Papua New Guinea has a well-established mining industry, attracting investment from many of the world’s leading mining companies. Minerals currently being mined include gold, silver, copper, nickel and cobalt. The PNG mining sector currently operates under a royalties and tax regime (RTR), which sees minerals 100% owned by the State. Private mining companies are granted a right to explore and extract such minerals and in return pay the State royalties for any mining products extracted as well as additional taxes.