NEW MINING ACT TO ACHIEVE FAIR DEAL FOR OUR PEOPLE – PM O’NEILL
PNG Mining & Investment Conference Update
During the Mining Conference in Sydney, PM’ O’Neill’s said that the government was aimed to achieve a fair deal for its people, both landowners directly involved including the country as a whole. have been the driving force behind the proposed changes.
He acknowledged the tireless work by the many from both the government and industry who had put into developing a draft know that many have worked tirelessly to develop the draft Act.
He said the new Act has the potential to create uncertainty for investors so the timing the changes was important.
“Any change to the Act will ensure there are equal benefits for landowners and Provincial Governments.”
PM O’Neill further stated that the Government’s recent decision to give 33% of direct shares in the Ok Tedi mine to landowners and the provincial government, and the 17.4% of BCL shares to landowners, was a clear indicator of its desire to share benefits through this policy.
“I want to state categorically that there will be no changes to the Mining Act prior to the 2017 National Election,” PM O’Neill said.
He said it was only right that the new Parliament be granted the mandate to carry forward any changes to the existing Mining legislation.
“Again, I stress that industry will be fully consulted,” he said.