Subsequent month’s sixteenth Papua New Guinea Mining and Petroleum Funding Convention in Sydney (5 to 7 December) will mark the occasion’s return for the primary time because the COVID-19 pandemic. Enterprise Benefit PNG previews what to anticipate.

The convention can be hoping for an replace on the progress with reopening the Porgera gold mine. Credit score: Zijing Mining

The sixteenth Papua New Guinea Mining and Petroleum Funding Convention, to be held in Sydney subsequent month, will happen in opposition to a background of a number of elements which have improved the probabilities of new sources initiatives getting the inexperienced gentle in Papua New Guinea.

Firstly, as latest displays to suppliers have already indicated, PNG’s second LNG challenge, the TotalEnergies-led Papua LNG challenge has already entered its FEED [front end engineering and design] stage, with a closing funding determination anticipated on the finish of 2023.

‘That is our alternative, working along with Authorities, to advertise funding within the PNG sources sector to worldwide buyers’

Increased international oil and gasoline costs this 12 months have solely elevated the probability that the challenge will begin on time and delegates to the convention can be on the lookout for extra particulars concerning the 5 main tenders that can be issued to construct the challenge, and for an replace on the progress with early works.

With international demand for gasoline set to extend, the convention program may also function updates from ExxonMobil on the challenge’s to increase and broaden the present PNG LNG challenge and there are additionally hopes that there may be constructive information too for Twinza Oil, proponent of the Pasca A offshore gasoline challenge within the Gulf of Papua, negotiations on which stalled final 12 months.

The theme of this 12 months’s convention, which can happen over three days, is “PNG Sources: Securing the following wave of accountable funding”.

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‘It’s been a troublesome couple of years for PNG and the world economically, however that is our alternative, working along with Authorities, to advertise funding within the PNG sources sector to worldwide buyers. We imagine PNG has lots to supply the world when it comes to minerals and power,’ says Anthony Smaré, President of the convention’s organisers, the PNG Chamber of Mines and Petroleum.

Political help for the sector is seen as key. Organisers expect the attendance of the PNG Prime Minister James Marape, Mining Minister Sir Ano Pala and Petroleum Minister Kerenga Kua.

Mining

On the mining facet, the sector is awaiting information of progress on the US$2.8 billion (K9.85 billion) Wafi-Golpu copper and gold challenge in Morobe Province, which is being pursued by Newcrest Mining and Concord Gold. Whereas neither miner has lately reported progress to their shareholders, the latest election of Luther Wenge as Governor of Morobe, a supporter of the mine, has improved the probability that native objections to the challenge’s proposed remedy of tailings could also be overcome.

Extra instantly, the trade can also be awaiting information of the reopening of Porgera gold mine in Enga Province, following the institution of a brand new entity, New Porgera Restricted, to take over its mining lease. The mine has been closed since April 2020 and there's no agency date for its reopening, despite a sequence of encouraging bulletins.

Extra particulars are additionally anticipated concerning the future operation of PNG’s largest mine, Okay Tedi. Earlier this month, it was announcement the mine life can be prolonged to at the least 2032.

In the meantime, eyes may also be on the recently-recapitalised Mayur Sources, which aiming to get its Central Cement and Lime Venture in Central Province, and the Orokolo Bay Iron and Industrial Sands initiatives beneath method.

Exploration

The convention may also obtain exploration updates from most of the corporations presently exploring PNG for minerals. Not too long ago, exploration exercise in PNG has been quiet. Jerry Garry, Managing Director of PNGs Mineral Sources Authority, is anticipated to stipulate the authority’s plans to encourage higher future exploration.

sixteenth Papua New Guinea Mining and Petroleum Funding Convention will happen on the Hilton Sydney from 5 to 7 December. For extra particulars, together with the complete program, click on right here.