Changes to resources laws in the country will be implemented after 2025.
Prime Minister James Marape says this assurance has been made to stakeholders in the mining and petroleum sectors.
The Prime Ministers revealed this when announcing the non-renewal of the Porgera Gold Mine Special Mining Lease.
Marape said the announcement of the non-renewal of the SML should not scare investors and stakeholders in the mining and petroleum sectors.
With major upcoming projects such as the Wafi-Golpu Mine, and the Papua LNG & P’nyang LNG Project, the Prime Minister reaffirmed his assurance that all decisions made by government will be done within the existing laws.
He said any changes to the law will be made post-2025.
“May you not take Porgera’s announcement as a shock to the way you will do business. Porgeras announcement comes within the context of the existing Mining Act we have in place,” said the PM.
“The other projects, especially the three projects, that I’ve named will be progressed within the ambient of the present law that we have in place.
“I’ve given my assurance to our mining industry family and our petroleum industry family that any changes to Oil and Gas Act or Mining Act will be implemented post 20205, when our nation celebrates 50 years of independence. Reforms are being worked upon, but they will be implemented post-2025.
“Today projects within the horizon, especially the four projects I’ve named and we’ve retired our handling of Porgera, we’ll be advancing towards Wafi-Golpu, P’nyang, and Papua LNG, so that our economy still has some major activities taking place, If not in 2020, then as we start 2021 and 2022, and as we start our countries life into the 2020’s.”
Marape said discussions on Wafi-Gopu will re-commence soon.
“Very soon the State at the National level will meet the Morobe Provincial Government and the Landowners to discuss what needs to be discussed amongst ourselves as we prepare to meet project developers.”
Negotiations on the P’nyang Project have also resumed after two failed attempts to reach an agreement with Exxon Mobil, on behalf of co-venturers.
“In P’nyang the State Negotiation Team is now finalizing or putting in place our final position as to how we feel the P’nyang agreement shall be shaped, and those will be sent to Exxon Mobil and to our partners in the P’nyang Project for their consideration and we hope we can come to some sort of agreement at the very earliest,” said the Prime Minister.