Papua New Guinea's Mining Minister Wake Goi has approved 44 of the 48 mining tenements, including exploration licences and other applications, during a session in Port Moresby yesterday. The approvals follow a year-long delay caused by changes in ministerial leadership.
The approved licences include 18 extensions, five new grants, three variation proposals, four alluvial mining leases, seven new alluvial mining leases, six dealings transfers, and one tribute agreement. One application is set for review next month, while three remain under further assessment by the minister and the Mineral Resources Authority (MRA).
These approvals, governed by the Mining Act 1992, are crucial for exploration companies to begin operations. Minister Goi highlighted that these companies are essential investors in Papua New Guinea, contributing to local economies by funding projects and exploring new resource opportunities.
He also emphasized the Government’s duty to ensure that proper procedures are followed, applicants are credible, and licensed projects are implemented promptly. Goi acknowledged that previous delays were largely due to changes in portfolio ministers.
MRA Managing Director Jerry Garry pointed out that prolonged processing times for exploration licences affect Papua New Guinea’s image as a favorable investment destination. He called for measures to address these inefficiencies to enhance the country’s global appeal.
Also read
Santos Completes Sale of PNG LNG Stake to Kumul Petroleum for K2.4 Billion