Benefits sharing will be a subject of discussion at CANCONEX, during the Inaugural PNG Resources Week to be held at the beginning of July. What benefits are derived from projects, where they are applied, and how they are applied, are all questions that many are still yet to fully understand.
To shine the light on this area, a specific session on benefit sharing structures will be presented on Day 1 of PNG Resources Week at CANCONEX, featuring ExxonMobil PNG (EMPNG), Mineral Resources Development Company (MRDC), Kumul Petroleum Holdings Limited (KPHL) and Newmont Corporation, with each organization providing an insight into how benefit sharing is implemented through their respective projects and organizations.
EMPNG, operator of the PNG LNG Project will be providing an overview of benefits to the State over the last 10years since first its LNG shipment. This will include a break-down of how proceeds derived from the sale of LNG is distributed to all stakeholders, particularly at the community level, as well as the initiatives the project has initiated to ensure communities are self-sustaining, now and into the future.
Similarly, MRDC and KPHL will also provide an overview of their Benefit Sharing and Management Structures, outlining how its benefit sharing activities are implemented for communities across the length and breadth of communities where it holds the State’s equity. Their presentations will also highlight initiatives both organizations have taken to ensure that remains relevant to the ever-changing business environment.
Participants will also hear from Newmont Corporation, operators of the Lihir Gold Project, who have over the years had a successful benefit sharing structure, that has enabled Lihir Landowner organizations to expand and diversify their operations not only in New Ireland Province, but to other parts of Papua New Guinea, and abroad. Insights into how benefit sharing structures are tailored to suit community and landowner requirements will be learnings that attendees to PNG Resources Week will benefit greatly from.
All four organizations are leaders within their respective industries, and the presentations will provide attendees a deeper appreciation of the efforts that the resources sector’s activities in line with benefit sharing arrangements.
With just over a week to go, and with tickets nearly sold out, PNG CORE encourages all stakeholders within the resources industry and PNG’s business community to register your attendance for CANCONEX (1st to 3rd July, UPNG), the expo booths, the PNG Resources Summit (4th July, Hilton) or the PNG Resources Gala Dinner (4th July, Hilton) today via www.pngresourcesweek.com or email events@pngcore.org to ensure that you don’t miss out on the learnings from PNG Resources week.