The Mining Industry is laughing all the way to the bank after the government’s capitulation over changes to the Mining Act that would have delivered greater benefits for landholders and Provincial governments…
No changes to mining act
Cedric Patjole | Loop PNG | December 6, 2016
Prime Minister, Peter O’Neill has announced that there will not be any changes to the Mining Act.
O’Neill announced this during the PNG Chamber of Mining and Petroleum Conference in Sydney on Monday.
He said any new changes will be left to the new parliament.
“I want to state categorically that there will be no changes to the Mining Act prior to the 2017 National Election.
“It is only right that the new Parliament be granted the mandate to carry forward any changes to the existing Mining legislation,” he said.
The news has been welcomes by the PNG Chamber of Mines and Petroleum which believes stable government policies and a favorable investment climate are critical for future growth within PNG’s resource sectors.
The Chamber says stability in the fiscal, legislative and regulatory regime underwrote the robust period of growth enjoyed by PNG’s resource sectors during the period of high commodity prices from 2003 to 2012.
President Gerea Aopi said yesterday that PNG needed to main its attractiveness as an investment destination and will continue to work with the Government to achieve reforms that will grow the sector.