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Port Moresby
December 10, 2019
Business News

More Work To Improve Benefits From Extractive Industry


by Jack Lapauve Jr – EM TV, Port Moresby

There is more work to be done to improve benefits from the extractive industries to affected communities, and to the national budget.

This was highlighted at the closing of the 2nd World Bank Technical Assistance project for PNG’s Mining Sector.

The objective of the project is to improve benefits derived from the extractive industries so affected communities are not left out and proper procedures are followed including revenues to the national purse.

The project was implemented in four components:

  1. Strengthening the policy and regulatory frameworks for mining sector by the Department of Mineral Policy & Geohazards Management (DMPGM),
  2. Strengthening the mining sector governance, regulation, and sustainable development outcomes by the Mineral National Newss Authority (MRA),
  3. Improving revenue collection and audits of the sector by the Internal Revenue Commission (IRC) and,
  4. Strengthening the foundation for a conflict-free mining sector in Bougainville by the Autonomous Bougainville Government Department of Mineral Energy and National Newss (ABG DoMER).

Deputy Secretary for the DMPGM, Harry Kore, says there is still outstanding priority projects that need to be completed. This includes Review of Mining Act 1977, Mining Safety and Mining Regulation.

MRA Managing Director, Philip Samar, said the government expects to write to the World Bank requesting a similar kind of assistance.

IRC is also being challenged to build its capacity to audit mining companies operating in PNG.

https://youtube.com/watch?v=r9vw3DMSV8A%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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