China is buying up gold like never before — presenting a gilded dilemma for places like Papua New Guinea.
Illustration by Pete Ryan
On a quiet, green bend of the Frieda River, in the remote highlands of Papua New Guinea, sits 16 hectares of land that may become one of the largest open-pit mines on earth. The Frieda River Project — operated by Australian miner PanAust, which itself is wholly owned by Chinese state-owned vehicle Guangdong Rising Assets Management — is forecast to yield gold, silver and copper worth around $1.5 billion per year for 33 years.
The Frieda River Project exploration site. Credit: PanAust
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