Facts About the National Gold Corporation Bill 2022
The proposed National Gold Corporation Bill 2022 will effectively create a Gold Monopoly which will be disastrous for PNG’s mining sector and the economy of Papua New Guinea. The Bill aims to implement a shareholder agreement signed between the National Government and a small Singaporean company, Refinery Holdings Pte Limited.
PNG CORE is concerned that such extraordinary powers are being given so unnecessarily to a majority owned and controlled foreign company.
Therefore, PNG CORE calls for urgent consultations with the National Government for a more collaborative and transparent approach to addressing the goals of establishing a locally owned gold refinery, while ensuring that it does not compromise the existing mining operations and the competitive market for gold trading which benefits all Papua New Guineans.
The Chamber remains open to constructive dialogue and partnership with the government to find a balanced and mutually beneficial solution for all stakeholders involved.
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