Production has continued to fall from the historic high of 120 ounces of gold in 2014 which netted in K373.3m, to 133 ounces in 2015 generating K356.3m.
This year MRA expects that 90 ounces of gold will be produced on the production aspect.
However, because the gold price increased substantially earlier in the year to an average $US1340/oz, and remained stable at that price for almost 6 months (only recently dropping below $US1200/oz), the revenue side is holding against the 2015 figures of K356.3 million.
To date revenue is K266.7m at the end of Q3, and we project around K355.6m for the full year.
In the past 12 months, there has been considerable interest in tenement applications within the alluvial sector, especially Alluvial Mining Leases and associated joint venture arrangements.
Whilst some previously approved deals have collapsed, MRA consider that the future of the sector especially the ability to generate greater production and significant revenue, lies in mechanization, which is the theme they are promoting at the 2016 Alluvial Mining Convention in Goroka from Nov 3-4.
MRA has also observed increasing interest in gold smelting and refining opportunities in PNG from overseas investors.
The conference is open to all and people have been encouraged to attend and learn about the sector as well as establish contacts and meet the industry players.