Papua New Guinea (PNG) is a commodity resource driven economy, and has large deposits of energy reserves including Liquid Natural Gas (LNG). The enormous PNG LNG Project is expected to start production in 2014.
It is also host to some of the largest mineral deposits in the world, including gold, copper, silver, nickel, cobalt, molybdenum and other base metals. As at January 2012, there are eight operating commercial mines in the country. They are the Lihir, OK Tedi, Porgera, Hidden Valley, Simberi, Sinvit and Tolukuma and the Ramu Nickel mines. Other development projects include the Yandera, Wafi Golpu, Frieda River mines. These projects are each individually worth billions of US dollars.
In addition to the projects already oulined, there are approximately 167 mining exploration leases and over 50 petroleum prospecting licenses granted over mainland PNG and its islands.
PNG also exports timber, fish, coffee, tea, cocoa, oil palm and copra.
PNG's convenient location and investor-orientated fiscal regime makes it attractive, especially to investors from Asia and Australia. The commodities-led economic growth has also spun off a wide range of business opportunities for both local and international investors.
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