Papua New Guinea’s Mineral Resources Authority Managing Director Jerry Garry has stated that alluvial gold miners have the potential to become billionaires if they diversify into other businesses, re-invest, and manage their money well. He made this remark during the Alluvial Mining Convention and Trade Show held in Goroka on Tuesday.
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| From Dirt to Dynasty: How Alluvial Gold Miners Could Become Billionaires in PNG/Photo supplied |
Speaking to over 300 miners, government regulatory agencies, gold buyers, exporters, financiers, and other stakeholders, Garry recounted the history of Placer Dome, a former operator of the Porgera mine. He explained that the company’s journey began in 1926 when two expatriates, an Australian and a New Zealander, discovered abundant gold resources in the Wau-Bulolo area and established Placer Development Propriety Ltd.
Garry detailed how the company not only focused on gold mining but also diversified into other sectors such as cattle farming, fishing, and forestry. The introduction of pine trees to the Wau-Bulolo area, now harvested by PNG Forest Products, was part of this diversification initiative launched by the two expatriates.
Over the years, Placer Development Propriety Ltd expanded its operations, eventually acquiring a mining license for the Porgera mine after more than 55 years. The company later merged with Dome, creating Placer Dome, which operated 16 gold mines in seven different countries by 2005, with a market capitalisation of US$6.7 billion (K26 billion).
Garry concluded by encouraging alluvial gold miners in Papua New Guinea, stating they have the potential to follow a similar path and grow their wealth, as the sector once contributed K640 million annually to the country's economy.
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