THE Papua New Guinea (PNG) Mineral Resources Authority (MRA) is processing and monitoring more than K45 million worth of new capital investments in mining projects, and about K10 billion investments in sustaining capital expenditure on existing mines.
“Some important mining projects had already been approved while others are currently going through the approval process. These projects are worth a total of K13 billion of potential new capital investment,” Mining Minister Sir Ano Pala said.
“Projects going through the approval process are the K5.3 billion Wafi-Golpu copper project, comprising K2.5 billion sustaining capital expenditure, and the K7.2 billion Freda River copper and gold project.”
Speaking at the 16th PNG Chamber of Mines and Petroleum Conference in Sydney, Australia, this week, Sir Ano said the projects approved were the Woodlark Gold Project and the K3.331 billion Central Lime Cement Project.
He said the Ramu Nickel Cobalt mine would be undertaking a K1.5 billion expansion programme.
Sir Ano said the Government had approved the conversion from oxide to sulphide ore processing for the Simberi project and the extension of the mining lease for the Hidden Valley project.
“More recently, the application for extension of the special mining lease for Ok Tedi Mine and the K92 Mining lease were being processed,” he said.
“We are confident of permitting Wafi and Freda River projects upon completion of negotiations in the coming weeks. Wafi is going well.
“The gaps in the negotiations are narrowing and we are confident of an announcement soon.
“These mega projects will take five to seven years of construction and we hope to see the mining projects in operation well before 2030,” Sir Ano added.
The National / Pacific Mining Watch