Mining In The South West Pacific Region

The mining industry continues to underpin the regional economy. Australia, benefiting from a weak currency, receives 27% of the total goods export value from non-energy mining lead by aluminium, iron ore, gold and nickel. Consolidation has eliminated CRA, Comalco, North, Savage, Acacia, Ashton, Great Central, Aberfoyle, Placer Pacific, Plutonic, Normandy and RGC leaving Rio Tinto, BHP-Billiton, WMC, MIM and, increasingly, the South African companies Anglo, Gold Fields and Harmony as dominant players. Exploration stagnates with expenditure dropping 40% in Australia and 80% in PNG from peak levels. Major new regional developments include Rio’s West Angles iron ore project, Newcrest’s Ridgeway gold-copper mine and Inco’s Goro nickel-cobalt project in New Caledonia.