State Revenue Does Not Reflect Mineral Export Volume – Law Reform is Needed: MD Garry
Managing Director of the Mineral Resources Authority (MRA) Jerry Garry, said there is an imbalance between the volume of mineral resources that are exported out of the country, and the amount of revenue the state is receiving.
He told the stakeholders’ workshop on the National Gold Corporation Bill 2024 yesterday, that according to the PNG Extractive Industries Transparency Initiative (PNGEITI) reports, the extractive/mineral industry has been contributing about 80% of the country’s total export volume, which is the biggest percentage contribution. volume per year. Further, he said despite the fact that the industry contributes about 30-35% of the Gross Domestic Product (GDP), the revenue to the state is about 8% or less.
“That does call for a reform. That does call for us to re-examine ourselves to see why the state is not benefiting as it should be,” said Mr Garry.
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