Investors urged to look deeper

By PETER ESILA
THE Wafi-Golpu and Frieda River projects are the two largest remaining set of reserves in Papua New Guinea, says Mineral Resources Authority managing director Jerry Garry.
Garry told investors during the mining and petroleum conference in Port Moresby this week that the next set of exploration was encouraged to look even deeper for reserves.
“We will be challenged with the depletion of reserves in this country, which is why I am asking all of you to look deeper,” he said.
He said block caving and panel caving mining technology would be the methods used to go deeper.
“There is a new generation of wealth sleeping below the surface.
“We have the technology in terms of the mining method.
“We need to start to find the next wealth to replenish and save the mining sector in this country.”
Garry said it would require serious exploration.
He said exploration contributed significantly to employment opportunities in rural areas of the country.
Garry said Wafi-Golpu and Frieda River projects took four decades of exploration.
According to MRA data, exploration spending in PNG peaked at K596 million in 2013 and had fallen below K400 million annually since then.
Recent exploration expenditure figures showed that spending last year fell to a low K296 million compared to K339 million in 2017 and K373 million in 2016.
He said PNG still had a favourable geological environment.