Compliance to policies, mining laws and upholding ethical values have been the corner-stone of the Mineral Resources Authority’s (MRA) delivery of regulatory services to the country’s mining industry and government, said the MRA’s Managing Director Jerry Garry.
Mr Garry was speaking during the hand-over, take-over ceremony of the Mining Ministry between the former Minister for Mining, (now Minister for Transport) Hon. Wake Goi, and the new Minister for Mining Hon. Rainbo Paita at the Hilton Hotel in Port Moresby.
The event was attended by the Regional Member (Governor) for West New Britain Hon Sasindran Muthuvel, Member of Parliament (MP) for Samarai-Murua Open Hon Isi Henry Leonard , MP for Menyamya Open Hon Solen Loifa, Secretary for the Department of Mineral Policy & Geohazards Management (DMPGM) Harry Kore, PNG Chamber of Resources & Energy (PNGCORE) executives, and staff of MRA the DMPGM.
Mr Garry said: “At MRA, we hold the values of integrity which is the quality of trust within us and incorruptibility or the practice of being honest and truthful.”
He said this shows uncompromising adherence to strong and ethical principles and values, and respect for our own legal processes at all times in our service to our nation and clients.
“For without our integrity, we will lose our face as the regulator, and promoter of the largest industry in this country under our custody.”
Mr Garry said the PNG hosts some of the world’s biggest players in the mining business in the likes of Newmont, Barrick, Newcrest and Harmony. These companies have very high business standards and conduct stringent due diligence and selective criteria for investment decision in any jurisdiction in the world.
He said these companies’ presence in the country is a testament and salutation of the confidence in our laws and processes, the stable and transparent jurisdiction we have, which the companies consider when making investment decisions involving billions of dollars.
The MD said for investors to have trust and confidence in our jurisdiction, it is incumbent not only on the policies of the government and the Mining Minister, Director of mining, Secretary and or officers of the State, but also on our collective efforts to protect and uphold the integrity of laws and policies and the established processes.
“I can never emphasize enough the importance of the mining industry in PNG. It is the largest and complex industry in the country which accounts for 45% of the country’s export value annually since 2014.
In 2024, the total mining export revenue reached unprecedented highs of K19 Billion including, K4 billion (̃20%) from 3 medium scale mines, K0.5 million from alluvial gold sector.
This year we are expecting K30 billion total export value, subject to gold price above US$3,000 per ounce, low PGK exchange rate and attainment of full production at Porgera mine.
