Challenges and Concerns Surrounding the Proposed Gold Refinery in PNG: A Call for Ownership, Fairness, and Transparency by Justin Parker
 |
| 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 years at their discretion, this is madness.
All our small hard hard-working Alluvial miners will be forced to sell to one foreign company, meaning they pay whatever price they want to make sure they remain profitable, this is the cost our small-scale miners will pay, this is stealing food from the plate of our struggling hard-working miners and feeding the foreigners, just like in the earlier days, where our ancestors were given laplaps and axes to mine our gold and put it on their plane to take overseas to build their empire, this time we are repeating the same with this bill tiring the hands of our people, this will take food out of their family table and giving it to foreigners by law. Only fair competition will see more food left on the table for our simple hard-working grassroots miners.
3. TAX CONCESSION
Why would you give a foreign company a monopoly and then give them a corporate tax break of more the 72% at a time when the country needs more money to cover the ballooning loans and FX issues?
4. UNDERWRITING THE PROJECTS.
Why would PNG underwrite(take liability)this project, owned and run by foreigners? PNG will pay them if they fail including paying owners any gold they mismanage up to K8 billion. This is madness.
5. MANAGEMENT RIGHTS.
They will be given management rights, they will have control over the board, while PNG underwrites their failures.
6. TAKE AWAY CONTROL OF MONETARY FROM CENTRAL BANK
This will give the foreigners control of our currencies away from the Central Bank.
Foreigners dictating our monetary system.
7. GOLD POLICE
the bill creates a separate police unit to be controlled by these foreigners to control and run to protect their monopoly and interest.
8. PROTECTION BY LAW FOR THE LIFE OF THE PROJECT.
Why would PNG through this Bill once passed, supersede any existing laws, and there will never be any laws in the future that will overturn this bill once passed? Once this bill is passed there is no turning back.
CONCLUSION
The idea of owning a gold refinery is nothing new, PNG used to own a gold refinery and Mint 100% before called Metal Resource Operation(MRO) let's take a good look at why it failed and how we can address those issues and make it work bigger and better.
The high risk including failing Power supply and riots will only increase the operational cost including Insurance, all these added costs will be passed down to the small Alluvail miners, removing more from their plates.
PNG can right now make its own gold bullion bars, mint its own coins and have its own gold vualt at a fraction of the cost put forward by Refinery Holding of Singapore, this can all be done while PNG owns it all 100%
Refinery cost overseas is very cheap right now, you can refine your dorey bars for US$1.00/ounce you can't even refine it here for that cost.
PNG can Mint its own gold coins and Bullion bars here within a week without the Refinery Holdings, while PNG can own it 100%
I stand ready to advise and help the government achieve this project for our country, but it must be for the benefit of our alluvial miners.
I for once will never stop my fight fight against this proposed Gold Refinery and Bullion Bill until PNG owns this project 100% and our hard-working Alluvail miners keep more on their table to feed their families.
You can never pass this bill making it into law, stopping any other laws in the future to undo this bill, this is insane, you are enslaving our children for eternity, only Satan will do this to his people, no men in their right mind would do such a thing to the very people who elected them, unless they are devil possessed.
I call on all our good God fearing Members of Parliament to read through the signed Shareholder Agreement, which your own government tried to hide from you, there you will find all the details for yourself.
Justin Parker
Posts
Well laid out and presented, Mr Parker. This is complete madness if allowed to happen.
ReplyDelete