12th PNG Mining and Petroleum Investment Conference

newlihirmainpic.jpgThe 12th PNG Mining and Investment Conference at the Sydney Hilton commences at 8.50 AM on December 3 with a keynote address by the PNG Prime Minister, the Hon. Peter O’Neill. Presentations will be made during the three-day event on all major resources projects in Papua New Guinea, including a construction update on the $19 billion LNG project led by Esso Highlands PNG. The economy grew by 11.1% in 2011 and growth of 9.2% is forecast this year. The PNG Treasury has predicted a slow down to 4% in 2013 as construction on the LNG project winds down but it will pick up again once LNG exports commence in 2014.Updates will be presented at the conference on major mining projects, including the million ounce upgrade scheduled for completion this month at Newcrest’s Lihir gold mine; the Mine Life Extension proposed at Ok Tedi Mining; Barrack Gold’s Porgera gold mine and Ramu Nickel’s nickel-cobalt mine, which commenced exports last month.

Presentations will also be made on two mega projects that will shortly complete full feasibility studies – Xstrata Copper’s Frieda River project and Marengo Mining’s Yandera copper-molybdenum project.

Other advanced projects on which presentations will be made include the Morobe Mining Joint Venture’s Wafi-Golpu copper-gold project and the recently stalled Nautilus Minerals Solwara 1 deep sea mining project.

A comparative analysis of resource development frameworks around the world will be presented in the opening session by Lutz Heim, partner tax and corporate finance, Deloitte Touche Tohmatsu and Prof Magnus Ericsson, a senior partner with the Raw Materials Group, will focus on ‘where mineral commodity prices are heading’ in a session on Tuesday.

Other sessions will focus on capacity building for the workforce and the community and socio-economic challenges facing PNG’s resources sector.

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