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PNG PM Marape says announcement of major resource projects will be made

 Papua New Guinea Prime Minister  James Marape has  informed the business community in the country that some announcements will be made soon on majorresource projects.

He made the announcement at the 9th PNG Business Council 'Back to Business Breakfast' in Port Moresby today.

“The Government has not ignored some of our high-ticket business investments that we need to  tick off in our country," PM Marape said. 

“Some of you may be wondering what’s happening to the proposed Wafi-Golpu gold mine in Morobe Province, what's happening to the

Papua LNG project, what’s happening to the Pasca gas fields, and the Porgera gold mine restart. 

“Let me happily announce to you that these projects are progressing very well. 

"Sometime within the next two, three or four weeks, some announcements will be made in as far as the progression of these projects are concerned.

“We have given the necessary permits needed to Wafi-Golpu to get off the ground. 

" We have also ensured that the Papua LNG project has the last few instruments to be signed off soon at an occasion at the Government House next week, in which Total SA managing-director of the region will come in. 

" We are also hoping to tick off Pasca at the very earliest.

“The Porgera mine will remain and our new vision to take back more from our natural resources, will  relayed to the contractors at the very earliest. 

"We have been entering into discussions with the

contractor and the immediate past investor, Barrick Niugini Ltd.

“It is being discussed that even if Kumul Minerals goes out on a 100 per cent redevelopment of the mine, as per the Special Mine Lease (SML) that we own, we will still be looking for an investor and investment partner.

“The former investor or the recent past investor, Barrick, became our investor of choice, as long as they subscribe to the principles that our Government believes in: getting a fair share

on the returns of our resources. "

PM Marape told the business community that these were the principles of his team of 52 Loloata camp leader during the recent political standoff.

" This country has come of age and  newleaders have emerged, " he said. 

"Prime Minister James Marape can go tomorrow, but the mindset that we have to take back more for our country from our resources is now an entrenched mindset amongst our leaders.

“But, of course, within the context of respecting those investors amongst us. 

"You will make a fair share of returns on your investment based on world’s best practice, and we too will make our fair share of returns for our country - that has enough resources and cannot be forever asking for handouts.

“I believe we have enough resource base in our country, so we have to find a fair balance in getting what this country deserves, but at the same time respect our investors to make their profit margin. 

"Apologies to one of you if the delays have caused you stress.

“But trust me in this one:  resources projects that we have and are discussing, especially Pogera within the context of a lease that has expired, will make things fairer to all stakeholders." 

PM Marape said all other resources projects under discussion would be held within PNG's  legislative regimes and the goal posts would not change.

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