We are rich with resources

Letters

PAPUA New Guinea boasts significant natural resources which are currently in various stages of development.
It has high prospects for hydrocarbons, deposits of which are found across the territory.
Natural gas reserves are estimated at 26 trillion cubic feet (cf) – three times the size of Britain’s proved gas reserves.
The US Geological Survey estimates a further 24 trillion cf is still yet to be discovered, which bodes well for foreign energy groups.
The country is immensely rich in minerals, producing both copper and gold.
PNG is the 11th largest gold producer accounting for about 3 per cent of global production.
It also holds large silver, chromite, and cobalt, nickel and molybdenum deposits.
The mining sector is expected to remain a major contributor to the economy.
Australia-based ANZ Bank projects gold and copper exports of US$3.3bil (K) and US$3bil (K), respectively, up until 2030.
So far, mining exploration has only scratched the surface of PNG’s resource base.
The mining boom has had positive spill-over effects in other sectors, particularly in the services, construction, and logistics sectors.
The country boasts nearly five times the renewable water supply of Australia at approximately 119.5mn liters per capita, according to the UN Food and Agriculture Organization.
About 40 per cent of surface area is covered with exploitable trees.
Agriculture is a mainstay for PNG’s largely rural population.
Cash crops ranked by value are coffee, palm oil, cocoa, copra, tea, rubber and sugar.
PNG is the largest exporter of cash crops among Pacific Island states.
The minerals, timber and fishing subsectors are dominated by foreign investors.

Isaac James Tikindi (Jnr)
DWU, 2019