Official: Minerals not yielding for PNG

 

The National aka The Loggers Times | January 13, 2020

A SENIOR official says Papua New Guinea has missed out on a lot of the potential benefits that should have flowed to the State from mineral revenue.

Secretary for Department of Mineral Policy and Geoharazd Management Harry Kore said this was unfair.

“Assessments and comparative analysis of other countries of similar standing as PNG has demonstrated that PNG has missed out on a lot of the potential benefits that should have flowed to the State,” he said.

“Our people need to understand these facts.

“The numbers don’t lie.”

Making reference to Extractive Industry Transparency Initiative (EITI) 2017 Report, Kore said information on the EITI report was “very valid”.

“The diagram of the percentage of the benefit, a mere seven per cent is a major paradigm shift in PNG’s perception of the benefits we’ve been deriving from the extractive sector over the years,” he said.

“This just does not equate to a fair share.

“We have always thought the extractive sector was the major contributor to the economy, which is very true with the volume of export (86 per cent); but when you look at the EITI Report, only a mere seven per cent out of the total is Government revenue.

“The figures per se of the actual kina value may seem quite significant but it is the percentage contribution against these other measures that is our focus to ascertain whether we are getting value for the minerals exported.”

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Filed under Financial returns, Papua New Guinea

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