PAPUA NEW GUINEA PLANS RESOURCES INVESTMENT AGENCY
The Papua New Guinea Government
will establish a public corporation to invest in resources
projects, Minerals and Energy Minister John Kaputin said.
    "We intend to provide a means through which less privileged
individuals can become part owners and beneficiaries from the
development of mining and petroleum projects," he told
Parliament.
    Existing policy allowing the state up to 30 pct equity in
major mining projects and 22.5 pct in oil and gas projects
would be maintained, he said. The planned agency could take
over the state's equity in current developments.
    Kaputin said Papua New Guinea was experiencing a boom with
exploration companies spending about 60 mln kina annually on
about 150 mining and 23 petroleum projects.
    "The Government is determined to ensure that Papua New
Guinean ownership in minerals and petroleum projects increases
in an orderly way," he said.
    Kaputin did not say when the corporation would be
established or exactly what form it would take, but said the
government would study whether it should be directly involved
in exploration or development.
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