MINING activity in Papua New Guinea (PNG) is holding up well in the face of the global economic downturn. There has been a great deal of exploration in?terest from foreign companies, mainly Chinese and companies with origins in China and India. While currently only gold and copper are produced in PNG, nickel and cobalt mines will start in 2010. Explora?tion is centring on chromium, magnetite and limestone. China and India are seeking to meet energy demands to cope with their expanding populations and increased production of consumer goods. These countries would like to secure their mineral imports by investing in exploration and purchasing projects, or guaranteeing supply from existing or potential miners. Renewed interest in exploration at some gold and copper prospects has produced data that may see projects previously considered uneconomical be developed into mines. Examples include Xstrata plc's Frieda River copper-gold project and Marengo Mining Ltd's Yandera copper-molybdenum project. Frieda and Yandera have gone from insignificant prospects to projects worth speculating on as the next Ok Tedi.
展开▼
