PNG is a renowned Mining and Petroleum country, given over 100 years of operations by ExxonMobil and Oil Search and would remain an attractive investment destination.
Prime Minister told the investors in Sydney recently.
In his discussions, he advised investors to view their investment in its entirety including diversifying their investment into exploration and tax credit schemes into social license, for the development of law and order infrastructure and services.
They also discussed the issue of incentivizing exploration and optimizing Government take and revenues to invest in downstream processing and value add of the vast non-renewable and renewable resource for export to nearby Asian and global markets.
In terms of supporting the PNG National Budget, Prime Minister Marape encouraged mining and petroleum companies to pay Capital Gains, Corporate Income Tax as well as support through Tax Credit Schemes.
In terms of Papua and P'nyang, Marape urged for synergy of these projects by the developers to ensure a reduction in capital costs. This notion was accepted by the investors.
With regard to the Wafi-Golpu Project discussions with Newcrest and Harmony Gold Joint Venture, given the advanced negotiations with the PNG State Negotiation Team, an amicable landing was anticipated.
For PASCA gas project, Marape invited the developer Twinza to convene further meetings with the PNG State Negotiating Team as early as next year to progress this equally important project.