The Wafi-Golpu project can be ‘multi-generational’ according to Bryan Bailie, Executive Project Director of the Wafi-Golpu Joint Venture. He told the PNG Mineral and Petroleum Investment Conference in Sydney that the intention is to roll out the project in stages.
PanAust is keen to start development of the Frieda River copper gold project, Managing Director Fred Hess told the PNG Mining and Petroleum Investment Conference in Sydney. But he warns there are many obstacles to establishing a mine in such a remote region of Papua New Guinea and the decision has not yet been made to go ahead.
The Prime Minister, Peter O’Neill, has told the Mining and Petroleum Investment Conference in Sydney that there will be no decision on the Mining Act until after next election. He also indicated that the Government will pursue bi-lateral trade deals.
Opportunities exist for brownfield expansion at the Hidden Valley mine, Johannes van Heerden, Chief Executive Officer of Southeast Asia for Harmony Gold, tells Business Advantage PNG. He believes this gives the company a competitive advantage in the region.
Copper and cocoa prices have eased sharply over the last month, while palm oil prices have surged. Gas and oil prices are largely unchanged and precious metals prices have eased. Business Advantage PNG’s monthly overview of commodity and financial markets.
Philippe Blanchard, Managing Director of Total E&P PNG – operator of the Papua LNG project – tells Business Advantage PNG that production for the project is expected to begin in 2022/2023. He says Total is using local labour and companies as much as possible.
Production at Crater Mountain’s High Grade Zone provided junior mining company Crater Gold Mining with the stability it needed throughout difficult market conditions and provided capacity for exploration. Managing Director Russ Parker tells Business Advantage PNG the past few years have been extraordinarily difficult for junior explorers to raise capital to exploit their assets.
The Chairman of InterOil, Chris Finlayson, says the company is considering an appeal to the Supreme Court of Canada after a court upheld an appeal against the US$2.5 billion (K7.9 billion) sale of InterOil to ExxonMobil. Meanwhile, the man behind the appeal, Phil Mulacek, tells Business Advantage PNG he’s open to dialogue.
Times are undoubtedly tough in Papua New Guinea’s mining and petroleum sector, but as the industry prepares for its biennial conference in Sydney in December, the PNG Chamber of Mines and Petroleum’s Greg Anderson tells Business Advantage PNG there are still ‘bright stars’ to get excited about.
While market conditions continue to challenge junior mining companies working in Papua New Guinea, some small mining companies such as Gold Mountain and Frontier Resources are experiencing encouraging results from their exploration programs in the country.