Kenny X.Beangke Keaike’s Post

A company with AUD$220,662.00 of capital to run national Gold refinery in a country, that’s a big joke. Firstly, this company has no money, it’s definitely a scam. A gold refinery business should be a multibillion dollar business investment, how can a $200,000 dollar company run the country’s biggest refinery with that money. It’s a scam. People of PNG are not fools that can easily be bought and sold with price of a candy. Those days are over, if they are serious in investing in the country let them show their true potential with their money. Small foreign companies coming in to feed on the country’s wealth and suck us dry without any real investment. This deal is definitely a SCAM. Those politicians who are trying to aid this company to get the deal done should not be fooled unless they are affiliates of this company. Secondly, they have not been in the business of trading gold or refining gold for some time, how can this new company with no background in gold business and even with not enough capital to run this national gold refinery in the country. That’s just insane. Gold is the foundation of the country’s economy value and if it’s sold off to cheap investors then we are selling off our country’s biggest assets to the foreign company. Politicians don’t own this country, they’re just custodians who are elected representatives of people to serve the interests of the people and not their own. This country belongs to 10 million people and not few politicians. This deal is not worth anything and it must be stopped immediately. Stop it already…

Seems that this is being pushed for personal gain, like many others, PNG LNG, Connect PNG, and more...Government has been misleading people with biased rhetoric about the benefits, drawing attention away from things that matter more... Was due process followed? Provide the evidence. There are standards and values that must never play second fiddle to ego and pride of national leaders, bodies or political parties. Did you give the opposition sufficient time to review and rebut? Did you take heed of their concerns and those of citizens, and provided relevant answers? Which relevant state institutions were involved? If any... Was there Total Accountability and Transparency in this bill, agreement? Where is the document for us all to peruse, it is a State Entity, and every citizen has the right to question and to be privy to the agreement details. Stop this nonsense. Do things properly, have proper inputs, and debates. Word on the grapevine is there are tax exemptions for the lifetime of the project agreement, no corporate taxes, no laws to oversee. And who are the shareholders.? Rumor also that we might not be able to ever change it when it becomes law. Are these rumors true??? If there is an inch of truth in the rumors, I wonder what type of a democracy exists in PNG...

still trying to understand those terms and percentage mentioned.

Apart from the Project and Shareholders Agreement (yet to be made public), these are some of the core reasons why the Members of Parliament need to think twice before passing the National Gold Corporation Bill 2022 this month. More consultations are definitely required. #ProjectAndShareholdersAgreement #NationalGoldCorporationBill #NotToBePassedInMay2024 #MoreConsultationsRequired

Significant Progress on Tulu Kapi Gold Project US$320 million Finance Package KEFI Gold and Copper PLC (AIM: KEFI), an early mover and successful explorer in the highly prospective Arabian Nubian Shield, is pleased to announce that it has received confirmation of conditional final credit committee approval from the lead lender for its “shovel-ready” #Ethiopian development project, the high-grade Tulu Kapi Gold Project. This followed the analogous approvals from other key syndicate members including lead #contractors and lead #equity parties, and the previously reported actions by the Government of Ethiopia during 2023. Key Government actions include the previously negotiated and reported exemptions from #foreignexchange restrictions, commitments to provide permanent #security protection and the approval of additional protections for the lenders for the Project. Read more here: https://lnkd.in/e_aukw_7 #KEFI #Gold #Copper #TuluKapi

Who did the cost benefit analysis of this project? Where is the document for all to see and read of this benefits? How come this document which has the promise for PNG not made public? When the PNG LNG project started, this were the same sentiments shared and to date, we are yet to see the full benefits of the PNG LNG? Such big deals need to involve state enterprises, who have the knowledge pool, but, to date, i have not seen any state institution being involved in this, and supporting this. Who is doing most of the work for the Government to give them this figures? Who is behind the Government to negotiate the benefits to the state, when state institutions are not involved? Please lets get some clarity from the the big number guys. -Boniface Aipi

