PNG Petroleum Minister Reports Successful Meeting with Japanese Bank Delegation

 The Papua New Guinea National Government is being urged to upgrade and reopen the Metals Refinery Operations (MRO) rather than initiating a new refinery project. This call comes from the President of the PNG Chamber of Resources and Energy (PNG CORE), Anthony Smare, who made a statement criticizing the government's proposal to establish a new refinery.

Mr. Smare highlighted that Papua New Guinea already possesses a gold refinery, a national mint, and a national bank. He argued that there is no need to engage a small Singaporean company, Refinery Holdings Propriety Limited, to replace these institutions in a deal that could potentially destabilize the PNG economy and financial system.

"PNG has its own gold refinery, the Metals Refinery Operations (MRO), which has been operating in Port Moresby for over 30 years and is entirely PNG-owned," Mr. Smare stated. He emphasized that the National Government should focus on reopening the MRO, which is owned by the Pacific Balance Fund and its shareholders, including the Mineral Resource Development Company (MRDC), Nasfund, and thousands of ordinary Papua New Guineans.

Furthermore, Mr. Smare pointed out that Kumul Minerals Holdings Limited, valued at over K8 billion, has the financial and technical capacity to construct a new gold refinery with a three-million-ounce capacity for K60 million. This new facility could be established in either Port Moresby or Lae, and feasibility studies for such a project are already underway. All that is required, according to Mr. Smare, is the backing of the government.

"If the National Government is serious about taking back PNG, it should prioritize reopening the MRO," Mr. Smare urged, highlighting the importance of leveraging existing national assets and expertise to enhance the country's economic sovereignty.

The statement from PNG CORE comes amidst growing discussions on how best to manage and develop the nation's mineral resources for the benefit of its citizens.

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PNG Petroleum Minister Reports Successful Meeting with Japanese Bank Delegation