Fact Sheet
Mineral commodity prices fell dramatically in 2011 and 2012 causing a major downturn in the global minerals industry that is still ongoing. Expenditure worldwide on exploration and development has significantly reduced and this has been very marked in PNG. It is very difficult for small exploration companies without any mineral production (mines) to raise funds on the financial markets hence many of them have run out of money and disappeared or have severely reduced their exploration programs. Mining companies have instituted cost cutting measures and production optimisation and efficiency programs to decrease costs and improve output.
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