SOME CONCERNS REGARDING THE NATIONAL GOLD CORPORATION BILL. Some concerns regarding the National Gold Corporation Bill in Papua New Guinea could include: 1. Market Distortion: A state-owned corporation might monopolize the gold market, limiting competition and potentially distorting prices, which could negatively affect both buyers and sellers. 2. Bureaucratic Challenges: The establishment of a new government entity could introduce bureaucratic inefficiencies and delays, hindering the effectiveness of the gold industry regulation and support services. 3. Risk of Corruption: State involvement in the gold industry may increase the risk of corruption, as the management of valuable resources could attract rent-seeking behavior and undermine transparency and accountability. 4. Impact on Informal Sector: Formalizing the gold industry may inadvertently marginalize small-scale miners operating in the informal sector, who may face barriers to accessing the state-owned corporation's services or comply with regulations. 5. Investor Confidence: Heavy government intervention in the gold industry could deter foreign investment and undermine investor confidence due to concerns about political interference and stability. Considering these potential drawbacks, it's essential for policymakers to carefully balance the objectives of the bill with the need to mitigate negative impacts and ensure the overall sustainability and fairness of the gold industry in Papua New Guinea.

NSW Budget 2024-25 📊 The NSW Treasurer announced a projected deficit of $3.6 billion for 2024-25, stating the main contributors as changes to GST allocations, weaker payroll tax and higher depreciation and interest costs. With few highlights for the exploration and mining sector, the commitment to spend $37.7 million to support regional communities and protect workers in the mining sector is welcomed by AMEC. However, there was an opportunity missed to actively nurture a growing critical minerals sector. Aside from the regional communities initiative, there is little in the budget that meets industry requests. This includes continued silence on a long-awaited Critical Minerals Strategy. AMEC Chief Executive Warren Pearce said, “More support for exploration would help NSW diversify and grow their economy. With the discovery of new mineral deposits that progress to productive and operational mines, the Government would see a significant increase in jobs, investment and government revenues.” AMEC will continue to advocate to promote NSW and the mineral and exploration industry.

The Gold Bullion Corporation  - PNG Government should establish and register to own a gold mint refinery company to convert gold into purified gold mint for storage and export .... - This should come under complete control and jurisdiction of a state own enterprises business arm of Kumul Mineral Holdings Ltd Company which is identified to be  managed by KCHL and State Own Enterprise Ministry... - Where does this leave us to wonder why have a Gold Mint Refinery Company when you can easily register and establish this business arm under the existing State Own Enterprise - PNG Mineral Holdings company already in operating in the country.. - This business arm to process, store and export purified gold mint should be regulated and legislated  by existing current BPNG which is already operating in the country...... - This Foreign Direct Investment project .......should be financed under BOOT Public Private Partnership Deal where Landowners, State Government, local level government and investor and developer should become shareholders and partners .....align to Public Private Partnership Act 2014.... - It's a duplication of existing BPNG and Kumul Mineral Holdings Ltd Company responsibilities, business and operations.......in the country  - let's revisit, review and identify gaps in the Gold Bullion Policy align to our existing current State Government policies and laws to ensure we are not duplicating and making it complex not to benefit PNGs future social economic growth and development 

South Sudan’s Minister of Finance and Planning Hon. Marial Dongrin Ater presented South Sudan’s 2024/25 budget under the theme “To Accelerate Economic Recovery through Improving Livelihoods, Sustaining Peace, and Investing in Critical Social Services and Agriculture.” In a strategic move to boost the mining industry and diversify the economy, the Ministry has allocated a record SSP 75 billion to the Ministry of Mining in the 2024/25 fiscal budget. This shift comes amid a decline in oil production due to ongoing conflict in Sudan. After years of underfunding, this budget represents a significant step forward for the Ministry of Mining, which has long advocated for increased investment to realize the country's untapped mineral potential. #SSMJ #EconomicRecovery #Budget2024_25 https://lnkd.in/dMBk3b2i