Minister for Mining Johnson Tuke says he will ensure the overdue review of the Mining Act 1992 and outstanding polices will be undertaken and completed under his term.
Mr Tuke said his predecessor Byron Chan had done a tremendous job in that regard it will be his task to see changes were implemented.
He said export revenue generated by the industry were significantly large compared to other industries.
He urged senior management of both the Department of Minerals Policy and Geohazards (DPMG) and the Mineral Resources Authority (MRA) to perform their mandated roles as they are competent technical advisors he will rely on.
He said the department and the ministry needs to work together as a team to ensure the industry moves forward and is consistent with the regulatory and policy framework in place for the next five years.
“We must admit that the downturn in mining activities is attributed largely to external factors, amongst others, one being the falling metal prices, which we have no control over,” he said.
Mr Tuke said he would like to see the two large mining developments in Wafi-Golpu and Frieda come on-stream, while those under exploration open during his term.
“The O’Neill government remains positive and focused on growing the economy and it is the government’s agenda to integrate new-revenue-generating measures and mining as one of the biggest export revenue earners has all the credentials.
“In my term, I would like to see investors and new players coming into the country and I’m sure our existing regulatory and policy framework provides the incentives which are economically sound and conducive,” he said.
Mr Tuke reiterated that the country has huge potential in the extractive industry. He said having world’s renowned mining companies operating in the country is a show of confidence in the country for existing and new players.
He appealed that all mining companies discharge their community obligations through the various benefit packages as he will ensure to conclude any Benefit Sharing Agreement that are being reviewed.