PNG Boasts World-Leading Gold Monitoring Regime, Says Industry Body
The Papua New Guinea Chamber of Mines and Petroleum (PNG CORE) has declared the country's gold production monitoring system to be one of the most robust in the world.
President Anthony Smaré expressed pride in PNG's current regime, highlighting the rigorous standards and comprehensive oversight employed by government agencies. He emphasized that all operating mines in PNG fully comply with these reporting and scrutiny measures, surpassing the regulations found in Australia, Canada, and the United States.
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| Photo my MiningWatch |
Transparency and accountability are ensured through the involvement of multiple government bodies, including the Mineral Resources Authority, Bank of Papua New Guinea, Internal Revenue Commission, PNG Customs, and PNGEITI.
Gold mines submit detailed monthly reports, and every export shipment undergoes a multi-step clearance process involving tax authorities and the central bank. PNG Customs verifies consignment details before any gold leaves the country.
Since 2020, the Mineral Resources Authority has implemented a real-time digital platform that provides constant updates on mineral data and mining operations.
"Australia, Canada, and the US simply don't have this level of supervision," Mr. Smaré pointed out.
The industry contributes significantly to fund this robust oversight, paying over K50 million annually to the Mineral Resources Authority.
Beyond government scrutiny, independent verification is conducted by third-party professional service providers, ensuring the accuracy of gold quality and quantity. Additionally, PNG's gold producers are legally obligated to submit audited reports on production and finances to stock markets and regulatory bodies in countries like Australia, Canada, the US, and China. Misreporting carries significant legal consequences in those jurisdictions.
PNG CORE recently addressed unfounded accusations of gold theft and malpractice leveled against the mining industry. They formally requested Prime Minister Marape to demand evidence from those making such claims.
"The industry is deeply troubled by these baseless allegations," Mr. Smaré stated. "If there's any proof of misconduct, it should be presented for legal action. In the absence of evidence, such accusations are a dangerous narrative aimed at promoting flawed proposals like the National Gold Corporation, which could harm the country."
PNG CORE reaffirmed its commitment to collaboration with the government and stakeholders to address concerns and maintain the highest standards of integrity and accuracy in gold production reporting.
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