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Marape-Steven Govt plans to process Gold in PNG

The Papua New Guinea  government says it plans to establish a Gold Bullion Bank in the country to allow downstream processing of gold.

The establishment of such a bank is an agenda of the government, and policy directives were recently issued for its development.

According to Mining Minister, Johnson Tuke, after its construction, the Gold Bullion Bank, will store and build up a stockpile of gold bullions for the future generation.

Minister Tuke told the recent Mining and Petroleum Conference that the revised Mining Act 2019, will allow for a portion of the government's share to be processed either locally or overseas.

Mr. Tuke said this government portion will then be retained in the proposed Gold Bullion Bank after processing.

He said it is a standard provision in all mining development contracts that one-third of all Gold products are to be processed and stored locally, provided that there is a refinery of international standards.

NBC News / PNG Today

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