Mineral Resources Authority (MRA) Managing Director, Jerry Garry, has encouraged Papua New Guinea’s alluvial gold miners to diversify, reinvest, and manage their earnings better to reach their full financial potential. Speaking at the 6th Alluvial Mining Convention & Trade Show 2024 in Goroka, Garry said miners have the opportunity to become billionaires if they broaden their business ventures beyond gold mining. Garry shared the inspiring story of Placer Dome, a company that began in PNG’s Wau-Bulolo gold fields in 1926. Two expatriates, an Australian and a New Zealander, recognized the abundance of gold in the area and formed Placer Development Propriety Limited. They reinvested their profits not only in mining but also diversified into other businesses such as cattle farming, fishing, and forestry. Garry highlighted that the pine trees currently harvested by PNG Forest Products in Wau-Bulolo were introduced by Placer Dome as part of its diversification strategy. The company went on to operate 16 gold mines globally, with a market capitalization of USD 6.7 billion in 2005. He emphasized that alluvial miners today could achieve similar success by following this example. The alluvial mining sector plays a crucial role in PNG’s economy, contributing approximately K640 million annually and involving around 100, 000 people. Garry reiterated the importance of the sector, saying, "Alluvial gold miners today have the potential to become billionaires just like the two men." The Alluvial Mining Convention, organized by the MRA, aims to showcase the sector's potential, bring stakeholders together to share experiences, and discuss regulatory policies, while addressing the latest challenges and success stories. Garry stressed that with proper investment and management, PNG’s alluvial miners can thrive well beyond gold.