18 Oct 2007

Papua New Guinea's Mineral Resources Authority to speed up release of licences

12:09 pm on 18 October 2007

Papua New Guinea's Mineral Resources Authority says it will expedite the release of exploration licences, so as to increase spending on mineral searches in the country.

The managing director Kepas Wali said the agency had already issued 50 licences since it began operations last June compared to only eight issued last year out of the 132 applications.

Mr Wali told The National newspaper that exploration was important to the economy because it brought in companies who spend money prospecting for minerals, which can later lead to productive mining projects.

In 2006, PNG's expenditure was estimated at 45 million US dollars.