PNG’s Department of Mineral Policy and Geohazard Management recently released its latest version of the draft Mining Bill. If passed, the Bill will introduce wide-ranging reforms to overhaul the country’s mining sector, according to Sarah Kuman, Partner in Allens’ Port Moresby office.
Papua New Guinea is ranked as the tenth worst destination for investment in mining, according to the Fraser Institute’s Survey of Mining Companies 2020. Infrastructure and security were nominated as areas of particular concern.
The Marape government’s proposed introduction of a new Organic Law for mining, and oil and gas projects will do away with Papua New Guinea’s ‘robust’ legal regime, according to Vaughan Mills, Head of PNG Practice for Corrs, Chambers Westgarth.
When it comes to Papua New Guinea’s resources sector, the government wants a better share of the rewards, but the industry is warning that the country is becoming a less attractive destination for investment.
Peter Graham, Chairman of Papua New Guinea’s state-owned mining company Kumul Minerals Holdings, talks extensively about its plans for the future.
Regulatory uncertainty has the potential to deter investors just when Papua New Guinea needs them most, argues Paul Barker, Executive Director of the Institute of National Affairs.
Barrick Niugini, the majority owner and operator of the Porgera gold mine, has announced that it will be retrenching most of its workforce over the coming weeks. Meanwhile, Papua New Guinea’s government seems intent of finding a new operator for the mine.
Amendments to the Mining Act 1992 have been passed in parliament, with Mining Minister Johnson Tuke explaining it is a step towards ‘taking back’ Papua New Guinea. Meanwhile, industry representatives have expressed some deep concerns.
The changes to the Mining Act being considered by the Marape government could benefit the industry, according to John Lewins, Chief Executive Officer of K92 Mining Inc. In this exclusive interview with Business Advantage PNG he explains why.
The global capital markets are concentrating on quality mining assets preferably close to production, according to a panel of experts at the International Mining and Resources Conference in Melbourne. They said that ‘frontier’ countries should be looking widely for capital, particularly in Asia. David James reports.
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