MRA attends S. African mining meeting
The National
MINERAL Resources Authority (MRA) showed at the Mining Indaba Conference 2013 in Cape Town, South Africa, last week that it has the capability to facilitate South African mining investment in Papua New Guinea.
MRA used the conference to send out this message through a presentation to potential investors who attended the meeting.
The aim was to encourage more South African companies to invest in the country and to show that PNG had the experience and ability to support them if they invested.
Acting executive manager of the geological survey division Nathan Mosusu gave an overview of South African mining giant Harmony Gold, a joint venture with Newcrest Mining of Australia to operate Morobe Mining Joint Venture (MMJV) in Morobe.
He demonstrated how the PNG government was facilitating Harmony Gold’s business interest in the country and that if there were other South African companies interested in entering PNG market, they would be given similar level of support.
Mosusu said PNG had strong and stable regulatory and policy mechanisms and processes to facilitate future potential investments from South Africa.
These include favourable mining fiscal regimes such as low income tax on income and dividend.
MRA had a display booth where promotional materials like brochures, geological data and information on regulatory and policy requirements were distributed.
There were a lot of enquiries at the PNG booth relating to PNG’s geology, mining policies and regulations, and the political situation in the country.
Fiscal regime in PNG favours mining companies as mining companies don’t pay corporate tax in the first years of operation when cash flows are in the negatives and let along the GST. The poor empoyee like me have to makeup for the loss by paying almost 40% of my income on tax. I hate to work in a mine cos after working for +10 years I’m still a poor man…the so call resource curse has caught up with me.
Welcome to reality Sydor……
Why does this web page promote hand outs?
The world doesn’t work that way.
I explained a little further on my last phrase “the so called resource curse has caught up with me”. Even though I work for a industry (mining) that bring revenue in excess of the more than 50 per cent PNG’s GDP I still live as a poor man. Do I know PNG is a mineral economy? Yes it is. Experience around the world has shown mineral rich countries perform poorly in socio-economic front….PNG has its share of resource curse story to tell…just like my story.
Ok, can someone tell me how is PNG is going to leverage its mineral endowments (that it is promoting in South Africa) for substantive development while limiting the potential for social conflicts and negative economic outcomes? What are the Economic (Macro and Micro) Policy changes that are required to enable mineral economy like PNG to overcome resource curse syndrome?
There is no vision of a nation in PNG.
Thats why nut cases like “nationalist” babble and peddle their vomitous crap.
Other nations have been very successful but not PNG.
Your are suffering because of poor, uneducated, so much boasting with nil evidence leadership. Too much maus wara! Never will change until grastic measures are taken by a nationalist leader.