The total revenue generated from mineral exports dropped in 2015 to K7.192 billion, says Mineral Resources Authority
In its Mining Exploration Update, MRA attributed the decline to a low point in 2015 due to the current depressed mineral commodity cycle.
The regulator said this may be contrasted to 2016 forecasts, based on actual export data to July 2016, of in excess of K8.2 billion.
“Several factors account for this turnaround, mainly higher gold prices (gold accounts for 85% of mining revenue and has remained above $US1300 an ounce for the whole of 2016), higher production from the Lihir mine, and the resumption of gold and copper exports from the Ok Tedi mine from March this year,” it said.
Another key indicator MRA pointed to was mineral tenement activity saying its 2016 figures indicate the total number of tenements (all types – exploration licences, alluvial and mining leases and supporting tenements, such as leases for mining purposes and easements) increased from 507 to 543 for January to August 2016.
This, it said can be contrasted to total tenement applications in 2015 at 128 compared to a forecast of more than 170 this year, which would represent a 32.8% increase.
“This is consistent with new and renewal applications and overall active tenements all being up on the previous year. This is indicative of a slow lift off the bottom of the cycle, although the situation will always be subject to some volatility, caused by external international events that have influences outside PNG’s control,” MRA said.