Lae to set up gold refinery

By Frank Rai

Preparations are well underway to construct a $US65 million world class state-of-the-art gold and precious metals refinery plant in Lae city to complement the mining boom in the country.

The project will include the National Government, Morobe provincial government, Wampar Local Level Government (LLG) in Huon Gulf district and landowners from the area. The proposed plant will have the refining capacity to process 350 kilograms of gold on a daily basis and 90 tonnes annually with an estimated US$2 billion of gold ore exported annually.

This will be one of the third plant, which was earmarked for the United Arab Emirates but was never added to the production unit while the other two were commissioned in Dubai.

InvesGold Limited, an American multi-national company in the gold refinery business, has joined hands with Papua New Guineans to establish the refinery in Lae, Morobe Province.  And the Morobe provincial government has hopped on the bandwagon to ensure that the project starts without delay for the betterment of the people and the country.

InvesGold Director Morea Konia Mai told the Post-Courier yesterday that InvesGold was prepared to establish the world class state-of-the-art gold and precious metals refinery once all the necessary documentations were in place.

He said a portion of land has been identified at Nazab in the Wampar LLG where the refinery plant would be constructed.
Mr Konia Mai said unconfirmed records have indicated that PNG has been exporting unrefined gold, which has limited the Government’s control on taxes.

He said the project would boost the country’s reserve by producing its own gold bullion and will help the Government to control gold exports. Mr Konia said normally, a facility of that size required a minimum of 18 to 12 months but it was amazing that the project would be completed within a short period of time.

He said since PNG did not have any refineries in the country to produce gold to the international standards for purity, InvesGold would spearhead the project to ensure international standards

Meanwhile, Commerce and Industry Chairman of Morobe province James Khay, welcomed the investment and said the project would boost the economy and create employment opportunities.

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8 Comments

Filed under Papua New Guinea

8 responses to “Lae to set up gold refinery

  1. knoxx

    Wanbel stret! Hope all goes well as planned, without any politics invovle…

  2. Danny Webster

    So who will operate it and who will build it?

  3. knoxx

    I believe the decision will now rest with the parties involve: the National Government, Morobe provincial government and Wampar Local Level Government (LLG) – this is where politics may get in.
    Most obviously, InvesGold Limited is putting his hand up to fund the project, but whose idea is it to build such a project is know clear here. Is it the National Government’s idea, the Morobe Provincial Government’s idea or the Wampar Local Level Governement’s idea, or is it the idea of some few politicians and businessmen.

  4. andrew bukwa

    Great news but when is it going to become a reality ?

  5. Have you ever built a gold and silver refining plant in your life? Your story is not true…former plant chemist, metals refining operations limited , POM

  6. Please is this refinery in operation now or not yet- i would like to check and get information.

  7. Yusuf Aliu

    DEAR SIR,

    I AM A VILLAGE LOCAL GOLD & DIAMOND MINING GROUP LEADER IN MALI WEST AFRICA AND WE HAVE GOLD DUST FOR SALE LOOKING FOR RELIABLE BUYER WORLDWIDE. YOU CAN HELP TO CONNECT US WITH ANY BUYER AND TAKE YOUR COMMISSION AS AGENT.

    OUR PRODUCT FOR SALE:

    GOLD DUST
    PURITY: 92%
    QUANTITY: 186KG
    CARATS: 22+

    REGARDS
    YUSUF ALIU
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  8. Karis

    What chemicals are involved, how much water will be used, how will waste be stored- no details

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