MINING REFINING

100 million ounces of gold yet to be extracted

Mon Aug 12 2024

PAPUA New Guinea has 100 million ounces of gold possibly in the country yet to be extracted with a total asset base of US150 billion (K581 billion). Prime Minister, James Marape made this statement when addressing the closing of the geoscience, exploration and extraction conference in Port Moresby last week Friday.

He said the number is staggering considering that PNG also produce copper, nickel and silver which adds on to the asset base. “When you look at the possible copper that we have in our country, the numbers is staggering.

“When you look at silver, and you put ore-in nickel, just the four minerals that we are known to produce right now, and I’m not talking about other rare minerals and others that we can possibly have in our country, the number is staggering,” he said. Mr Marape said PNG is looking at continuing explorations, tightening up policies and continue to ensure that the country produces its own resources, harvest and process resources in country with the biggest market base in Asia.

“We have the four billion people right within the Asian region and millions in Australia with appetite for resources. “We are placed in a part of planet Earth that can produce resources, process resources, and supply to the market that is closer to home,” he said.

Mr Marape said the government will continue support the Mineral sector in terms of putting in place regulatory framework and legislative environment for the investors at the same time value-add from the harvest of our resources, and the economy process as a result of resources being harvested from the country. He said in the midst of challenges, PNG will remain a free market economy that is governed by democracy and a very independent robust court system.

Source: https://www.postcourier.com.pg/