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Staff Reporter 10/04/2013 | |
International rating agency, Standard and Poors says, latest developments surrounding OK Tedi appears to be a one-off, isolated case in some respects.

Craig Michaels, Standard & Poor’s sovereign credit analyst for P-N-G, said this in an assessment, posted on its website. 

Michaels says, it would expect that mining companies are watching closely. 

He says, the decision to remove BHP Billiton’s immunity from prosecution for environmental damage, in particular, may have surprised miners a bit. 

Michaels states, the key question for the government and P-N-G, is whether this raises miners’ perception of sovereign risk in the country and whether, this has a material effect on future mining investment. 

Standard and Poors says, if that happened, it would be quite damaging for P-N-G’s economy. 

Commenting on this, Prime Minister Peter O'Neill says, Ok Tedi was a unique case and the decision by Parliament is one off, to correct a bad decision of the House in 2001.

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