Mining & Exploration Bulletin July-Dec 2012
The Quarterly Bulletin is an official publication of the Mineral Resources Authority (MRA) of Papua New Guinea.
The Bulletin is a bi-annual publication that is intended to give information on the performance and development of mineral exploration and mining projects in the country.
It also contains articles on the administrative functions of the MRA as well as government initiatives and policies on the industry.
Papua New Guinea (PNG) undoubtedly is a mining state, with mineral export revenues driving the economy and services in the country, with almost 7 million people spread over a land area of 462,840 km2, and a GDP of USD$1900 per capita. It is endowed with vast natural resources in all sectors, in minerals, oil & gas, agriculture, forestry, and fisheries.
nue, as well as royales to landowners, dividends to equity holders, business development income, and many tangible benefits to host communities that would not otherwise be provided from any source This trend will continue for the next 15 20 years
GEOLOGY & MINERALIZATION
The mineral wealth of Papua New Guinea is the result of its geology. The geology of the country is complex and much of it is not well According to the Bank of Papua New Guinea (June 2012 Quarterly Bulletin), just over 53 percent of the export receipts were from minerals exports. The first LNG export is destined for 2014, and that may influence the balance of powers on mineral receipts. However the mineral sector in Papua New Guinea is vibrant and progressive with four to five new mines scheduled to add to the existing eight mines, by 2020; it will continue to be a significant revenue earner. Of these 4-5 new mines, 3-4 will be world class mines with mine life of more than 20 years.
The mining industry is by far the major contributor to the GDP and Export Earnings of Papua New Guinea with up to 60-80% of total exports by value in the last 15 years. Mining provides more than one third of government tax reve-understood thus contributing to the difficulties in exploration and discoveries of mineral resources. Based on anomalies from past and current exploration efforts, it is known that Papua New Guinea can offer to explorers the opportunity to multi element discoveries, including rare earth elements (REE) which super powers of the world considers as strategic elements for world domination and power. Upthrust by the relatively recent collision between the Australian and Pacific plates, Papua Guinea’s mountains are twice as glory as Australia’s highest, and contain mineral-rich volcanic rocks, intrusive rocks and ultramafic rocks. Most of the igneous systems are now largely fossilized, but several systems, particularly on the north of mainland PNG and the islands, are still currently active…