Papua New Guinea's Misima Gold Project is targeting its first gold production between 2030 and 2031, with Ok Tedi Mining Limited expected to fully finance the development of the major mining project.

Ok Tedi Chief Executive Office Kedi Ilimbit described Misima as an important investment for the country, with the potential to deliver significant economic benefits through gold production, taxes, royalties and employment opportunities.

The project is estimated to have a mine life of approximately 20 years, with an initial gold resource of around five million ounces.

The development is also expected to generate substantial annual revenue, alongside billions of kina in government revenue and more than K230 million in royalties, according to the speaker's estimates.

He says the project could also support the country's ambition to establish a gold refinery, allowing PNG to retain more value from its gold resources.

He says that the redevelopment of Misima would not follow the same approach as previous mining operations.

Instead, the project would be developed under a new model focused on responsible mine planning, sustainable investment, and ensuring local communities receive direct benefits.

He acknowledges that people in Misima had not fully benefited from the previous mining operation and said the new development must ensure that landowners and surrounding communities are included from the beginning.

The Samarai-Murua and Milne Bay communities were also identified as important stakeholders who must be part of the project's future benefits.

On financing, he confirmed that Ok Tedi would provide 100 per cent of the project financing, while further work continues on project development, mine planning, infrastructure, and ownership arrangements.

Exploration drilling commenced in October, with two drill rigs already operating and a third expected to arrive, as preparations continue to establish modern facilities and accommodation for the project.

The company is also reviewing and improving the previous mine design, including changes to the proposed open-pit layout and waste dump locations to minimise the impact on communities.

He says infrastructure development was already progressing in some areas, although other components were moving more slowly.

He also called on developers, government agencies, and project stakeholders to ensure proper consultation and negotiations with landowners.

He says that meaningful community engagement must happen from the exploration stage to ensure local people are not left out when major project decisions are made.

The project will involve cooperation between Misima communities, landowners, developers, the Mineral Resources Authority (MRA), the State, and other relevant stakeholders.

While several important milestones must still be achieved before production begins, the long-term vision is to see PNG produce its own gold bars and potentially hold them as part of the country's national reserves through the Bank of Papua New Guinea.

Ilimbit says the project must be developed properly, with sustainable benefits for the people of Misima and the country as a whole.