Chamber welcomes O’Neill’s assurance

THE  PNG Chamber of Mines and Petroleum has welcomed Prime Minister Peter O’Neill’s assurance that the Government will not introduce any changes to the Mining Act.
O’Neill gave the assurance while opening the Petroleum and Mining conference in Sydney, Australia on Monday.
He also assured the industry that the Government would fully consult it on any changes to the legislation.
PNG Chamber of Mines and Petroleum president Gerea Aopi said the industry was committed to working with the Government to ensure PNG had a “modern, internationally competitive mining legislation that will underpin a world-class industry and attract continued investment to PNG for the benefit of all stakeholders, importantly the communities and the Government”.
“As the PNG economy is going through weak economic conditions, the importance of maintaining a viable resource industry and attracting new investment becomes paramount,” Aopi said.
“The chamber is committed to working with Government in a bipartisan approach to address issues affecting the resource industry, including the Mining Act and changes to the taxation regime introduced in the 2017 budget.”
Aopi said the industry was committed to this process to see a win-win outcome.
“What we need is investor-friendly policies and laws to support economic growth. The chamber believes stable government policies and a favourable investment climate are critical for the future growth in PNG’s resource sectors.”