PNG Lost K28.6 Billion in Mining exports in the last two years

Papua New Guinea's MINING exports fell  K28.6 billion that is  K15.6 billion in 2019 and  K13 billion in 2020 due to the Coronavirus (Covid-19) and induced closure of Porgera gold mine in Enga, PNG Mineral Resources Authority (MRA) managing director Jerry Garry has revealed to the National Newspaper. 

PNG Mineral Resources Authority (MRA) managing director Jerry Garry told The National exploration remained a challenge and with the 2022 General Election, “investors are going to hold back and wait for certainty.”

“The average annual exports are about K11 billion,” he said.

“However, the mining industry remains adaptive to current industry shocks and open to options.

“All the mining operations in the country are continuing as normal.

“The industry has ways of sustaining the business while at the same time get through the ‘bad weather.

“So many mining operations in the country are considering options and they will weather the ‘bad storm’ in a nutshell.

“Going into the elections, just like anywhere in the globe and any country, that’s a time of uncertainty and investors will be applying the brakes on new projects until the election period is over because they always want to deal with certainty.

“Some disruptions, some delay in decision making are likely to happen in terms of new project investments.

“But immediately after the elections, investor confidence level always returns and that we expect.”

The National / Pacific Mining Watch

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