THE Yandera project in Madang has observed “substantial” mineral resource in its licence area, Era Resources exploration manager Dr Nathan Chutas says.
Chutas told the PNG Mining and Petroleum conference yesterday that the project would become one of PNG’s most significant copper mines.
“The project is well in excess of a billion dollar potential project related investment,” he said.
“The area of economic influence could span five or more provinces – Madang, Western Highlands, Chimbu, Eastern Highlands and Morobe.”
He said the project would enable inter-generation wealth creation including:
- The establishment of a strategic road, power generation and port infrastructure;
- Underpinning upgrade and the modernisation of the Ramu power grid and upgrading of the Ramu Highway;
- Providing real jobs with training and skills development;
- Supporting communities along the Yandera development corridor.
Chutas said the project would be an important contributor to PNG treasury in terms of upfront investment, foreign revenues, royalty and taxes.
“It will be a project of national, regional and local interest that will become and remain one of the mainstays of PNG’s economy for decades,” he said.
“It has substantial mineral resource and throughput that offer attractive long-term partnering opportunities.”