PNG COPPER EXPORTS UP 72 PERCENT IN FIRST QUARTER

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By Baeau Tai

PORT MORESBY, Papua New Guinea (The National, June 27) – Copper export earnings in Papua New Guinea peaked at K649.6 million (US$219.4 million) during this year's first quarter, marking a record increase of 72 percent over the K376.5 million (US$127.2 million) recorded in the same period last year.

Bank of Papua New Guinea said in its Quarterly Economic Bulletin for the March quarter that export volume in the quarter was 64,800 tons, an increase of 40 percent over the corresponding quarter in 2004.

The increase was credited to higher production and shipment of copper ore from the Ok Tedi mine.

The average price of PNG's copper exports was K10,025 per tonne during the quarter, an increase of 23.3 percent from the same quarter last year, due to higher international prices.

June 27, 2005

The National: www.thenational.com.pg/

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