Papua New Guinea
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

K50 billion on the cards for PNG

BY DALE LUMA

PNG – Europe Business Council president Michael Sullivan says PNG is on the verge of an unprecedented economic boom with the potential to see between K40 billion to K50 billion injected into the economy.

This is with the anticipation if three of the country’s major resource projects get off the ground, which include the restart of the Multi-Billion Porgera gold mine in Enga, Papua LNG oil and gas project and the Wafi-Golpu mining project in Morobe.

“PNG is on a verge of an unprecedented boom.

“When you look back at PNG’s economic history, the boom and the bust has been associated with resource projects.

“Generally, it has been one project, possibly two that has been the boom and the aftermath that has been the bust.

“Once the development has stopped for a particular project, the PNG economy turns to go into a position of downturn.

“Today, we are on the verge of three projects that can arise that can turn PNG on its head.

“We have the reopening of the Porgera gold mine, Papua LNG currently in front end engineering and design phase and hopefully FID in the first quarter of 2024 and then you have the Wafi-Golpu project.

“Three projects like these at one time will have a massive effect on PNG.

“If all three projects go together, there will be somewhere in the vicinity of K40 billion to K50 billion pumped into the PNG economy.

“In a small economy like PNG, that will have an enormous effect. So good times are coming for PNG.”