Thieves have made off with 25 gold bars and $315,000 in cash in Port Moresby. File photo. (Supplied: Perth Mint)
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.
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.
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.
A major investigation is underway into the hold-up in Port Moresby. (Supplied)
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.
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. They 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.
