Prime Minister James Marape and his government in the right Direction for Economic Independence.
By Anderson Aju (PNG Mines and Petroleum Forum WhatsApp Group) | 27 November 2020.
The Pangu-led Government under the captaincy of JMPM will table a proposed new Organic Law to change Mining and Petroleum Laws from Tax/Royalty Regime to Product Sharing or PSR. Under the PSR, PNG will own 100% ownership of all mining and Petroleum resources.
Resources Developers will be asked to come with money and invest. Investors will be given the opportunity to recoup their costs in the first instance. After a recovery period, Product Sharing kicks in.
So Under PSR, PNG takes 100% ownership of our mining and Petroleum resources, there’s no need to surrender ownership of the resources we always owned, no need to borrow and buy equity into resources we already owned, and we will take our share of product (gold or oil) after the cost recovery period.
Under PSR, PNG will not need to borrow. Our resources will pay for our share. Why should we pay equity again for the very resources we owned time immemorial?
Under the current Tax/Royalty Regime, we surrender to developers 100% ownership at the grant of lease of the license, we pay them what they called “Sunk Cost”, and we go borrow again to buy equity.
JMPM when got elected in 2019 as 8th PM of PNG, he promised to TAKEBACKPNG, Make PNG Black Christian Nation, and Promised to Give Economic Independence.
Now, Let’s take a close look at what he has done thus far. You make draw your own conclusions but in my view, I observe the following notable changes;
1. Minor but significant amendments to the Mining Act and Oil and Gas Act,
2. Passed ICAC Bill which two governments were so scared to pass it.
3. Passed Whistle Blowers Act.
4. Declared PNG a Christian Nation.
5. Rejected to Renew Lease for Barrick over Porgera.
6. Rejected bullying tactics by Exxon over Pnyang.
7. Renegotiated Papua LNG Agreement with significant gain.
8. Renegotiating Wafi-Golpu deal for more gain.
9. Now, Organic Law and rewriting the history of PNG as PNG turns 50 years of independence by 2025 having depleted what we call “an island of gold floating on a sea of oil “.
Before it’s too late, a true son of PNG has stood up against all odds and said ENOUGH IS ENOUGH.
JMPM said no to Barrick knowing very well how his Engan Hela brothers were robbed. JMPM refuses Exxon’s bullying tactics to get Pnyang.
He renegotiated Wafi Golfu with Governor Sauno. More reforms are expected to take back our forestry, our marine, and most importantly our people by encouraging them to work the land under the slogan, PANGU GOING RURAL.
Over 80% of our people are illiterate and can be easily manipulated by corporate greed. They preach through media and fool politicians and lazy educated fools to get rid of JMPM. Assess, analyze, and think before being emotional and drawing conclusions.
Before it’s too late, PNG needs to stand behind JMPM and Pangu. Don’t listen to cowards like Peter O’Neill and his foreign advisors who care about quick bulks for today.
Why should PNG go beg for loans from China, Australia, IMF, WB, ADB, etc. for development when we have everything from gold to oil to fisheries to the forest to land, etc.? Why are we so rich yet so poor?
JMPM rightly said, “if not us, who? If not now when? Today is the golden opportunity PNG has to change for a brighter future. Yes, there’ll be short term pain but it’s for long term gain.
Our oil and gas and our gold will remain in our soils. Let’s not be fooled. We stand behind JMPM and Pangu. Pangu gave political independence to PNG in 2075 and Pangu under JMPM is setting the foundation to gain economic independence.
Today, JMPM launched the K20B project called “CONNECT PNG 2020-2040”. He wants to see the entire country connected by roads with cheap electricity and communication facilities.
He wants to introduce CONNECT PNG BILL to make it compulsory for any future governments to allocate K1b every year for 20 years to achieve that ambitious plan. He called on all Development partners to subscribe to his Connect PNG policy that will unleash the full potential we have throughout the country.
All we need to do is stop listening to rubbish media war against JMPM and Pangu-led Government that is determined to TAKEBACKPNG, our resources, and our economy.