PNG resource boom to last 30 years: Trade Minister Maru

Porgera mine (File photo)

Papua New Guinea is expecting a resource boom from next year because of at least five multi-billion kina projects in the pipeline, says International Trade and Investment Minister Richard Maru.

“We don’t have just one LNG project.

“We have another one coming up – the K35 billion (US$9.7 billion) Papua LNG with the final investment decision next year and construction,” he said.

He told investors during the Business Advantage PNG Investment conference in Brisbane that the country was looking forward to the reopening of the Porgera mine, plus the upcoming P’nyang gas, Wafi-Golpu and Frieda River projects.

“The next 30 years will be a PNG century,” he said.

He urged investors to invest heavily in Papua New Guinea.

“PNG will be the go-to country, where opportunities will be available,” he said.

“That is why we had visits from India’s Prime Minister, Indonesian president, the French president recently.

“They can see our potential.

“It will be an exciting place for investors.”

He admitted that Papua New Guinea had its “fair share of challenges”.

“But we are working on that and with the resource boom, things are only going to get better.

“This is not the time to back out on PNG.”

He said the Government wanted to improve the business climate and improve the cost of doing business in the country.

Maru added that the Government would secure markets for investors in PNG both in the resource and non-resource sectors. “As a country, we need to secure the future market for companies in the resource and other spaces who are investing in our country,” he said.