PNG has more Gold: PM

PNG has and estimated 100 (m) million ounces of gold that is yet to be mined according to the Prime Minister Hon James Marape.

The PM revealed this when officially closing the Geoscience, Exploration & Extraction Conference 2024 yesterday at the APEC Haus in Port Moresby.

He said based on yesterday’s (August 9) gold price of around US$ 2,400, the 100m ounces would equate to a total asset base of US$150 billion worth of gold. He described the numbers as “staggering” considering that PNG also produces copper, nickel and silver which adds onto the asset base.

He said PNG has a young geology and that the country sits on possibly six or seven plate tectonics that is still forming, with mineralization continuously taking place.

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