Newcrest’s transparency should be an example to others, says Alkan

Business

NEWCREST’S transparency should be an example to other companies in the sector, according to the PNG Extractive Industries Transparency Industries Transparency Initiative (PNGEITI).
PNGEITI’s national secretariat head, Lucas Alkan, said it was good to see Newcrest “stand tall as a proud investor” and disclose its contribution to the country’s economy.
Newcrest country manager Peter Aitsi said last week more than K1 billion in foreign currency was contributed by Newcrest into the national accounts.
Aitsi told The National that the company and the extractive industry were affected by the foreign exchange shortage and the delay it caused suppliers.
Alkan said: “When unfortunate realties in the PNG economy like forex shortages and government budget constraints are topical, it is good to see Newcrest stand tall as a proud investor to disclose how much it contributes to the economy.
“This conforms to EITI values and standards which Newcrest and other investors in the mining and petroleum sector have already committed to under the auspices of PNGEITI multi-stakeholder group – the body that oversees EITI activities in Papua New Guinea.”

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