Papua New Guinea’s Mineral Resources Authority (MRA) has projected that mineral export revenues could surge to K30 billion in 2025, marking a significant increase from the K1.9 billion expected in 2024.
MRA Managing Director Jerry Garry stated that this forecast is closely tied to favorable gold prices, a weak exchange rate, and the full production capacity of the Porgera Mine. “If gold prices remain strong, the exchange rate stabilizes, and the Porgera Mine ramps up production as planned, we are likely to hit that target,” he said.
Garry also highlighted that the PNG Government is actively processing permits for two major mining projects — Wafi-Golpu and Frieda River — with a combined estimated value of US$12 billion (approximately K49 billion). He expressed confidence that these approvals would be finalized soon under the leadership of Mining Minister Hon. Reinbo Paita.
“Exploration is critical to the country’s economy, especially given that mining revenues dominate our national income,” Garry emphasized. “Without exploration, there is no mining — and without mining, there is no revenue for the country.”
However, exploration expenditure in PNG has declined significantly in recent years, and no major new discoveries have been announced in the past decade. “Based on current projections, all operating mines could be exhausted and shut down around the mid-2060s,” Garry warned. He added that the timeline from discovery to production is extremely long. For example, the Lihir Mine took about 15 years from discovery to operation, while the Frieda River Project may require more than 50 years.
Facing challenges such as rugged terrain, worsening security conditions, and increasingly stringent standard operating procedures (SOPs), Garry stressed the need to adopt advanced technologies. “Minister, I am proud to say that the MRA is well-equipped to meet these challenges and complexities, ensuring we continue to attract sufficient exploration investment and sustain robust growth in the mining sector,” he said.
Additionally, the MRA has commissioned the Geological Survey to conduct seismic reflection surveys, with final results expected soon. These results will help initiate deep copper-gold exploration across PNG. Garry noted that the MRA is also considering deploying magnetic detection technologies that have proven effective at K92 and Tolukuma mines, to further strengthen the country’s mineral exploration capabilities.
