The Papua New Guinea Chamber of Resources & (PNG CORE) reaffirms its dedication to transparent resource governance by actively participating in the Extractive Industries Transparency Initiative (EITI) process.
EITI serves as a crucial mechanism for enhancing accountability and promoting responsible management of natural resources worldwide.
PNG CORE recognizes the importance of Multi-Stakeholder Group (MSG) in driving forward the EITI process.
Comprising representatives from government, industry, and civil society, MSGs promote inclusive decision-making and facilitate dialogue to enhance transparency and accountability in the extractive sector. PNGEITI MSG - Government Agencies include the following: Department of Treasury, Department of Finance, Department of Petroleum and Energy, National Planning and Monitoring, Prime Minister & NEC, Internal Revenue Commission and Mineral Resources Authority to name a few.
In line with EITI objectives, CORE and its member organizations are committed to:
- Transparent Reporting: Providing accurate and comprehensive data on production figures, revenue flows, payments, and contracts related to the extractive industries. Transparent reporting ensures that stakeholders have access to reliable information to make informed decisions and hold stakeholders accountable e.g. Mining production and export data is captured in the report for all reporting entities in PNG.
- Tax Transparency: Disclosing taxes, royalties, and other payments made to the government, thereby enhancing fiscal transparency and accountability. Transparent reporting on taxes paid ensures that the public can scrutinize government revenue from the extractive sector and hold authorities accountable for their management e.g., Government entities in the scope of reporting include Mineral Resources Authority who are responsible for collecting Production levy, Royalties and Licence fees, meanwhile Department of Petroleum and Energy is responsible for collecting Development levy, Royalties and License fees.
CORE recognizes that transparent resource governance is essential for promoting sustainable development and fostering trust among stakeholders. By actively participating in the EITI process and embracing transparent reporting practices, we demonstrate our commitment to responsible resource management and good governance in Papua New Guinea's extractive industries.
