Gold Bill ‘catastrophic’

Papua New Guineans have been cautioned about the proposed National Gold Corporation Bill 2022, with the PNG Chamber of Resources and Energy describing it as "catastrophic ".

The record, 506-page bill which has sparked outrage and concerns among the public if passed will see the creation of a National Gold Corporation, national Gold Bank and national Gold mint to be majority owned by a Singaporean company and effectively take away the powers of the Central Bank, the Mineral Resources Authority and police among other key entities.

In a bid to provide more awareness on the proposed bill and its various negative impacts, PNG Core held an information session yesterday- Thursday in Port Moresby.

President Anthony Smare told NBC News, besides having detrimental effects on the economy, the Gold industry, inflation and foreing exchange among others - it will override and conflict with 26 other pieces of legislation.

Smare says, despite all of this - there has never been any public consultation on the proposed bill.

Prime Minister James Marape reportedly promised consultations with key stakeholders and the industry in 2021, and a parliamentary committee set up to look into the proposed bill - however nothing has eventuated to date.

Smare queries government advise

Meantime, the PNG Chamber of Resources and Energy has questioned state agencies responsible for providing adequate, legal, and sound advice to the government when dealing with important legislations like the National Gold Corporation Bill 2022.

President Anthony Smare says how could these agencies allow government to enter into and sign such agreements which then end up as legislation.

He says it's very important state agencies review and give appropriate feedback to Government on this proposed bill.

Smare believes leaders have been misled and ill-advised.