Steward Sengimeli’s Post

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

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...

Thank you. Finally, someone in the know speaks up. This matter needs to be taken very seriously by the government. It's an overdue task. On the hindsight, the Registered Mine Manager (RMM) is responsible for feeding the Mineral Resources Authority (MRA) with data from the export of gold overseas. MRA then relays the same data to Bank of Papua New Guinea and the Treasury Department which factors that into the annual budget and project economic forecasting for the country. Most RMMs are foreign expatriates appointed by multinational corporations (MNCs) to oversee the production and export of gold overseas. Can we rely on MNCs RMMs ? No. Because they can manipulate data on quality and quantity of gold exports overseas. The same applies to oil and gas industry, too. The government should collaborate with MNCs in appointing RMMs or RMMs should be the sole onus of the government to appoint to track and report geological data on the export of gold overseas. That is where the lifeblood of the country is. Gold is the lifeblood of any country and it should be jealously and fiercely guarded at all costs, even if it means to station military officers at the checkpoints of gold exits with arms to monitor and report data on the exports of gold overseas. Such measure will crackdown on unaccountable data on gold exports. This is an avenue to recoup lost revenue for the state in billions of kina. If executed well, it will alleviate our perpetual fiscal deficits and foreign exchange shortages in the country.

As we are approaching the delivery of the National Budget speech, here is my view on opportunities for tax reform in Tanzania: 2024/25 National Budget: My Perspective – Part 1/3 Deductibility of mineral royalty costs has been an area of dispute over the years. Last year, the Income Tax Act 2004 (ITA), was amended to make clear that royalty paid under the Mining Act is a non-deductible expenditure. The disallowance of the royalty cost results in an additional 30% cost such that if the royalty payable under the Mining Act is 6%, on disallowance, the effective cost becomes 7.8%. Since the general deduction principle is for an expenditure to be incurred wholly and exclusively for the production of income, it would be prudent that the ITA is amended to make the royalty cost a deductible expenditure because mineral royalty is a mandatory payment to the Government. #budget2024

Business News. FG inaugurates council to attract $575bn gas investments The Federal Government, on Friday, inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund, which has the target of attracting $575bn investments in the Nigerian gas sector. https://lnkd.in/dWqBDCU6 IFC sues portfolio company Africa’s Talking for rejecting acquisition offer International Financial Corporation (IFC), a member of the World Bank Group and a lead investor in Africa’s Talking (AT) 2018 $8.4 million series A round, sued its portfolio company in 2023 for rejecting an acquisition https://lnkd.in/dQprbW2c Africa imports 800% of medicines, says AFDB The President of the African Development Bank, Akinwumi Adesina has said that Africa imports between 70 per cent and 80 per cent of its medicines. https://lnkd.in/dE4S2ztz Audit report indicts NUPRC, Customs over unremitted FAAC revenue The Office of the Auditor General for the Federation (OAuGF) has indicted the Department of Petroleum Resources now Upstream Petroleum Regulatory Commission https://lnkd.in/daxKaafJ Reps demand 2024 budget review over forex crisis The House of Representatives has called for a review of the 2024 budget projections owing to the free fall of the naira in the past few months. https://lnkd.in/dep-UEmm Lydia Amobi-Offor Ola Belgore ACIArb Michael Abiodun Thomas Damilola Hassan #business #news #finance #funding #budget #investing #investor #financing #economy #import #africa #fund

PNG Gold Bullion Policy should align to Bank of PNG policy relevant to current existing state government mandatory gold market and business legislation and regulations.... For PNG Gold Bullion Corporation business and operations it should come under the full jurisdiction of existing Kumul Mineral Holdings Company managed by Kumul Consolidated Holdings Ltd Company and overseen by Ministry of State Own Enterprise office.... Or PNG Gold Bullion Corporation should be registered as a State Own Enterprise Company under the management of Kumul Consolidated Holdings Ltd Company..... The PNG Gold Bullion Corporation Project is a identified as a foreign direct investment project and................. should be financed under BOOT Foreign Direct Investment deal align to Public Private Partnership 2014 Act ..........where the shareholders and business partners should be the investor and developer together with the Landowner, local level government , national government and provincial government..... Hence , the Gold Bullion Corporation will operate for a given contracted period of time under BOOT Deal and ........once the BOOT (Build Own Operate Transfer) deal expires, ........the ownership of the project Gold Bullion Corporation comes under the full ownership of the people of PNG...... or negotiable where we acquire 51% of the shares of this foreign direct investment opportunity on our shores ..... why not let's revisit this project and review it's policies, business and operations with investment proposal status align to the required and expected necessary and relevant existing and current state government laws and policies to protect our gold market.....

Suriname's financial outlook is improving dramatically, mainly due to the anticipated impact of a major oil discovery. On July 25, 2024, TotalEnergies' CEO Patrick Pouyanne hinted at a potential $9 billion investment in deepwater drilling at Block 58, which could hold up to 700 million barrels of oil. This has caused Suriname's dollar bonds due in 2033 to rise by 3 cents on the dollar, with Barclays lowering the chance of the project not moving forward from 10% to 5%. Suriname's bonds have surged this year, returning 14.7% compared to the average 5% for other emerging markets. The yield spread over U.S. Treasury bonds has dropped by 200 basis points to 479. Foreign bonds due in 2033 have risen to 97 cents on the dollar from 83 cents. The value recovery instrument, tied to oil royalties from Block 58, has more than doubled to 85 cents and could climb another 10 to 24 cents. In addition to the oil developments, Suriname has made significant fiscal reforms, such as removing fuel subsidies and expanding VAT, reducing its central government debt from 146% of GDP in 2020 to under 90% in 2024. However, risks remain, including political uncertainty from the May 2025 presidential elections and potential social unrest due to the economic reforms. #oilboom #emergingmarkets #totalenergies #barclays #commodities #bondmarkets Source: Bloomberg

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.

The extension of the Federal Mineral Exploration Tax Credit continues to support both the Canadian Mineral Sector and Canadian Investors. This financial incentive in concert with flow through shares is an inventive for investors and supportive of green fields exploration within Canada. Additional details are available as follows below. #canadianmining #exploration #criticalminerals #drillprograms #geology Natural Resources Canada (NRCan) AME - Association for Mineral Exploration BMAC - Battery Metals Association of Canada National Mining Association Mining Association of Canada Invest in Canada | Investir au Canada National Research Council Canada / Conseil national de recherches Canada Prospectors & Developers Association of Canada (PDAC) https://lnkd.in/egE_t6y6

Flow-through shares (FTSs) are an important financing tool that enables Canadian resource companies, including those exploring for much needed critical minerals, to raise capital for exploration and development activities. In 2023 alone, nearly $1B in FTSs was raised to help develop Canada’s mineral endowment. These shares have the same attributes as common shares, and allow investors to claim a tax deduction equal to the amount invested. In turn, the company’s exploration expenses “flow through”to the investor. On top of that, FTSs can be donated to a registered charity when they vest, which produces a charitable tax credit in addition to the resource deduction. Here’s a link for more information on this investment strategy: https://lnkd.in/g7J3GCZh #flowthroughshares #mininginvestment #sustainablemineralresourcedevelopment