PNG forecasts resource boom

Papua New Guinea Prime Minister James Marape has spotlighted his vision for the country, forecasting a resource boom over the next 10–15 years.

Celebrating his sixth year in office, Marape reaffirmed the government’s “take back PNG” vision, unveiling strong economic performance and a bold resource-led growth pathway, with mining set to drive the nation’s next chapter.

“Six years on, we have stabilised our economy, attracted better investment terms for our resources, improved roads, built hospitals and schools, and strengthened governance — despite the turbulence of global headwinds and constant political noise,” Marape said.

A major economic development pathway will be unveiled on June 13, with Marape forecasting a mining and energy construction boom valued between $US55–60 billion that will extend into the late 2030s.

Key projects include Wafi-Golpu, P’nyang, Frieda River, Mt Kare, Yandera and Wildebeest.

“Our destination is clear: a K200 billion economy by 2032,” he said.

“The economy is like a garden. A bigger garden gives you a bigger harvest – and a bigger budget. When we grow the economy, we grow our harvest – our budget – to serve the people better.”

Since Marape became Prime Minister in 2019, PNG’s GDP has grown from K79.6 billion to K122.5 billion in 2024, with IMF and KPMG forecasting 4.7 per cent growth in 2025, largely due to resumed mining operations, foreign investment and improved foreign exchange access.

“Papua New Guinea is now back on the growth path – not just in numbers, but in tangible improvements for our people,” Marape said.

Central to this momentum is a new resource regime, with the government renegotiating key projects including Papua LNG, Pasca A, and Porgeria to deliver over 55 per cent benefit share to PNG, up from as low as 19 per cent in past decades.

“We’ve changed the resource equation. What used to be 19 per cent for PNG is now 51 to 55 per cent– this is generational change,” he said.