MRA to focus on coal

 THE Mineral Resources Authority is shifting focus from traditional minerals such as gold and copper to zink and coal, acting managing director Philip Samar said.
Mining Minister Byron Chan, a delegation from MRA and the Autonomous Bougainville Government’s (ABG) mining department are in Hong Kong attending the mines and money conference and exhibition.
The event started on Monday and ends tomorrow.
Samar said it was very important for MRA to take this shift to cushion the effects of mineral price drop every time it occurred.
For instance, he said the recent drop in the price of gold affected mining and exploration programmes of companies and the PNG economy to some extent.
Samar said mining and exploration companies scaled down their programmes and laid off employees because they could not sustain operations with the drop in price of gold and related financial problems.
He said having other minerals would sustain the economy and the mining sector as we could depend on them.
Organisers of the event said the mines and money Hong Kong meet is Asia-Pacific’s premier event for mining and exploration investment deal-making and capital raising.
It showcased hundreds of mining companies in a 270-booth exhibition, connecting them with 1,000 investors from the world’s largest mining funds, private equity firms, alternative financiers and private wealth.
During five days of learning and networking, 3,000 delegates from across the globe would hear insights and analysis from the event’s biggest line-up of world-leading investors and mining entrepreneurs.