Resource Sector

PNG EITI and JICA sign technical capacity building deal

The PNG Extractive Industries Transparency Initiative (PNGEITI) and the Japan International Cooperation Agency (JICA) will today sign minutes for the ‘Improving Resource Related Revenue Project.’

The project will allow JICA to assist PNG EITI strengthen its fiscal reporting.

The PNG EITI is a PNG Government initiative established in 2013 to promote accountability and transparency of revenue received from the country’s mining and oil and gas sector.

Aopi describes Resource sector as ‘roller coaster’

President of the PNG Chamber of Mines and Petroleum, Gerea Aopi, says this follows falling commodity prices, natural disasters as well as reforms to the sector.

“PNG has been impacted by the El Nino and the fluctuating commodity prices, as for the resource sector, we have faced a level of uncertainty due to the various reforms underway. Some of these include proposed changes to the Mining Act and the recent tax measures announced as part of the government budget process.