PNG Extractive Industry Transparency Initiative

The launching is regarded as a highlight for PNG as the country moves towards being validated as an EITI compliant member.

The reports were launched by Deputy Prime Minister, Charles Abel.

The 2015 and 2016 PNG EITI Reports are the third and fourth reports to be produced under the NG EITI Secretariat.

Secretariat Head, Lucas Alkan, said this was an achievement in itself and will be a factor in PNG being awarded compliant status or not.

This is highlighted in the PNG Extractive Industry Transparency Initiative (EITI) latest report of the industry.

According to the report, total value of mineral exports from PNG mines for 2014 was K17, 522.5 million comprising 84.18 percent of total export value.

Overall the mining and petroleum sector contributed 12.7 per cent of government revenue in 2014 compared with 7.5 per cent in 2013.

The report states this increase correlated with the commencement of the PNG LNG Project.