The Papua New Guinea Government has reassured investors and stakeholders from the extractive industry that there will be no change to the current Mining Act (1992) before 2017.
Both the Prime Minister and the Minister for Mining gave the assurance during their respective presentations at the Mining & Petroleum Investment Conference in Sydney this week.
The announcements have been welcomed by the PNG Chamber of Mines and Petroleum.
In his keynote address, Prime Minister, Peter O’Neill said there would be no changes to the Mining Act prior to the 2017 National Election.
“It is 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. Any change to the Act will ensure there are equal benefits for landowners and provincial governments.”
Mining Minister, Byron Chan, also shared the same sentiments. He added that there is a need to amend the current legislation to better regulate the sector and facilitate investment. This will in turn provide a fair return to all stakeholders including the host project communities.
“I will welcome the opportunity in 2017 to further consult with all affected stakeholders, particularly the resource sector, to position ourselves as we commit to amending legislation that would serve our best interests – which is to grow the sector,” Minister Chan said.
The announcement was welcome news for many in the extractive industry.
President of the PNG Chamber of Mines and Petroleum, Gerea Aopi, said the Chamber is committed to working with the Government. The partnership will ensure PNG has a modern, internationally competitive mining legislation that will underpin a world class industry.
Mr Aopi said the Chamber is committed to working with the government in a bipartisan approach to address issues affecting the resource industry including the Mining Act.