Alluvial Sector Revenue At K550m In 2019
The country’s alluvial sector production and revenue has climbed to K550 million in 2019, an increase of K140 million from what it earned in 2018.
Mineral Resource Authority regulatory operations manager Roger Gunson revealed during the launching of the Reducing Mercury in PNG ASGM sector last Friday that last year the country’s alluvial sector generates revenue of K550 million, and produced 120,000 OZ (ounces) of gold.
When put that in perspective that’s similar to a medium size mine like Simbari mine in New Ireland. Mr Gunson said gold represents 70 per cent of mineral revenue, adding that current the gold price as of last Friday was at almost US$1670 an ounce filtering with historic highs.
“The high gold price is beneficial for PNG and the alluvial sector,” he said.
“For every US$100 increase in the gold price, our mineral revenue increases by over K650 million,” said Mr Gunson.
He said that provides some perspective on the significance of gold to our economy. “From the grassroots miners working the rivers and streams boost their rural household income, through to the national government collecting taxes.”
“The sector is one of the largest small and medium enterprise directly benefits those communities that involve in alluvial gold mining,” said Mr Gunson.
He also pointed out that PNG alluvial sector has a significant component of the overall mining industry of Papua New Guinea. It has been operating since 1881. Continue reading at https://postcourier.com.pg/alluvial-sector-revenue-at-k550m-in-2019/ | Post Courier