Announcement welcomed

THE PNG Chamber of Mines and Petroleum has welcomed the Government’s announcement to consult the industry on the review of major resource laws of Papua New Guinea.
The Chamber made this statement last week at the conclusion of the three-day 2019 PNG Mining and Petroleum Conference in Port Moresby following Prime Minister James Marape’s keynote address that his Government would consult the industry on the review of key legislations such as the Oil and Gas Act, and the Mining Act of 1992.
According to the Chamber, as an industry that had contributed significantly to the economy of the country as well as other key social areas in health, education, training, agriculture and SME, it was important that it helped resuscitate the country’s economy.
Marape’s commitment was further reaffirmed by the Mining Minister Johnson Tuke who invited all mining companies to work with the Government to ensure the country and the investors receive their fair share of resource wealth.
Tuke also outlined six key areas he wanted to work with the industry to achieve.
These included mineral ownership, repository of production data at the Mineral Resources Authority (MRA), social levy on operating cost of mining companies, downstream processing, the establishment of a gold bullion bank and local content.