According to a survey carried out by the Chamber of Mining and Petroleum, focusing between 2012 and 2015, mineral expenditure dropped from a peak of K944.3 million in 2011 to K325.5 million in 2015.
This is a direct result of the number of exploration licenses (ELs) in PNG falling steadily due to the global downturn in commodity prices.
In an update of the mineral sector, the PNG Chamber of Mines and Petroleum says ELs and applications for ELs dropped when commodity process began dropping in between 2011 and 2012.
