The Pacific paradox

摘要

In its 2012 index of mining countries, Where not to invest, global mining analyst Behre Dolbear ranked Papua New Guinea among the top five. Considering the survey is based on assessing political risk, it's no surprise. For the past year Australia's Pacific neighbour has endured a leadership crisis that makes Australian politics seem downright rational by comparison.What is surprising is how PNG's reputation for political instability isn't dissuading Australian miners and explorers from entering the country. That includes the nation's largest gold producer, Melbourne-based Newcrest Mining Ltd, for whom the Pacific region has emerged as the key global interest.Newcrest's two Pacific gold mines (Hidden Valley and Lihir, both in PNG) account for 46% of its total gold reserves, and it is set to push that ratio higher by developing two others - the impressive Wafi-Golpu, next to Hidden Valley in PNG, and Namosi in Fiji.