Call made to establish gold bullion bank to secure better future

COMMERCE and Industry Minister Wera Mori has reiterated a call to establish a gold bullion bank.
Mori said yesterday the department was yet to receive the K2 million appropriated from Treasury department.
He said PNG was rich in gold and it was about time it smelt its own gold.
“If we are not able to store at least some of what we produce and build up our own stock pile of gold bullion, the future of our kids will not look good,” Mori said.
“The US is what it is today because it is holding close to 9,000 metric tonnes (of gold).
“PNG does not even have an ounce of gold in bullion. That is the reason this department will bring this policy.”
Mori said the Central Bank should wake up and look for ways to sustain the kina.
“One tonne of gold today is about US$40 million (K134mil). If you stock five tonnes a year, that is about US$200 million (K674mil) a year. That is something tangible,” he said.
“So this is the way we should be moving forward. We must have that.
“I am frustrated that I am not getting the K2 million for the gold bullion policy. It must be released. I am not going to accept any reasons by those public servants.
“How can Treasury tell me that they cannot release this money?
“I am saying this because then we can be able to amend our mining laws, to fall in line with what we want to do.”