Mining Minister Byron Chan

Mining Minister Byron Chan said this during the MOA signing ceremony last week.

Chan announced that the Government has committed K3.7 million in infrastructure projects towards the mine affected area, with K1.5 million earmarked for the access road.

“We open up the road to allow the industrious people of Goilala to bring their produce to market, their mothers and fathers to work, their sick to the hospitals, and their children to schools – that is development at its best,” said Chan.

Mining Minister, Byron Chan, said this during the signing of the revised mining project Memorandum of Understanding (MoA) for Ok Tedi.

Chan, however, said this figure will exceed once Wafi and Frieda come into production in five years’ time.

“I have been working closely with the government team to approve these MOAs that have been completed for existing mines and new mines and for the State’s commitments, amounting to K155 million over the next 5 years under each of the MOAs,” he said.

Mining Minister Byron Chan revealed this during last month’s PNG Mining and Petroleum Conference in Sydney, Australia.

According to Business Advantage PNG, Chan says investor interest remains strong despite low commodity and mineral prices given the number of applications for tenements during the last nine months of 2016.

“It is reason to be optimistic about the mineral sector. Over the last nine months of 2016, we have had a total of 560 applications for tenements.

Speaking to Business Advantage PNG, Chan says the amendments are complete, however, there are contentious issue that still needed to be deliberated on.

“Those amendments are there ready for any government to enforce, or to take up. I suppose you have to have the will to do it.

“There are some issues there that are maybe a bit controversial. It is to do with equity, and the compulsory acquisition increase (in) governments’ equity over the next 25 years of the mine life.