The National Gold Refinery and Mint Project Agreement is a landmark agreement for the country and is also a major achievement in the implementation of the government's take back PNG policy.
Prime Minister James Marape made these remarks during the signing of the agreement at the Government House recently.
James Marape says the project will also put PNG on the world gold map as a gold-producing country.
The National Gold Refinery project will establish, for the first time, a downstream processing and value-adding industry for gold, which is one of the country's most valuable natural resource exports.
According to Prime Minister, the project will put PNG on the world gold map, so it is rightfully recognized in both gold mining and gold refining industries, and in global precious metals and financial markets, as one of the world's most important gold-producing countries.
Mr Marape pointed out that downstream processing of natural resources in PNG, including gold, fisheries and forestry, is the key to economic future and employment opportunities for citizens and the government.
This project has been discussed for so many years and will ensure all gold produced are accounted for and exported out finish products for companies and individuals who are in the gold industry.
Marape says for the first time, all profits, taxes, new US dollar foreign exchange inflows, employment and related benefits from the refining of gold and precious metals will remain in PNG.
Under this project, the State is an equal 50:50 joint venture equity partner, where 30 per cent of the State’s interest will be passed to local alluvial miners and landowner companies.
Meantime, the project is expected to generate US 800 million dollars or around K2.7 billion over the first 15 years of operations.
NBC News / Pacific Mining Watch
Next : Porgera Mining Jobs : Superintendent - Fixed Plant Maintenance