Mining Act change will not affect resource owners in PNG: Chan - Solomon Star News

Mining Act change will not affect resource owners in PNG: Chan

02 April 2014

The proposed changes to the Mining Act 1992 will not affect Papua New Guinean resource owners and investors.

The reassurance from Mining Minister Byron Chan comes as the Mineral Policy and Geohazard Department finalises the amendments to be passed in parliament this year.
“The Mining Act’s amendments is well prepared to be received by the legislative council to advice and consent.
“Major achievements have been done in the dramatic fight to make sure this legislation will never affect Papua New Guineans or averting investors’ confidence in any capacity.
“These changes will be our strength and sovereignty by making this crucial amendment the law of our land,” Chan said.
This is in light of the recent mining review consultative forum which the minister welcomed a debate on how best to simultaneously safeguard the national Government, the mining industry and resource owners.
Chan has taken various proactive steps to advance this debate, including meeting with the members of parliaments and all stakeholders.
He also directed the Mineral Policy and Geohazard Department, the Chamber of Mines to discuss the critical issues that will change with the people and the legislations.
Minister Chan urged all stakeholders to support the amendments and move forward with an approach that appropriately takes into account the need that can best secure Papua New Guinea.
He said though gold and copper prices are low in the stock market, the industry is taking a stance to cooperate with the amendments.
Chan has asked all stakeholders to take a united stand to provide extra leadership to clear up misconceptions and implement sound mining act amendments.