MAY 14, 2023
Prime Minister Hon. James Marape says the landmark National Gold Bullion Policy 2023 complements his Government’s vision to fully industrialise the economy.
He said this on Friday (May 12, 2023) when launching the comprehensive policy in front of a fullhouse crowd in Port Moresby. PM Marape was accompanied by Acting Minister for Commerce and Industry, Hon. Soroi Eoe, whose department was responsible for drawing up the policy
PM Marape assured small-scale mining operators that the policy was not intended to disrupt or undermine their operations, but provide opportunities for greater benefits.
The policy provides a framework that will encourage the accumulation of the national wealth through extraction, production, storing and trading of gold.
The State’s participation in Papua New Guinea’s gold industry is only limited under the current royalty-tax regime with foreign-owned mines in PNG. The Government, therefore, is keen to rebalance the sector towards a greater public ownership of mines, undertaking explorations, engaging in mining activities, and supporting this policy for refining, minting, and trading of State-owned gold. Through this policy, the Government will provide a regulatory framework and build a vibrant domestic gold bullion ecosystem to create sustainable wealth to improve quality of life and the socio-economic status of its population.
“This policy complements my Government’s intentions to fully industrialise our economy by harvesting and adding value to our vast natural resources,” PM Marape said.
“Since the early days of gold prospecting and gold mining, our economy has grown, and so too have the challenges facing the gold industry. The National Gold Bullion Policy represents a significant step forward in the responsible and sustainable management of PNG’s gold resources. It represents a significant opportunity for us to maximise the value of our gold resources for the benefit of our people.”
PM Marape said the National Gold Bullion Policy would, among others:
- Aim to address downstream processing of core gold into bullion bars and promote the trading of the bullion bars through a transparent and accountable process in the country;
- Create a more-transparent and efficient process for the sale and export pf gold, ensuring that all gold produced in the county is refined onshore into bullion;
- Establish a competent domestic gold bullion programme to refine PNG’s high-grade gold;
- Advocate for establishment of a gold refinery that meets London Gold Bullion Standards; and
- Work towards getting more gold in PNG to be processed in the country
******