Working in PNG
AMD Resources has attracted an experienced and expert Board and Management team with a strong technical and experiential background that is uniquely relevant to the AMD Resources portfolio.
From Board through Senior management, the AMD team has an unparalleled resume of work on the ground in PNG, strategically positioning the Company to forge ahead with bringing its portfolio of projects to development and production.
The Company is confident that its team has all of the necessary competencies to meet the challenges of the PNG environment and to provide shareholder value moving forward:
- Papua New Guinea
Papua New Guinea is located in the south-west Pacific, north of Australia. PNG has a population of approximately 7.3 million. English is the official language of government and commerce, with the majority of Papua New Guineans also speaking Pidgin (“Tok Pisin”).
PNG gained independence from Australia in 1975 and has developed as a democratic economy.
PNG has acquired credibility as a mineral producer based on the presence of three world class mines in operation (the Ok Tedi copper mine, the Porgera gold mine and the Lihir Island gold mine). Many other mines are in operation with mineral export revenues driving the economy and services in the country.
With PNG richly endowed with gold, copper, oil, natural gas and other minerals, over 75% of its total export volume is comprised of mineral products.
Government revenues and foreign earnings are heavily dependent on mineral and oil exports.
Mining contributes significantly to total exports, government revenue and gross domestic product.
The mineral wealth of Papua New Guinea is the result of its geology and offers multi element discoveries, including gold, copper, rare earth elements, nickel, cobalt, chromium, molybdenum, iron and platinum.
PNG has been ranked as the eleventh largest gold producer in the world over the last few years and is a significant copper producer.
Domestic employment in exploration, construction and extraction, has grown from 12,000 people in 2004 to 30,000 people in 2010.
There is a long track record of international companies operating in PNG and driving these projects.
PNG has well established trade ties, and shipping services are fairly comprehensively developed, having 17 ports across the coastline and operating over 250 regular freight services.
The mineral sector in PNG is vibrant and progressive, with the sector being by far the major contributor to the GDP, providing more than one third of government tax revenue, as well as royalties to landowners, dividends to equity holders, business development income, and many tangible benefits to host communities that would not otherwise be provided from any source.