PNG Resources Sector Critical to Ongoing Economic Health of the Nation
The critical importance of Papua New Guinea’s resources sector to the nation’s economy and community was placed firmly in the spotlight today at a special webinar hosted by the PNG Chamber of Mines and Petroleum. Local representatives from Deloitte, the Business Council of PNG and the Institute of National Affairs joined Chamber Vice President Richard […]
Chamber Calls for Collaborative and Transparent Consultation on Proposed Organic Law After Ministers Cancel Industry Seminar Attendance
The Papua New Guinea Chamber of Mines and Petroleum has again reiterated its calls to government to invite resource industry expertise to consult on its proposed changes to the mining and petroleum sectors. This follows both the Minister for Mining and the Minister for Petroleum and Energy cancelling their participation in a virtual seminar hosted […]
Production Sharing & The Mining Sector
Papua New Guinea has a well-established mining industry, attracting investment from many of the world’s leading mining companies. Minerals currently being mined include gold, silver, copper, nickel and cobalt. The PNG mining sector currently operates under a royalties and tax regime (RTR), which sees minerals 100% owned by the State. Private mining companies are granted […]
‘WHY IS GOVERNMENT FAST-TRACKING THE INTRODUCTION OF PRODUCTION SHARING FOR MINING AND PETROLEUM?’
The PNG Chamber of Mines & Petroleum is alarmed at the PNG Government decision to fast track the adoption of Production Sharing Contracts for mining and petroleum in place of the Royalty/Tax Concessionary System that has operated successfully since independence. The Chamber remains cognisant of the government’s prerogative to review and reform our resource laws […]
MEDIA STATEMENT: To The Leaders of PNG, Postpone The Proposed Organic Law Before it Puts PNG’s Economy And Future At Risk
A new law is being tabled by the Government that could jeopardise the future of PNG’s essential resources industry, as well as its landowners, workers, communities, provincial and local level governments, and the economy. For many years, the mining and petroleum industry has made enormous contributions to the growth of our nation, supporting our communities […]
Mines and Petroleum Chamber Seminar Gives Industry Update Amidst Sector Law Reforms
The Papua New Guinea Chamber of Mines and Petroleum, held its first ever virtual seminar last Thursday 13 August to give an update on the resource sector, and its plans moving into the new normal. With recent amendments having been made to both the Mining and Oil and Gas Acts, and with more proposed amendments […]
Consultation Vital Before Further cChanges
The Chamber of Mines and Petroleum acknowledges the passing of Oil and Gas (Amendment) Bill 2020, and understands the desire of the PNG Government to maximise its position in resource projects. However, the Chamber believes that significant changes to existing legislation such as these are best made in collaborative consultation with industry. In failing to consult, […]
Amendments to Mining Act create Uncertainty for Private Sector Investment in PNG
The PNG Government has signalled that it favours public investment in the mining sector at the expense of private investment, according to the President of the Chamber of Mines and Petroleum, Gerea Aopi. The amendments to the Mining Act, introduced in Parliament last week, and statements related to their introduction, will cause private sector explorers […]
Chamber Studying Impacts of Amendments to Resource Laws
The Chamber of Mines and Petroleum is surprised at the passing of the Mining (Amendment) Bill 2020, and Oil and Gas (Amendment) Bill 2020 in yesterday’s session of Parliament. The Chamber last engaged with government in January this year, with our Prime Minister and respective ministers of Mining and Petroleum, and a commitment was made […]
PNG Chamber MIN PET: Concerned at the Impacts of Porgera Special Mining Lease Decision
Noting the announcement of the decision by the Government of PNG to not renew the Porgera Special Mining Lease, the PNG Chamber of Mines and Petroleum expresses concern at the potential impacts of the decision on the PNG economy and international investor confidence in PNG. The Chamber does not wish to discuss the legal rights […]