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PNG must invest in other minerals

Staff Reporter | 2:46 PM | ||
PAPUA New Guinea is intensifying its efforts to diversify its mineral base and is encouraging investment in minerals other than gold, silver and copper.

This was made known by the Mineral Resources Authority (MRA) managing director Philip Samar in his presentation to the 7th China international nickel summit in Fuzhou, China.

The summit was attended by potential Chinese investors and financiers.

Mr Samar said diversification is critical for a mineral dependent country such as PNG, given the volatility of prices for copper and gold and to maintain revenue flows.

He said PNG has world class nickel/cobalt exploration projects, some needing financing and capital investment to advance to the next stage of development.

He said Wawo Gap and Mambare nickel projects along the Owen Stanley Ranges are large projects that boast resources larger than Madang’s Ramu nickel.

Meanwhile, MRA in a statement issued yesterday stated the two nickel projects have captured the attention of those who had attended the summit.

It said all eyes had been on PNG and the opportunities it hosted given the fact that the two largest nickel exporters, Indonesia and the Philippines, are both passing legislation restricting the export of this mineral to China.

The statement said due to this factor, PNG is now being eyed as the next supplier of nickel ore