PNG conference concludes in Sydney

PAPUA New Guinea is on the cusp of its biggest ever investment surge in new mining and petroleum projects, which will require a commitment of more than $A27.6 billion ($US20 billion) in the next two to three years.
PNG conference concludes in Sydney PNG conference concludes in Sydney PNG conference concludes in Sydney PNG conference concludes in Sydney PNG conference concludes in Sydney

Prime Minister Peter O’Neil speaking to conference attendees. Courtesy PNG Chamber of Mines and Petroleum.

Staff Reporter

Concluding the 15th PNG Mining and Petroleum Investment conference in Sydney yesterday, PNG Chamber of Mines and Petroleum executive director Albert Mellam said such investment would surpass the country's 1990s resources boom.
He also said investment banks and export credit agencies - some of which attended the event - could help fund future projects.
"Many international companies keen to participate in planned mining and petroleum developments had the opportunity to make contact with state-owned enterprises such a Kumul Consolidated Holdings, Kumul Petroleum and the Mineral Resources Development Corporation, where landowner joint ventures could also be initiated," he said.
"Besides the doubling of capacity at the Ramu nickel mine at a cost of $A2 billion ($US1.5 billion), we could also see the start-up of some smaller gold projects such as the Kingston Resource project on Misima and Geopacific's Woodlark project in the next couple of years."
Lazard senior adviser Nicole Arditti said PNG was the "land of opportunities" and the government's $A691.8 million ($US500 million) sovereign bond issue remained stable while yields in other countries had risen.
Projects likely to receive approvals in the near future include the Papua LNG P'nyang development, the production and export of LPG from the Pasca field in the Gulf of Papua, and early works on the Wafi-Golpu copper-gold project in Morobe province.
Industry and government representatives from 20 countries and PNG attended the conference.