Exec: Mineral exploration a costly exercise in PNG

Business, Normal

The National, Thursday 01st December 2011

EXPLORING for minerals in Papua New Guinea is one of the most expensive and challenging exercises for miners and explorers, the mining and petroleum seminar in Port Moresby was told.
New Guinea Gold Corp chairman Ces Iewago stressed this when giving an update on the current projects undertaken by his company.
He said PNG had excellent geological prospect but lack of consistent infrastructure and the remoteness of the locations made it challenging especially for junior players.
Iewago said raising capital was also a big challenge for junior explorers to finance their operations.
He said other social issues such as law and order, fair distribution of wealth from the resources were the key areas that the government should address to allow for smooth progress of development.
Iewago said human resource was also another key challenge for the company in achieving some of its goals.
“It is a challenge looking for the right people to help us achieve our projects,” he said.
Iewago said this was a good year as the company activities moved to profitability.
“That’s encouraging for a small company to move forward,” he said.
NGC is currently working on the Sinivit mine in Kokopo, East New Britain.