The Mineral Resources Authority has initiated an external audit of its management and disbursement of PublicInvestment Program or PIP funds for mining projects inthe country.
Underthe MRA Act 2005, MRA is responsible for administrating PIP funds relating to development projects in mining and host provinces of mining projects inthe country.
The PIP audit process commenced on Tuesday andthe initiative is to ensure transparency inthe waythe MRA “itself” has spentthese funds from 2008-2012.
Acting Managing Director Philip Samar said MRA wants to be responsible tothe government by carrying outthe audit.
“We want to be responsible to government in fully auditing in our use and application ofthese funds,” Samar said. “It is a big task but it is a task that requires to be done.”
PIP funds are allocated bythe National Government according to its commitments inthe various mining projects MoAs. The funds are allocated throughthe annual general budget allocation.
Mr. Samar said it was an oversight onthe part of MRA, thatthe PIP funds were not audited inthe last 5 years.
“There are a lot of criticisms outthere aboutthe way government is implementing its commitments in ether mining orthe petroleum MoA’s and so we want to demonstrate thatowe hearthe stakeholders concerns,” said Samar.
To commencethe auditoMRA has called for bids from auditors to carry outthe audit.
The assessment will cover all PIP projects in allthe eight mining projects inthe country. The projects are SinivitoOk Tedi, Porgera, Lihir, Ramu, Hidden Valley, Tolukuma and Simberi.
Findings and recommendations ofthe audit will be presented tothe National Planning & Monitoring Department.
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