SMALL-scale alluvial miners in Papua New Guinea are encouraged to save and be included in the formal financial system by selling gold to Metals Refining Operations under its partnership with MiBank.Managing director Hansel Maven said the company aimed to refine gold supplied by small alluvial miners and large gold projects in the country.
It recently signed an agreement with MI Bank, through the endorsement of the Bank of PNG, to buy gold from small scale miners through teller counters offered by the micro bank. “(It) allows small scale miners to open accounts with the bank and park part of their income in the account,” Maven said.
He said it was the “financial inclusion approach” for the about 200,000 small scale miners. “We have two branches in place now – in Lae and in Bulolo at the MiBank branches. We will be opening branches in Misima, Arawa, Ningerum, Wau and Vanimo.”
Trading of alluvial gold are starting at the refinery and the two branches on Sept 25.