Armed gang raids security cars of gold in one of PNG's biggest robberies

In short:

Police in Papua New Guinea are investigating one of the country's biggest robberies.

Armed robbers held up a security convoy in Port Moresby, stealing 25 gold bars and hundreds of thousands in cash.

What's next?

A major investigation is underway into the incident, which saw two private security vehicles intercepted.

Police in Papua New Guinea are investigating what could be one of the biggest robberies in the country's history, after armed men held up a security convoy in Port Moresby and made off with 25 gold bars and $315,000 in cash.

Police Commissioner David Manning confirmed a major investigation was underway into the early morning hold-up on Wednesday, in which two private security vehicles were intercepted while transporting the bullion and cash through a city street.

"It is reported that at around 4:30 this morning two private security vehicles were intercepted by unknown vehicles in Port Moresby," Commissioner Manning said.

"Ten armed assailants held the security crews at gunpoint and proceeded to steal a quantity of gold and cash, as well as firearms."

It is understood the stolen haul included 20 gold bars from the Porgera Gold Mine in Enga province, operated by mining company New Porgera Limited, along with five gold bars from Lae-based gold buying and exporting firm Golden Valley Enterprise Limited.

Also taken was a million kina ($315,000) in cash, along with a pump-action shotgun and a carbine belonging to the security crew.

It is unclear how heavy the gold bars were, or how pure the gold was, but a standard retail gold bar weighing 1 kilogram usually sells for about $200,000.

A larger brick, like the gold held in central bank reserves, weighs about 12.4kg and is worth more than $2 million.

While the estimated value and weight of the 25 stolen gold bars are yet to be confirmed, a senior police source has described this week's theft as one of the biggest robberies in the country's history in terms of the value of gold stolen and is likely worth millions.

Convoy ambushed in staged road block

According to a timeline of events provided to police, the two cash-in-transit vehicles pulled out from their security base shortly after 4:30am and headed for Papua New Guinea's International Airport via the Poreporena Freeway.

As the vehicles approached a roundabout, they encountered what appeared to be a staged roadblock.

The driver of the lead vehicle opened the door to ask to pass, but was held at gunpoint before three more vehicles pulled up behind the convoy, blocking their exit.

Close to 10 armed men, some allegedly carrying military-style rifles, are reported to have forced the security crews from both vehicles at gunpoint before making off with the gold, cash and firearms.

No shots were fired and no injuries were reported.

Commissioner Manning said early indications suggested shortcomings in how the transport had been handled.

"Police had not been alerted to the movement prior to it taking place," he said.

"There are a number of witnesses that are being interviewed, including the private security crews, as well as management and workers from the firm.

"This is a very serious incident. Early indications are that the movement of these valuables by the security company leave a lot to be desired in terms of how the private operation was conducted."

Police sources said there were further concerns about the security arrangements around the transport, including how alarm and response procedures were handled.

It is understood at least four people are currently being questioned by an investigative team, as police work to identify those involved and recover the stolen gold and cash.

Echoes of the Kapris era

Police Deputy Commissioner of Specialist Operations Donald Yamasombi, who is overseeing the investigation, said the robbery was one of the biggest since the days of notorious criminal figure William Kapris.

Kapris was linked to a 2007 armed robbery in which thieves stole K78,000 ($25,000) in cash and gold bars worth more than K2 million ($630,00) from a Port Moresby refining operation.

He was later shot and killed by police in 2013, after spending months on the run following his escape from Bomana maximum-security prison.