despite COVID-19, Garry believes that investments in the exploratory industry will continue.
“I am pleased to announce that we have made significant progress in ensuring that benefits sharing flow rightly to the beneficiaries rather than having been parked in integrated holdings, “he said.
“This result indicates that the authority is progressing and heading into the right direction from now and into the future.”
Reference:
Tom, Patrick. Post-Courier (5 August 2021). “MRA Sets Sights On K45 Billion Projects”.
