The Papua New Guinea Prime Minister has signed an agreement for construction of a national gold refinery and mint.
James Marape said that for the first time PNG will have a downstream processing and value-adding industry for gold.
Aerial view of the Porgera gold mine. Photo: Zijin Mining
He said the project will put PNG on the world gold map, so that it was rightfully recognised as one of the world's most-important gold-producing countries.
Marape said downstream processing of natural resources in PNG, including gold, forestry and fisheries, is the key to the country's economic future, and a key policy of his government.
Asccording to him, "this has been talked about for decades, but it is my leadership peers in present government who are now pushing for this major in-country downstream processing project".
He is promising up to 200 jobs will be created during the construction phase, with up to 350 new tertiary level jobs in the operational phase.
The prime minister believes this will mean significant training and skills transfer to local employees for decades to come.
In addition he said "and there will be the creation of many local ancillary industries, including gold tourism facilities, and long-term supply requirements from local contractors and suppliers".
Small-scale, local alluvial gold miners will benefit from the new refinery in PNG, while landowners can expect to receive better prices by avoiding the industry middlemen.