The Australian explorer currently holds two tenements (EL1396 and EL 2149) in Amazon Bay area of Central Province and has announced its intention to proceed onto the development phase.
If approved it will be the first mineral sand mine investor in Papua New Guinea.
The Mineral Resource Authority confirmed inclusion of all mineral types under its legislative responsibility when asked about Foyson given they are not exploring for the traditional ores such as gold, copper or silver.
"If this project were to proceed to a mine, it would be permitted under the current Mining Act 1992 and would not be treated any differently to any of the existing mines," MRA managing director Philip Samar said.
Mr Samar said its primary metal of interest explored was iron and titanium.
The Amazon Bay prospect is located about 270km southeast of Port Moresby in Abau District.
Foyson said the project has the potential to be a large iron, titanium and vanadium sand mine.
It says the resource boasts a 1.2 per cent concentration vanadium input which is two to three times higher than comparable projects.
But MRA said the project is currently in its exploration stages and will be given the same treatment as other mines, when it proceeds into the actual development phase. Source: Post Courier
""This is still an exploration project and no agreements have been signed between MRA and Titan Metals Ltd who is the tenement holder.
"There is no such consideration for special tax holidays.
If the project is ready for development then the project proponents will submit the required proposals for development seeking the appropriate mining lease to develop the project.