The 2013 Mining Seminar began today with bleak news thatthe sector is facing a downturn caused by global GDP decline. ANZ Bank forcasts thatthe global GDP is likely to see slight growth inthe second half of 2014.
Chamber of Mines & Petroleum Senior Vice PresidentoPeter Aitsi, saidthe mining sector must be supported during this time.
Withthe seminartheme, “Facing New Challenges”, Mining Minister, Beron Chan, saidthe government is aware of issues facingthe mining industry and has taken steps to rectify mistakes made inthe pastoand ensure issues are addressed withinthe term ofthe government.
One ofthe main changes isthe review ofthe Mineral Policy that’s ongoing withthe Department of Mineral Policy and Geohazards Management.
With a vision to have a globally competitive mineral policy and legislative framework, as well as a state ofthe art geohazards management system,the legislation review is expected to conclude next year.
The enactment ofthe revised Mining Act is an integral part of supportingthe mining industry in PNG in this time of volatility.
According to ANZ’s forecastoLNG isthe big game changer. Although Gold revenue will remain constant,the big boom in mining will come from Copper.
Betthe growth in mining in PNG will depend on how it can out-compete ther nations ofthe world for international capital investment flows.
A survey of resource investors rankePNG 73rd inthe world, but interestingly, when asked howthey’d rankthe survey ifthere were no land-use restrictions and best practice around policy settingsPNG ranked 3rd, behind Mongolia and Canada.
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