From Darkness into Light: A Development Initiative

Choulaj D,
Organization: The Australasian Institute of Mining and Metallurgy
Pages: 12
Publication Date: Jan 1, 1997
Mining and petroleum continue to be the two most vita components of our nation's development, says Sir Julius Char in the Australian Journal of Mining (Nov-Dec 1996). In fact the} account for 71.6% of export earnings, and 21.2% of Gros; Domestic Product in Papua New Guinea. The Misima and Porger, Mines, along with the Kutubu oil project, have essentially rescues PNG's economic viability since the loss of income from Panguna Though the industry cannot create employment in the manner o. intensive industries such as agriculture, it does provid( opportunities to local communities in terms of jobs, financia compensation, and infrastructure. Many ventures take many years and enormous capital investment to set up. There are three phases: exploration, feasibility, an( operations. The operations phase sees a massive development o infrastructure, or the actual `building' of the mine. For mining companies to commit to such lengthy time frames and high level: of investment, without returns, requires confidence and a degree of commitment from government on a number of levels - legislative stability, monitoring social development, and the provision o social infrastructure.
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