Foreigners celebrate PNG gullibility

The streets of Sydney, London and Vancouver are already paved with PNG gold and now the foreign capitalists can’t wait to loot PNG once again.

Why do we keep falling for their glittering promises of multi-billion benefits?

The truth is they are the ones who reap the benefits and it is PNG who provides the wealth for THEIR development…

These white folks just can't believe we can still be so stupid...

Just look at that smirk: These white folks just can’t believe we can still be so stupid…

ONE PNG | 13 October 2016

Feasibility studies into future gas and mineral projects reveal investment prospects worth over K77 billion (K77.8).

The figure was revealed during the launching of the ‘The Report: Papua New Guinea 2016’ by the Oxford Business Group (OBG).

OBG Chief Executive Officer, Andrew Jeffreys, says PNG has a relatively easy task of differentiating itself as a destination of choice for energy majors and commodity investors, given its unique hydrcarbon and mining potential.

He said delivery of large scale projects creates an enormous buzz in international media and tends to attract smaller investors.

“PNG has a formidable pipeline of energy and mining projects to be delivered within the  next 10 years. Feasibility studies alone that are available to the public reveal an astonishing 26 billion dollar investment prospect,” he said.

“Even if 30% of it is delivered we are looking at a significant boost to employment in the construction sector, increase in government revenues and growth in technology services to support these operations.”

The projects cited are the Wafi-Golpu, Frieda Mine, P’nyang Gas Project, and the Papua LNG.

The Wafi-Golpu Project in Morobe Province is expected to begin production in 2020, with an initial investment of K6.8 million ($2.3m).

The Frieda Mine Project in West Sepik, production of the largest known and undeveloped copper deposit is expected to start in 2024-2025 with a total investment of K17.9 billion ($6 billion).

The expansion of the P’nyang Gas Project in Western Province and the Papua LNG will both require investments of K30 billion each.

The Papua LNG is expected to create as many as 10, 000 jobs. Construction is expected to begin in 2018.

2 Comments

Filed under Financial returns, Papua New Guinea

2 responses to “Foreigners celebrate PNG gullibility

  1. Why do we keep falling for their glittering promises of multi-billion benefits?
    Because they keep telling us untrue or absurd rumours.
    For example one continually in repetition is that “the Papua LNG is expected to create as many as 10, 000 jobs”.
    What a furphy!!!!
    Certainly agree that “the truth is they are the ones who reap the benefits and it is PNG who provides the wealth for THEIR development…”
    Smirky “white” faces and their neocolonialism and racist attitudes who use economic, political, cultural and other means to control and influence our neighbours in Papua New Guinea and elsewhere.
    All for domination, power and influence without any consideration for the planet, the environment or humankind.
    You cannot eat money!.

  2. Mayumbo Ghimmey

    For the life of me, I can’t understand why successive governments have failed to change our mining laws to stop ourselves from continuing to sell our future so cheaply. Is it any wonder then, that the rest of the world finds PNG such an attractive investment destination in the resource sector given our laws which are so skewed in the investor’s favor and at the expense of the resource owners. PNG desperately needs a new breed of political leaders who are bold, visionary and who can make drastic decisions. We also need similar changes in the Public Service including our judiciary which has lost its way.
    Next year’s 2017 election lends itself as a make or break time. All our elites who care about our nation must help our people to choose the right candidates and political parties. We either do all we are able to, where ever we are planted to make a difference or forever hold your peace.

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