Local gold buyer says national refinery must be PNG-owned

THE Government has been urged to make sure that any gold bullion and mint refinery project set up in the country must be 100 per cent owned locally.
Justin Parker, the founder and chief executive officer of the Golden Valley Enterprise, said owning a PNG refinery and mint was nothing new, as the country once owned one through the Melanesian Balance Fund called the Metals Refinery Operations.
“I have always stood for the fact that we must own it 100 per cent with no foreign partners. This will ensure that we retain all benefits in PNG,” he said.
He suggests to the Government to nullify the shareholder agreement it had signed on the proposed gold bullion and mint refinery project with a company, and make it 100 per cent PNG-owned instead of just 50 per cent.
“This company put together to facilitate this gold refinery has no experience in any gold business,” he said.
“PM (James Marape) needs to (make public) the shareholder agreement he bulldozed through (Cabinet) and was signed at Government House in 2021.
“He promised to do so but failed.
“He appealed a National Court decision to expose the deal. The question is, if it’s so beneficial to PNG, then prove it by (making public) the documents. Why run to the court to stop it from being exposed?” Parker said.
Finance Minister Renbo Paita recently said the Government had been transparent in disclosing the terms of negotiations with the Refinery Holdings Limited, the financier of the gold bullion and mint project, since 2021.
But Parker urged the Government to remove the anti-competitive clause in the refinery bill to make sure all alluvial miners get the maximum benefit from their hard work.
On whether his company Golden Valley Enterprise, would consider investing in the refinery, Parker said: “My books had just been audited by the Central Bank.
“The Central Bank then put my firm forward last year to the world credit rating agency who came to audit top businesses in PNG on compliance.
“So yes, we can and will do so when we see it economical to do so.”