PNG to freeze new mining, petro projects<\/p>\n
PORT MORESBY (AFP): Papua New Guinea is to put a freeze on new
\nmining and petroleum projects until legislation governing
\nresource development has been reviewed, a minister said
\nyesterday.<\/p>\n
Mining and Petroleum Minister John Kaputin made the surprise
\nannouncement at the weekend while addressing a mining exploration
\nconference in the northwestern town of Lae.<\/p>\n
Shares of Australian companies linked to mining in Papua New
\nGuinea lost ground yesterday on the back of the disclosure.<\/p>\n
Kaputin said that after the Lihir gold project in northwest
\nPapua New Guinea begins production, the government would
\ninstitute a freeze of between six and 12 months on new projects.<\/p>\n
He gave no date for the start of production at Lihir.<\/p>\n
The controversial A$1.2 billion (US$800 million) project is
\nthe subject of negotiations between the government, the
\ndeveloper, RTZ Corp PLC, and the Malaysian Mining Corp.<\/p>\n
Kaputin, who was appointed five months ago, gave no details of
\nthe moratorium proposal, saying that it still had to be worked
\non.<\/p>\n
A major area of concern was equity participation, especially
\nby the state and owners of the land on which the resources lay,
\nhe said. Other areas of concern include mining-tax regimes and
\nsmall-mining developments.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/png-to-freeze-new-mining-petro-projects-1447893297",
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"sponsor": "Okusi Associates",
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