Finance Minister Denies Cash Payments to Refinery Holdings: Clarifies Government's Position on Project Financing Summary: Finance Minister Rainbo Paita has refuted claims of any K5 million cash payments made by the government to Refinery Holdings, emphasizing that neither the current nor former government has provided any funding for the project. Paita asserted that Refinery Holdings is solely responsible for financing the Gold Project, with obligations amounting to significant sums for construction, working capital, and gold inventory financing. The Minister emphasized that the government has no obligation to contribute financially to the project, as outlined in the project terms agreed upon with Refinery Holdings.   Paita Says No Cash Paid To Company Post Courier 22 March 2024 FINANCE Minister Rainbo Paita has defended that there has not been any funding or K5 million cash paid by the government to the Refinery Holdings to date. Paita said the government, including the former O’...

Justin Parker Challenges and Concerns Surrounding the Proposed Gold Refinery in PNG: A Call for Ownership, Fairness, and Transparency  by Justin Parker There is nothing wrong with the gold refinery being built in PNG, that is something that we can do by the government and businesses. The problems are as follows. 1. OWNERSHIP PNG can build and own this refinery 100%. PNG has spent more money on failed ventures like the Seabed Mining and so many others, the refinery is easily affordable by PNG. Why are we giving foreigners 70% and owning 30%, don't sugar coat the 50/50, there is no 50/50 PNG has the option to buy an additional 20% at market price in the future, do you know how much that will be? It's going to be in the billions of $$.  With the option to buy the rest of the shares 50% down the line costing billions of $.  2. EXCLUSIVITY  Why in the world would you give exclusivity to a foreign-owned company?  They get 60 60-year of free run and renewal every 30 ye...

The Endless Battle: Fighting Corruption in Papua New Guinea THE WAR AGAINST CORRUPTION NEVER ENDS. by John Endemongo Kua The Israeli - Palestine conflict is probably the most documented case of human wickedness over thousands of years.  The story of David vs Goliath has ironically twisted in favour of the Philistines with two despicable and ugly characters who live miles apart and yet fight a war against humanity that is unforgiving by the entire human race.  At the present moment there are two people that we want to gun down on sight and they are Joe Biden the president of the United States of America and Benjamin Netanyahu who is the prime minister of Israel.  If Adolf Hitler was hated for sending 6 million jews to the gas chambers in Auschwitz and Treblinka in an act of rage and madness in the second world war both Joe Biden and Benjamin Netanyahu are wanted criminals for the death of innocent man, women and children who have been been bombed into dust mercilessly by t...

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IMF and World Bank Pressure on PNG Government: A Call for Strong Governance and Economic Reform by Samson Komati. Why is World Bank (WB) and International Monetary Fund (IMF) exerting pressure on PNG Government on to executive their conditions? It’s their modus operandi worldwide.  They give loans and demand reforms in government and get repaid their loan principals with interests. Is it the world of IMF and WB to fix PNG economy? No!  They have no track record of changing a poor country to become middle income or advanced country ever in world history. They are lenders alerting their monies with PNG.  They lent us K3.2 million which we could have generated from Porgera Gold Mine had the Prime Minister didn’t force the closure of the operating profitable mine.  PNG missed K5 Billion revenue to State coffers last 4 years because of one stupid decision to close it for some idea that we will own Porgera outright.  Some political decision by one or two greedy selfis...

Insights on the Gold Bullion in Papua New Guinea: Dr. Clement Waine's Perspective  From Dr Clement Wane PhD (Not Dr John Kuimb, Allan Bird or Justin Parker) Dr Clement Waine. My Views on the Gold Bullion Bill: These are my own views without reading the profiles of any of the companies involved, the draft bill, or the arguments (for and against) surrounding the bill. 1. PNG owned 22.5% of Lihir and 22.5% of Porgera and Mekere sold them in 2001. 2. Consequently, for the last 22yrs, the State of PNG had no recourse to the revenue of the sale of gold or the actual productions (i.e. gold bars); 3. ⁠We sold our interests in Lihir and Porgera for pittance (that’s a different discussion if you folks want to have it!) 4. ⁠For 2022 years PNGeans were happy! 5. ⁠Nobody complained! 6. ⁠The Lihir and Porgera mines are very lucrative gold mines in the world and Barrick and Newcrest had a field day over these mines in the last 22 years and nobody claimed their gold productions were PNG’s assets!...