WITH natural resources currently accounting for 60% of Papua New Guinea’s (PNG) exports, and expectations that the liquefied natural gas (LNG) project will enter into production this year, doubling the size of the nation’s economy, mineral resources have become an important part of the overall PNG national development program. Now, with assistance from the World Bank, Raw Materials Group (RMG) has been asked to advise and support the PNG Government in further strengthening the investment promotion capabilities of its Mineral Resources Authority (MRA) and Geological Survey Division.
In recent years, PNG has placed mineral wealth at the centre of its strategy for economic growth and development. From 2006 to 2011, with support from international funding agencies, PNG initiated the GEOMAP project under the EU-funded Mining Sector Support Programme (MSSP). The project generated significant new geo-scientific data, both geophysical and geochemical, from prospective parts of the PNG Highlands and peninsular.
The MRA has also made considerable progress in promoting the mining sector to international investors. In 2007 to 2012, MSSP further funded a technical assistance program for ‘Marketing and Investment Promotion’ of PNG’s mineral sector, where RMG played an integral part.
In the new project, RMG will guide the PNG Government in further developing the investment promotion competencies of the MRA and Geological Survey Division. The RMG team will be led by Magnus Ericsson, who has previously worked with PNG authorities in developing their mineral resource sector.
Professor Ericsson says, “It is our pleasure to continue working with our MRA colleagues. Papua New Guinea is committed to the sustainable development of its mineral sector, and through this project, we will work together to promote responsible mining investments in the country.”
The six-month project will involve assistance in designing investment promotion and client relation strategies, collaborations in participating in major international mining investment conferences and training in generating written and web-based promotional material.
The Raw Materials Group team comprises leading independent mineral economists and mineral strategy/policy analysts. It specializes in global analysis of the mining industry starting with its proprietary ownership and production database, Raw Materials Data. RMG’s clients include equipment and service providers, mining companies, junior exploration companies, governments, international organisations, banks and financial institutions. RMG is an IntierraRMG company.