PNG expected to earn K30 billion in Mineral Export for 2025

Mineral Resource Authority is expecting an increase in revenue for mineral export this year, according to MRA managing director Jerry Garry.

Garry said country’s total mineral export revenue is predicted to reach K30 billion, from the K19b generated in 2024.

He said this is subject to gold price, low exchange rates, and attainment of full production in Porgera Mine.

The state is currently in process of permitting Wafi-Golpu and Frieda River Mining projects, worth $12 billion US dollars (about K49 billion).

The MRA director said under the leadership of new MiningMinister Reinbo Paita, the permitting of these two mega projects would be will concluded soon.

He said as far as sustainability and steady generation of the country’s annual revenue is concerned, mineral exploration was crucial especially for PNG, whose economy is largely dependent on mineral revenue.

“Without exploration, there will be no mining hence no revenue for the country,” the MD said.

Meanwhile, the exploration expenditures have dwindled, and no new significant discoveries have been announced in the last decade.

Mr. Garry said by current projections, all operating mines will close down by around mid 2060.
The lead time or time taken from discovery to commissioning of a mine can be anywhere between 15 years as in the case of Lihir and more than 50 years as in the case of the Frieda River Mine.

He said the use and deployment of appropriate technology is paramount, given the rugged terrains, increasing law & order issues and tougher Standard Operating Procedures [SOP] for major players amidst other challenges.

“ Minister, I am proud to inform you that MRA has the capabilities to meet the challenges and associated complexities, to ensure we attract exploration investments and maintain a robust mining industry,” said Mr Garry.

He added that the MRA’s geological survey has commissioned a seismic reflection survey, adding that the agency was waiting for the final results before tests for deep copper-gold bodies could be conducted around the country.

The MD said the MRA was considering the deployment of major magnetotellurics survey which had been very successful at K92 and Tolukuma Mines.