Abel: Mining projects key to development

By BOSORINA ROBBY
PAPUA New Guinea has the potential to become a well-developed nation if its mining projects are managed well and benefits from them distributed widely.
Mining minister Byron Chan told a two-day stakeholder workshop in Port Moresby that this would happen if there was a government-private partnership to ensure that development reached the grassroots people in the village.
The workshop was to push the government and stakeholders to take up the challenge of good governance in the spending of benefits received from the extractive industry in a transparent manner.
It is called the extractive industries transparency initiative (EITI).
Its aim is to strengthen good governance by improving transparency and accountability.
It is a global standard that promotes revenue transparency with a robust, yet flexible methodology for monitoring and reconciling company payments and government revenues at the country level.
Its successful implementation would lead to benefits for the government, the companies, civil societies and for energy security.
Chan said government was willing to participate in this initiative where it would become a vital part of PNG’s development and progress into the future.
He said his ministry wanted to adopt some of EITI’s principles by inserting the relevant provision within the revised mining policy and mining act.
“The revised mining act has expanded on section 161 Information of the Mining Act 1992 by revising the heading to Reporting and Information.
“Under this provision, tenement holders are required to submit all information to the authority and shall not be made available to anyone outside of the authority, unless otherwise authorised to do so,” he said.
Chan said the revised act called for audits to be conducted once ever fiscal year for compliance and regulation of the mining industry.
It would look at the performance of the MRA and its agents or subsidiaries and of all companies licensed under the Act to ensure all policies, laws and regulations are complied with.