Projects likely to be approved: Mellam

Papua LNG and P’nyang gas developments, production and export of condensate and liquefied petroleum gas in the Gulf of Papua and Wafi-Golpu copper-gold project are likely to receive approvals in coming years, says an official.
PNG Chamber of Mines and Petroleum executive-director Dr Albert Mellam said these projects would require commitment of more than US$20 billion (K67 billion) in the next two to three years.
Mellam said the likely overall investments in these projects would surpass the 1990s resources boom when copper-gold expansion at Ok Tedi, Kutubu oil project and Porgera gold mine all took place within a space of a few years.
The Frieda River copper-gold project, which this week submitted its final feasibility study for Government scrutiny and approval, could take several more years to commence.
“Besides the doubling of capacity at the Ramu Nickel mine at a cost of US$1.5 billion (K5 billion), we could also see the start-up of some smaller gold projects such as the Kingston Resource project on Misima and the Geopacific Ltd’s Woodlark project in the next couple of years,” Mellam said.
He said the Sydney conference attracted investment banks and representatives of export credit agencies that could help fund the spate of new resource projects.