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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Disclaimer: The information provided on this website is intended for awareness purposes only. While efforts have been made to ensure accuracy, PNG CORE cannot guarantee the completeness or correctness of the information presented. The content provided is not intended for legal purposes for or against PNG CORE. PNG CORE shall not be held liable for any incorrect representation of the information or facts contained herein. Users are advised to verify any information obtained from this website and seek professional advice where necessary
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