PNGEITI Report set for release

The PNG Extractive Industries Transparency Initiative (PNGEITI) will be publishing its second report this month detailing the payments made by extractive companies and revenues received by the government during the financial year 2014.

The report was set for publication at the end of last year, however it was delayed due to some key revenue and production data not being made available on time.

Head of the National Secretariat Lucas Alkan said the independent auditor (Ernst & Young) is now finalising the outstanding data obtained from a couple of key reporting entities.

“The independent auditor has collated the financial data and reconciled any discrepancies arising from the figures provided by government agencies and companies,” said Alkan.

“Any discrepancies that cannot be reconciled will be highlighted in the report for citizens to review and ask critical questions to the Government and companies. This is the whole purpose of EITI.

“The report also contains recommendations for the PNGEITI Multi-Stakeholder Group (MSG) to address issues identified through the EITI process.

“While some of the major recommendations highlighted in the first report (the 2014 report) are yet to be implemented by the Government, it is expected that the same recommendations will be highlighted with new issues in the 2015 Report.

“The extractor sector is an important sector and therefore implementation of EITI recommendations is important to improving the management of extractive revenues and regulation of the sector as a whole,” Alkan said.

The PNGETI 2014 Report can be accessed on the PNGEITI website www.pngeiti.org.

(Newcrest mine at Lihir, New Ireland Province. Picture: Bloomberg)

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Press release