In recent years, Papua New Guinea’s mining regulator Mineral Resources Authority (MRA) has been taking a shift in its promotional focus from that of promoting traditional minerals like gold and copper to new minerals such as zink and coal.
As such the Mining Minister Byron Chan and a delegation from the Mineral Resources Authority (MRA) and the Autonomous Bougainville Government’s (ABG’s) Mining Department are in Hong Kong to attend the Hong Kong Mines & Money Conference and exhibition 2014. This conference begun on Monday (24/03/14) and will end on Friday (28.03.14) Acting Managing Director of the MRA Philip Samar said it was very important for the MRA to take this shift so as to cushion the effects of mineral price drop when it occurs.
He said for instance the recent drop in the price of gold affected mining and exploration programs of existing companies and the economy as a whole to some extent. Mining and exploration companies scaled down their programs and laid off employees because they could not sustain their operations given the drop in price of gold and associated financial implications. He said having other minerals would sustain the economy and the mining sector as we could depend on them. Organisors of the event said Mines and Money Hong Kong is Asia-Pacific’s premier event for mining and exploration investment deal-making and capital raising. The event showcases hundreds of mining companies in a 270-booth exhibition, connecting them with 1,000 investors from the world’s largest mining funds, private equity firms, alternative financiers and private wealth.
During five days of learning and networking, 3,000 attendees from across the globe will hear insights and analysis from the event’s largest ever speaker line-up of world-leading investors and mining entrepreneurs.