Papua New Guinea’s mineral products have earned an average of K13 billion over the last five years, and K9.3 billion to date in 2023.
These export revenues account for about 44 percent of PNG’s annual export revenue.
Speaking on Tuesday, December 12th, at the 17th PNG Resources and Energy Investment Conference in Sydney, PNG’s Minister for Mining, Sir Ano Pala, said: “The total annual export revenue peaked at K15.7 billion in 2020 and decreased to K13.1 billion thereafter due to the closure of Porgera mine.
“The value of export revenue from the mining sector is comparable to hydrocarbons since the first export of Liquified Natural Gas (LNG) in 2014.
“Notably, the extractive industry continues to account for 90 percent of PNG’s total export revenue.”
In terms of employment, the mines employed more than 19,000 employees in 2021. The number rose to over 22,000 in 2022.
“More than 10 percent are female employees,” Sir Ano told attendees at the Sydney International Convention Centre.
“Further increase is expected with the re-opening of Porgera and the construction of Wafi and Frieda River.
“These exclude the number of artisanal small-scale gold miners, which may exceed 80,000, who contribute to an annual average export revenue of K500 million.”