Papua New Guinea’s mining exports fell by K28.6 billion, i.e. K15.6 billion in 2019 and K13 billion in 2020 due to Coronavirus (Covid-19) and induced shutdown of the Porgera gold mine in Enga, under the management of the PNG Mineral Resources Authority (MRA). director Jerry Garry revealed to the National Newspaper.
PNG Mineral Resources Authority (MRA) chief executive Jerry Garry told The National that exploration remains a challenge and with the general election in 2022, “investors are going to hold back and wait for certainty.”
“The average annual export is around 11 billion Kenyans,” he said.
“However, the mining industry remains adaptable to current industry shocks and open to options.
“All mining operations in the country continue as normal.
“The industry has ways to sustain the business while weathering the ‘bad weather’.
“So many mining operations in the country are considering options and they will weather the ‘bad storm’ in a nutshell.
“As elections approach, like anywhere in the world and in any country, it is a time of uncertainty and investors will hold back new projects until the end of the election period because they still want to make in the face of certainty.
“Some disruptions, some delays in decision-making are likely to occur in terms of investments in new projects.
“But immediately after the election, the level of investor confidence always comes back and that’s what we expect.”
The National / Pacific Mining Watch
Next: Smaré retains chairmanship of PNG Chamber of Mines and Petroleum Council