Despite the current downturn in global mineral prices, the outlook of Papua New Guinea’s mining sector remains promising.
This is according to PNG Mining Minister, Byron Chan.
When addressing the 13th Mining & Petroleum Investment Conference in Sydney, Minister Chan reaffirmed PNG Prime Minister Peter O’Neill’s earlier statement, claiming PNG’s resource industry being relatively unaffected by the global industry.
Minister Chan said despite the fall of commodity prices and a “cyclicalrdquo; mining sector, the O’Neill-Dion government is maintaining the positive stance when concerning the mining industry in Papua New Guinea.
He highlighted the country’s diversity, singling out promising developments in the industry.
Among these, coal exploration that three exploration companies are cooperatively spearheading – Waterford, Mayur Coal and Pacific Mining Partners – in Gulf Province, where a drilling program is underway.
Similarly with Mineral Sands, where advanced exploration is being undertaken in Orokolo Bay, Salamaua and Amazon Bay by Mayur Iron, Katana and Titan Metals.
Nickel, Geothermal and Alluvial Mining were also highlighted as other minerals that were being explored with the potential for further development in PNG.