akoitai invites all

Akoitai invites all
MINING Minister Sam Akoitai is asking Australian explorers to lift their investment in Papua New Guinea’s mining sector and accelerate new exploration and mine development projects. In a prepared speech presented on behalf of Mr Akoitai at the Paydirt Asia Pacific Downunder conference in Perth, Australia, he said said one of the biggest changes expected in PNG was to increase the Australian impetus in its nearest but under-explored neighbour and that was been done by reviewing the current Mining Act — which Mr Akoitai said was nearing completion. “This will increase the exploration tenure in PNG from two years to five years and we expect that will have significant appeal to foreign mining investors, particularly as we estimate only one third of our mineral resource has been exploited,” Mr Akoitai said. Mr Akoitai said that while a common description of PNG was an unknown frontier described as “the mountain of gold floating on a sea of oil”, it remained one of the least explored countries in the Asia Pacific. “The mineral resources of PNG still include vast areas of green fields with known or inferred but unexploited resources,” he said. “While mining has played a very significant role in PNG’s early development, we are seeking to implement a raft of legislative and regulatory initiatives to ensure that the industry remains vibrant and internationally competitive. “This includes the establishment of the Mineral Resources Authority (MRA) and while not yet fully functional even though the bill was passed early this year, due to some constitutional issues; the establishment of the authority is to ensure that the current responsibility of Department of Mining is carried out effectively.” “PNG is now attracting new players from across the world and we have explorers from Canada, the United Kingdom, South Africa and Asia and the Chinese state company, MCC, has taken up 85 per cent of the Ramu nickel project,” he said. “We say to Australian companies though — there are some Australian companies in PNG and we encourage more Australian based explorers to come — we are just next door.”