Further scrutiny on Gold Bullion Bill

I AM writing to follow up on my letter yesterday regarding the PNG Gold Bullion Bill, and to underscore the critical importance of transparency and fairness in the review process.
Key discrepancies remain in the proposed bill, including concerns over potential monopolisation, constitutional issues, and a lack of transparency.
It is imperative that these issues are thoroughly addressed before any further steps are taken to move the revised bill forward.
To safeguard against political corruption, it is essential that politicians are prohibited from holding personal shares in the gold refinery company.
Instead, stringent regulations must be put in place to ensure transparency and accountability at every level.
Moving forward, any future draft of the bill should prioritise transparency, fairness, and the inclusion of all relevant stakeholders. This means actively engaging with local small alluvial mining groups, families, and individuals whose livelihoods depend on the industry, and are seeking a better quality of life.
Furthermore, the contributions of key stakeholders in the PNG gold resources sector must be carefully considered, and integrated into the review process.
Extensive consultation and collaboration are necessary to ensure their interests are adequately represented.
One potential avenue to foster public participation and investment in the project is through listing the future Gold Refinery company on the PNG Stock Exchange via an IPO prospectus.
This would allow public and individual investors to contribute to the project’s startup capital, while also improving their own future financial prospects.
It is incumbent upon all Members of Parliament to thoroughly scrutinise the current iteration of the Gold Refinery Bill, and reject it in its current form to prevent any potential negative repercussions on PNG’s economy and resources. Environmental impacts, community engagement, and long-term economic sustainability must all be carefully considered in this process.
I urge the parliamentary Opposition to advocate for an immediate review of the controversial Gold Bullion Bill, focusing on the need for transparency, accountability, and the protection of PNG’s national interests.
Our country’s future depends on it.
In conclusion, I reiterate the importance of prioritising the common good of our country, and protecting PNG’s resources for future generations.
Transparency and fairness must be at the forefront of any legislative endeavors regarding our precious gold resources.
Wealth for all.

Reginald Renagi
Pngpapuatauna