The Papua New Guinea Chamber of Resources & Energy (PNG CORE) has written to the Prime Minister requesting urgent consultations on the serious negative impacts of the proposed National Gold Corporation Bill on existing mining projects, grassroots alluvial gold miners, PNG’s financial sector, the Bank of PNG, the Mineral Resources Authority (MRA), the police and other state agencies as well as on international investment confidence in PNG.   

Although the Prime Minister promised consultations in 2021 with the industry, and a parliamentary committee that included Hon Don Polye and Hon Garry Juffa was appointed, no meaningful consultation has occurred. The industry has been blindsided by the resurrection of the Bill. 

Key concerns of PNG CORE regarding the Bill:

The Bill creates a National Gold Corporation, National Gold Bank, and National Gold Mint to be majority owned by a foreign company but taking key powers from the Bank of PNG and the MRA, including holding the country’s gold reserves, the sovereign right to issue legal tender, and regulation of gold exports.  The issuing of national currency is a sovereign right usually reserved to the country’s central bank but for the first time, the Bill proposes to also give this right to a Singaporean-based company. 

This destructive Bill will have significant negative impacts on the gold sector, relevant state agencies and the economy in general. PNG CORE urges the National Government to engage transparently with the industry and not to progress this Bill to parliament. 

One Response

  1. The reviews offered by industry players, economists, lawyers and various experts are explicitly clear; whilst public consultation is a must, the outcome of any consultation must rectify the serious and dangerous fundamental flaws. Failing that, the proposed Bill in its current state must be removed, silenced or destroyed. It cannot and must not exist to proceed to become law.

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