Historically, the extractive industry has been the backbone of the country’s economy, accounting for 80% of the country’s export revenue, and this will continue on into the future as the mining industry will continue to boom with the increase in exports and the onset of new projects in the sector. This was stated by the Minister for Mining Wake Goi in his speech at the 2024 PNG Investment Week in Sydney yesterday. Minister Goi said PNG is a proud host country to world-class giant mines, large-scale mines, and small-scale mines, along with several alluvial goldfields across the country. He shared some production highlights of the mining sector over the last five years. Gold: An average of 1.7 million ounces annually. Silver: Approximately 2.4 million ounces annually. Copper: Around 84,500 tons as concentrates. Nickel and Cobalt: 33,500 tons of nickel and 3,000 tons of cobalt as mixed hydroxides. Chromite: About 123,000 tons of concentrate. “These impressive figures reflect the robustness of our mining sector and its significant contribution to our economy, with average annual export revenues of K13 billion over the past five years,” said Minister Goi. The future of the mining industry is looking brighter due to the extension of the Ok Tedi Mine, the reopening of Porgera Mine and the planned expansion of the Ramu-Nickle –Cobalt Mine. New projects such as Wafi-Golpu and the Frieda River Project also provide a promising future for mineral production in the country. Minister Goi encouraged investors to invest in PNG’s rich resources provided that the stability in the government offers security in their investment. “We are committed to providing a secure and conducive environment for mining operations, ensuring that policies and legislation support industry growth, which then supports economic growth of our country.” He further said they are working to revise laws and regulations to suit current global standards. “There are plans to introduce a revised Mining Act to address and adopt international best practices, codify existing practices into law, improving tenement management system, encouraging downstream processing and addressing community development and improved benefit sharing.” He concluded with PNG’s record of upholding the highest standards of safety, environmental stewardship, and social responsibility to promote responsible mining provides a conducive environment for foreign investment. “Papua New Guinea stands ready to welcome you. Let us work together to ensure that the future of our mining industry is bright, responsible, and sustainable. Together, we can make PNG become a model for responsible mining on the global stage.”