Mayur Resources, a diversified mineral exploration and energy company, continues to pursue three very different projects in Papua New Guinea. In this exclusive interview, Managing Director Paul Mulder outlines the company’s progress.
Mining & Energy
Papua New Guinea’s Petroleum Minister Kerenga Kua has announced that the National Executive Council (PNG’s cabinet) has ‘in principle’ agreed to ‘stand behind’ the gas agreement signed in April for the US$10 billion (K33.7 billion) Total-led Papua LNG project.
Harmony Gold Mining is evaluating options to extend the life of the Hidden Valley mine in Papua New Guinea, Harmony’s CEO for South East Asia, Johannes Van Heerden tells Business Advantage PNG.
Prime Minister James Marape told the 2nd Speaker’s Investment Summit in Port Moresby last week that the government would move quickly address ‘misunderstandings’ about the US$10 billion Papua LNG project.
Papua New Guinea must ensure that it is at the front of the ‘queue’ in its LNG projects if it is to adapt to future volatility, according to Dr Fereidun Fesharaki, Founder and Chairman of the oil and gas consulting group Facts Global Energy (FGE). He predicts huge shifts in the oil and gas markets.
The World Bank has released a new report, which provides a bullish assessment on economic growth in Papua New Guinea. But it says the country’s dependence on natural resources is not generating sufficient jobs to absorb its growing population.
The chairman of Bougainville Copper Limited (BCL), Sir Mel Togolo, has confirmed the company is talking to prospective partners about reopening the mine. But he is unwilling to put a date on when it might reopen.
Discussions between Papua New Guinea government agencies and the developers of the US$9 billion Wafi-Golpu copper-gold project have been put on hold by the country’s National Court while it considers an application for leave for a judicial review. Meanwhile, work under the project’s exploration licence continues.
US–China rivalry is likely to have a major impact on how future resources projects are funded, according to the ANZ’s Jonathan Bloch. He outlines some of the steps Papua New Guinea’s government can take to make such projects ready for investment.
As the Ok Tedi gold and copper mine nears the end of its current mine life, the Ok Tedi Development Foundation has launched a five-year plan to create economic self-reliance for the people of Western Province. Kevin McQuillan reports.