PNG to Set Up First Gold Refinery and Mint Project

SEATTLE (Scrap Monster): The Papua New Guinea (PNG) government has entered into an agreement with Refinery Holding to set up the country’s first Gold Refinery and Mint Project. With the 50:50 joint venture project between the State and Refinery Holding in operation, PNG aims to have all gold from the country smelted by 2025.

The State was represented by Dairi Vele, the Secretary for Treasury in the agreement signing ceremony. Michael Boyd, Chairman and James Scobie, Managing Director represented the developer company. The ceremony took place in presence of James Marape, Prime Minister, PNG.

RELATED NEWS:

LBMA Freezed Accreditation of Kyrgyz Gold Refinery

Cambodia On its Way to Become a Gold Producing Nation

Commenting on the landmark agreement, Marape noted that it is in line with the government’s ‘Take Back PNG’ policy. It will help PNG to be recognized as a major gold producer and miner, thus putting it on the world gold map, he added. Furthermore, he applauded the parties for successful completion of negotiations to reach a final settlement towards establishment of the prestigious project.

The refinery is expected to create significant social and economic benefits. It plans to launch more refineries in future.

The project will establish a National Gold Refinery, National Mint, National Gold Bank and National Gold to provide refining, minting, banking and marketing services respectively for gold and other precious metals.