Papua New Guinea To Construct A Gold Refinery

Africa's Diaspora Communities | Manufacturing | Papua New Guinea November 12, 2021

(Photo: Downtown Port Moresby, Papua New Guinea)

Papua New Guinea (PNG)’s government and Refinery Holdings Ltd on November 11, 2021 (local time) signed a deal by which the latter will construct a gold refinery in the country. That was reported by some PNG media. The project contract also includes a mint making facility.

Construction of the refinery called National Gold Refinery is expected to be completed in 2025. Initially, the refinery will have a capacity for producing processed gold worth US$ 4 billion per annum.

According to the reports, PNG’s government has said that the gold refinery will ensure local processing and value adding for gold and give the country increased control of its natural resources, as well as increased economic and social benefits from the resources. The government added that with the gold refinery in place, PNG will be responsible for gold produced in the country and only fully processed gold will be exported. The government emphasized that exporting unprocessed gold means exporting economic and social benefits associated with local gold processing, to countries with gold refineries.

Furthermore, the government of PNG is said to have indicated plans for local processing of other natural resources like other precious minerals, timber, and fisheries, as well.

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