PAPUA New Guinea’s total mineral revenue from large scale and alluvial mining for the 2017 calendar year is forecast to be about K11 billion, according to the PNG Mineral Resources Authority (MRA).
This figure is based on monthly reporting up to August 2017.
The 13,4% year-on-year increase in revenue is the result of continued overall increases in mineral commodity prices, production and ore exports.
The MRA said the increase will underpin an ongoing upward trend in mineral receipts, which will boost the economy.
All major mines and alluvial miners contribute to this outcome. Gold, silver and copper production at Ok Tedi is ahead of 2016 figures ( based on only 10 months production), and forecasts indicate a 2017 end of year outturn of an additional K700 million, with revenue potentially exceeding K2.7 billion.