Papua New Guinea will join the ranks of top copper producing nations in the next decade says PNG Chamber of Mines and Petroleum executive director Greg Anderson.
Despite the suspended closure of the country’s OK Tedi mine operation in the Western Province many new copper mines will come into operation in the coming years.
“Two mega projects likely to commence production late this decade are the Frieda River copper-gold project in Sandaun Province and the Wafi-Golpu project in Morobe Province,” Anderson said.
“Both are among the largest undeveloped copper deposits in the world, where production will last for many decades.
“And in 2018, Nautilus Minerals will kick off its Solwara 1 production of copper and gold from the world’s first deep sea mining venture. It will mine deposits on the seafloor, about 1.5km below the surface,” Anderson added.
“Neither project is likely to move ahead if proposed changes to the Mining Act were to take place, but Prime Minister Peter O’Neill has given industry leaders an assurance his government will maintain fiscal and regulatory stability for future mining ventures.”
Meanwhile, the current mine operators of Porgera, Lihir, Ramu Nickel, Hidden Valley and Simberi have been shedding staff and cutting costs to maintain their viability in difficult times. Tolukuma and Sinivit mines have been shut down, he added.