More than 500 applications for mining leases were submitted last year, giving reason for the Government to be optimistic about PNG’s mineral sector.
Mining Minister Byron Chan revealed this during last month’s PNG Mining and Petroleum Conference in Sydney, Australia.
According to Business Advantage PNG, Chan says investor interest remains strong despite low commodity and mineral prices given the number of applications for tenements during the last nine months of 2016.
“It is reason to be optimistic about the mineral sector. Over the last nine months of 2016, we have had a total of 560 applications for tenements.
“Out of these tenements, 338 are active, 61 are in the renewal process and 161 are new (operations). So there hasn’t been a significant downturn in exploration,” Chan says.
He added the Special Mining Lease applications for the Frieda River and Wafi Golpu mines indicate a resurgence in interest in mining in PNG.
“We anticipate that the required statutory technical assessments required under the Mining Act will be completed by the second quarter of 2017.”
(The Newcrest mine in New Ireland province. Photo courtesy of Newcrest Mining)