Mining revenue increase eyed

Business

THE K11 billion revenue from large-scale and alluvial mining for this calendar year will increase considerably when new projects such as Frieda and Wafi-Golpu come on stream, it has been revealed.
The revenue was projected by the Mineral Resource Authority in its monthly reporting period to August this year. It said the revenue projection was based on “continued overall increases in mineral commodity prices, production and ore exports”.
The outcome will represent an increase of 13.4 per cent against 2016 mineral revenues.
The PNG Extractive Industries Transparency Initiative thanked the MRA for updating the public on activities related to the mining sector.
Head of the National Secretariat Lucas Alkan said active participation by the industry and the government would lift the extractive industry work.
“We commend MRA for this update as it conforms to EITI standard and principles,” Alkan said.
“We want to make sure that EITI presence is made known, so whatever adjustment that is required can be made in the true spirit of accountability and transparency.
“As this is already happening, we aim to realise more as we strive to advance the EITI in our resource rich country.
“We hope that the industry players and government entities through the MSG process are responding to what EITI stands for. And we want to nurture that spirit through enhanced collaboration and cooperation.”

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