O’Neill warns Marape on investment

The National National
Peter O’Neill

PRIME Minister James Marape has been advised that his “threat to forcibly nationalise the Porgera mine assets will destroy any remaining hope of attracting foreign investment” into the country.
Former prime minister Peter O’Neill, the leader of the People’s National Congress Party, urged the Government to “observe the rule of law and not follow through on Marape’s threat that he will nationalise mining machinery and equipment at Porgera”.
“Observance of the rule of law in Papua New Guinea is a cornerstone of our democracy,” O’Neill said.
“Every member of parliament wants to see our country earn more from our resources. But this must be done properly (otherwise) the Marape regime will destroy the country through its cheap slogans and political grandstanding.
“Marape cannot order police to just go and grab assets owned by any person or investor, be they foreign or domestic. And he is deluding himself to think that he has such powers.”
Marape yesterday called on Barrick Niugini Limited to follow the law and honour the agreement it signed with the State in 1989.
He said the State according to that agreement could take over the mining assets at Porgera or buy it.
O’Neill warned that PNG was being likened to Venezuela.
“Marape’s experiment with political nationalism is taking our country down the same dangerous path, but the difference is that PNG’s economic collapse has happened in a little over one year.”

15 comments

  • PNG is a democracy whilst Venezuela is a Socialist Republic rich in Oil but ruled by a despot who opposes the West and has the backing of the military. Bad comparison PO.

  • Its not bad comparison Yende…! He is correct, Hugo Chavez nationalized assets owned by foreign companies and now the end result is being felt by innocent Venezuelans across the board. Always follow rules base agreements with Multinational with rest to each others requirements. These can only be archived through good negotiations on a win–win bases.

  • I think PO you need to get back to the sit.There is real urgency that you need to get back to the sit.To be honest,most of us citizen have left our job,and there is no job opportunities.Investors have lost confidence in in vesting in our country because of changing of Mining,Oil and Gas laws.We can blame Covid-19 for the downfall of the economy but uncalled decision made by the current government adds more firewood to the existing fire(Covid-19) which is burning. To be honest there is real stagnancy in this government.We need to move on,there has to be actively participation of citizen in workforce to get the economy back on track.With the way it is now,it seems unlikely.

  • Don’t mention about the collapse of our economy as this current Government is trying to clean the mass. We have many mines and the LNG operating but where does the MONEY GOES? The terms and conditions and those who are behind the deals and signatures should answer it. PNG IS NOT VENEZUELA and it will NEVER BE…

  • Why is the developed countries rich compared to most other countries? Look at the equity of projects in the host countries. The host countries always receive very little even though the resources are in their land. All along, developed countries have reaped off and have not done much or do not think about the people who own it. As I have always said, I can live on my garden food and don’t forget we own the land unlike other countries. We must be given a fair share, if not, it means they don’t respect us. I am behind PMJM for us to be reconsidered and be given a fair share.

  • O’Niel is correct in a way. Marape made the first mistake of closing down the Porgera mine and now passing on the SML to KMHL, a government org without what it takes to manage a huge gold mine has made this country a laughing-stock. Not only that, foreign investors, especially in mining and oil/gas industries are forced to take a re-look at their investment decisions. PNG will be the greatest loser in the long haul due to decisions made in a rush without taking into considerations the ramifications of the changes in laws and policies geared towards nationalization. The idea of “taking back PNG” is all great but must be done systematically and diligently so as not to overstep or overdo or we will regret it down the path!

  • PO inap nau..your time is up. PM seat is not your birthright. Talking blahs blah blacksheep as if in your time you used to follow mama lo blg PNG. Paragraph 3 in your statement is really yours ..what goes around, comes around..check your backyards.

  • Make no mistake PMJM is not alone in making decisions, he has his advisors who study cases then either supports or deny claims. Under him many, many more people in higher places are being investigated on corrupt practices under old regime, one such example is the former police commissioner, wait until the investigation is completed. there is possibility his predecessors have left the mass deliberately to make the on coming job difficult, he then stands back and will say, look I told you he can’t do it type of thing, its all common sense. PNG must not be mislead. PMJM we are behind you.

  • O’Neill should be talking about fighting corruption.
    Most these corrupt deals currently being investigated happened during your regime.

    Your hands must be clean before you starting pointing your fingers at other people.

  • Politics corruption is very interesting, talking and pointing fingers at each other sick and tired of reading/seeing news about politics.

    enough now and stop acting like childish.

  • When we have only one mine the bougainville copper mine operating in full PNG economy was up there with Auss and even USA. now we have many mines and yet our people are suffering. why because of selfish deals. its time Foreign investors need to give us better deals if they want to invest in PNG. our leaders must not think of their own pockets

  • Peter O’Neil has nothing to offer but just demoting the country. He will never return in power again. Bye forever from the office of Prime Minister..

  • PO don’t complain bout this action ..its Marapes government.. sometimes it is better to save humility than we always stick to law .compared to other country, our our resources is more enough to earn a total revenue of 40 to 50 billion,but yet we received 12 t o13 billion ..hehehhe its very funny..watch out for private consumption in overseas business.think about your country.pleas do centralism in tax and revenue.

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