Even the United Nations has warned more mining activity in PNG will NOT improve the lives of ordinary people – but Byron Chan and the O’Neill government don’t care. Instead they are rushing ahead with five new major mines. So who will take the profits? A small elite of politicians, lawyers and bureaucrats in PNG and the global mining companies – and unfortunately they are the ones who seem to be running the whole show…
More projects ahead
Gorethy Kenneth | Post Courier
PAPUA New Guinea expects to see about five mining development projects with a combined capital investment expected to exceed $US 10 billion or over K25 billion within the next decade.
The country’s 22-year old mining legislation and its policies will be revised so it can accommodate those projects, Mining Minister Byron Chan has announced.
Speaking in Sydney at the Mining and Petroleum Conference, Mr Chan also said the most significant initiative of the Government and the Mining Ministry is the development and implementation of several key mining policies and the subsequent revision of the current mining legislation.
He said PNG currently has 12 mining operations approved under special mining lease or mining lease tenements which have advanced to production or are at the development stages.
Within the next decade alone, we expect to witness the development of the following projects: Frieda copper, Wafi/Golpu copper, Yandera copper molybdenium, Mt Kare gold and a host of other alluvial mining projects
“These may include known mineral sands, nickel, coal and gold, silver and copper deposits. “I can report that progress is being made on the finalisation of the policy development, with the revisions of the mining act and regulations to follow.
“Working groups, comprising state and industry representatives, are now refining the policy settings and moving towards settlement of key issues and final drafting,” Mr Chan said.
“The sustainable mining policy is completed. “The geothermal policy, subject to the reservations already expressed, is also completed.
“It remains this Governments’ intention, to present the remaining policies for cabinet approval, and this legislation, to parliament mid next year.
“The Prime Minister has already given his assurance to industry and potential investors in the mining sector of PNG that policy settings will be progressive, based on best practice and allow compromise between competing interests,” he told the conference.
“They will build upon the template of the success of the current legislation, by providing the right mix of incentives and practicality to ensure a balanced regulatory regime to underpin the next generation of mineral investment in PNG,” he said.
“Finally, the most significant initiative of Government is the development and implementation of several key mining policies and subsequent revision of current mining legislation,” he said.