Alluvial mining policy to be developed
Cedric Patjole | PNG Loop | August 23, 2017
Mining Minister, Johnson Tuke, has directed the creation of an alluvial mining policy in the country.
He announced on Tuesday that the alluvial policy was one of the main policy initiatives for the industry as part of his first 100 days in office.
Tuke said there is a huge potential for the industry and proper frameworks must be established to manage it well.
“I have directed the Department of Mineral Policy and Geohazards Management (DMPGM) to work with the Mineral Resource Authority, to develop a policy for the alluvial mining sector in PNG.
“There is a huge potential in alluvial mining that directly serves our people. And that potential has been tapped into so that we can properly regulate it, introduce safe practices and maximise the benefits,” he said.
Tuke also said there is an intention to establish a gold bullion bank in PNG, which has always existed and is captured as a standup provision in the mining development contracts.
He added he is mindful that developers of mine in PNG have existing international arrangement that should not be compromised.
Bullion is a bulk quantity of precious metal such as gold, which is measured by weight and typically cast as bars and traded on the market.
Gold is bought and sold as coins and can be traded in the form of small grains.
“Under my leadership, I intend to strengthen and develop the alluvial and mining industry so that the vision to establish a gold bullion bank in PNG can be realised.
“This will be complemented by the development of the downstream processing policy that the Department of Mineral Policy and Geohazards Management is developing,” Tuke said.
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Bullion bank…is that what that new central bank building in Lae is being built for?
It’s been long overdue.
Minister Hon Tuke very bright idea, a way forward. When our foreign reserves are low we can offset by selling our gold bullion. If we have a gold bullion reserves bank, our Kina may find favourable ground.
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