MINERAL EXPLORATION CRUCIAL FOR EXPORT REVENUE
By Sandra ULG
Mineral Resources Authority (MRA) Managing Director Jerry Garry says as far as sustainability and continuous generation of the country’s annual revenue is concerned, mineral exploration was crucial for a country like PNG whose economy is largely dependent on mineral revenue.
Mr. Garry made these announcements during the hand-over, take-over ceremony of the Mining Ministry between the former Mining Minister Wake Goi and the new Mining Minister Rainbo Paita earlier this week in Port Moresby.
Mr. Garry says without exploration, there will be no mining hence no revenue for the country.
Exploration expenditures have dwindled, and no new significant discoveries have been announced in the last decade.
By current projections, all operating mines will close down by around mid-2060.
He says the lead time or time taken from discovery to commissioning of a mine can be anywhere between 15 years in the case of Lihir and more than 50 years as in the case of the Frieda River Mine.
He adds that 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.
He says MRA has the capabilities to meet the challenges and associated complexities, to ensure they attract exploration investments and maintain a robust mining industry.
He says 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.
He points out that they are considering the deployment of major magnetotellurics survey which has been very successful at K92 mine and also up at Tolukuma Mine.
Mr Garry further adds that under the leadership of the new Mining Minister Renbo Paita MRA would strive to find new mineral deposits to replenish the depleting mineral inventory in this country. And the timing is critical now more than ever.
