LYCOS RETRIEVER 
Papua New Guinea
built 646 days ago
Papua New Guinea is richly endowed with gold, copper, oil, natural gas, and other minerals. In 2005 mineral export receipts accounted for 49.7% of GDP. Government revenues and foreign exchange earnings depend heavily on mineral exports. Indigenous landowners in areas affected by minerals projects ... receive royalties from those operations. Copper and gold mines are currently in production at Porgera, Ok Tedi, Misima, and Lihir. A consortium led by Exxon/Mobil hopes to begin the commercialization of the country's estimated 22.5 trillion cubic feet of natural gas reserves through the construction of a liquefied natural gas (LNG) production facility.
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Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including oil, copper, and gold, account for nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power and should be the first government in decades to serve a full five-year term. The government ... brought stability to the national budget, largely through expenditure control; however, it has relaxed spending constraints in 2006 and 2007 as elections approach. Numerous challenges still face the government including regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler.
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Each bank note is signed by the Governor of the Bank of Papua New Guinea and by the Secretary of the Department of Finance of Papua New Guinea. Note that Tarata's signature as Governor is somewhat different from Tarata's signature as Secretary. From 31.07.93 to 15.09.94 Sir Mekere Morauta was Governor and in 1998 Volupindi was Governor for a brief time, but they did not sign any polymer bank notes.
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In general, the Papua New Guinea economy is highly dependent on imports for manufactured goods. Its industrial sector--exclusive of mining--accounts for only 9% of GDP and contributes little to exports. Small-scale industries produce beer, soap, concrete products, clothing, paper products, matches, ice cream, canned meat, fruit juices, furniture, plywood, and paint. The small domestic market, relatively high wages, and high transport costs are constraints to industrial development.
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Police violence against children remains rampant in Papua New Guinea, despite recent juvenile justice reform efforts, Human Rights Watch said in a report released today. Children and others in police custody are often raped and tortured.
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Gold, copper and silver are some of the metal resources in Papua New Guinea. The country has fuel deposits which include natural gas and oil. Other natural resources include timber and fisheries.
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Papua New Guinea