Taylor Mark’s Post

The Marape Government has recently taken a significant step back on the potential implementation of the National Gold Corporation Bill 2023 (Bill). In our latest insight, we break down what the Bill is, and what the implications would be from a legal and economic landscape in Papua New Guinea if the Bill were to be implemented: https://lnkd.in/gDzpnj4b   #pnglegalupdates #goldreform #pngreform #pacificislands #PNG

Concerns Raised Over the National Gold Corporation Bill 2024 in Papua New Guinea The proposed National Gold Corporation Bill 2024 in Papua New Guinea (PNG) is facing opposition from stakeholders and the public. They raise concerns about limiting the Central Bank's powers, foreign ownership of crucial entities, lack of requirement for a gold refinery, potential impact on existing and future mines, excessive powers granted to new entities, lack of transparency and accountability, and an unprecedented state guarantee for foreign-owned entities. The PNG Chamber of Resource and Energy, PNG Law Society among others have expressed these issues. Despite criticism, the bill has been read in parliament and could be passed this year. Critics argue that there has been inadequate consultation with stakeholders including potential investors and the public. To read more. You can buy our quick report online or be a member of leafsplash.com https://lnkd.in/gK2Qp284

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.

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

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.

The revamped National Gold Purchase programme is a welcome move to diversify Nigeria's revenue streams and shore up foreign reserves. However, the government must ensure that the programme is implemented with transparency, accountability, and environmental sustainability, lest it perpetuate the resource curse and exacerbate social inequalities. #NigeriaGovt #NigeriaEconomy #NationalRevenue #GoldPurchaseProgramme #SustainableDevelopment #EconomicGovernance https://lnkd.in/eCiR9449

#Features: This commentary is prompted by the front-page article of the Post Courier (Thursday 28 March 2024) titled: “Draconian Bill on Gold Bullion – PNG Chamber of Resources and Energy say the Bill if passed will have serious ramifications on the country”. Read more here: (https://lnkd.in/gctBwevx)

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.....