The Papua New Guinea Mineral Resources Authority (MRA) is eyeing new potential capital investments for new K45 billion projects.
“We are currently looking at new potential capital investments for new projects valuing around K45 billion,” said MRA Managing Director Jerry Nombri Garry at the PNG Chamber of Mines and Petroleum Media and Community Affairs Workshop last Wednesday.
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| MRA Managing Director Jerry Nombri Garry . Photo by Mineral Resources Authority |
He said these projects are Frieda River, Wafi Golpu, Woodlark and Geothermal project and others.
Gary said that they have so far delivered K17 billion in export revenue in 2019 from the mining sector alone and are keeping an eye out on new projects.
Garry said on an exploration point of view, they have been averaging between K200- K350 million annually on exploration.
He said despite Covid-19 they still see investments in the exploration sector.
“I am pleased to announce that we have made significant progress in terms of ensuring that benefits sharing flow rightly to the beneficiaries rather than having been parked in integrated holdings,” said Garry.
He said this results indicate that the authority is progressing and heading into the right direction.
“This is the highest export revenue by commodity and is only comparable to PNG LNG,” said Garry.
He said the mining sector has been the largest export revenue contributor to the country’s economy and will continue to grow.
Statement / PNG Marketing Magazine / Pacific Mining Watch
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