The country’s total mineral export revenue in 2024 was K19 billion said Mineral Resources Managing Director Jerry Garry.
It is expected that this year, total export revenue will be K30 billion, subject to gold price, low exchange rates, and attainment of full production in Porgera Mine.
Mr Garry made these announcements during a hand-over, take-over ceremony of the Mining Ministry between the former Mining Minister Hon Wake Goi and the new Mining Minister Hon Rainbo Paita in Port Moresby.
Mr Garry said the state was currently in the process of permitting Wafi-Golpu and Frieda River Mining projects, which are worth a total value of almost USD12 Billion, adding that under the leadership of Minister Paita, the permitting of these two mega projects would be will concluded.
He said as far as sustainability and continuous generation of the country’s annual revenue is concerned, mineral exploration was crucial especially for a country like PNG whose economy is largely dependent on mineral revenue.
“Without exploration, there will be no mining hence no revenue for the country,” said the MD.
Exploration expenditures have dwindled, and no new significant discoveries have been announced in the last decade.
By current projections, all operating mines will close down by around mid 2060.
The lead time or time taken from discovery to commissioning of a mine can be anywhere between 15 years as in the case of Lihir and more than 50 years as in the case of the Frieda River Mine.
The use and deployment of appropriate technology is paramount, given the rugged terrains, increasing law & order issues and tougher Standard Operating Procedures (SOP) for major players amidst other challenges.
“ Minister, I am proud to inform you that MRA has the capabilities to meet the challenges and associated complexities, to ensure we attract exploration investments and maintain a robust mining industry,” said Mr Garry.
He said the MRA’s geological survey has commissioned a seismic reflection survey, adding that the agency was waiting for the final results before tests for deep copper-gold bodies could be conducted around the country.
“We are considering the deployment of major magnetotellurics survey which has been very successful at K92 mine and also up at Tolukuma Mine. Application of technologies by the government will aid derisk many of the highly prospective belts for deeper porphyry copper-ore bodies, and encourage private sector investments in exploration and development.
Mr Garry told Minister Paita that under his leadership and support, the MRA would strive to find new mineral deposits to replenish the depleting mineral inventory in this country.
And the timing is critical now, more than ever.
