In the sixteenth century the Spanish Captain da Alvaro Soavedaro, on a search for the explorer Ferdinand Magellan, came across the main island of New Guinea which he named Isla del Oro (Island of Gold). Since that time exploration for, and mining of, gold has been pursued by many, culminating in . the development of major world-class projects in the latter part of the 20th century. Though various prospectors have panned for gold and small gold mining projects were undertaken through the seventeenth and eighteenth centuries, it was not until the 1880's when mining became a more concerted economic venture. Misima and Woodlark Islands in Milne Bay, Gura-Ackera and Yoada in Oro, and Lakekamu in Gulf Province and Keveri in Central Province were all gold producers by late nineteenth century. It was in the 1920's that corporations began mining in PNG and with the commencement of production at Panguna in Bougainville in 1972 a new era of mega-project mining began.' Today there are two large mining projects producing mainly gold and copper. The first, already mentioned, is Panguna on Bougainville Island. This project has provided Government with $US 475 million in taxes. ok Tedi is the second large mine development located in Western Province. It began production in 1984 with the extraction of the deposit's "gold Cap".