Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
A fresh report by PricewaterhouseCoopers has put Papua New Guinea’s gold contributions on the economic world chart, as its reveals the sector contributes a higher proportion to the country’s economy than it does in any other major mining country in the world.
The report, commissioned by the World Gold Council (WGC), shows the yellow shiny metal contributed 15% of PNG’s Gross Domestic Product (GDP) and made up 26% of its exported products in 2012.
“These are very significant numbers when looked at within the national context,” WGC’s Director for Development Terry Heymann told Radio Australia’s Pacific Beat Thursday.
Ghana and Tanzania were next, with gold contributing 8% and 6% to total economic activity.
Papua New Guinea’s gold industry currently employs about 16,000 people.
Image from Wikimedia Commons
3 Comments
Andrew B
Are you serious ?…….talk to Newcrest, Harmony, Barrick, even Goldminex. ( sorry ..maybe not Goldminex). It shows the rest of the country doesn’t produce squat.Gold would account for 10 times the 16000 employees mentioned if you allow for the alluvial miners…….why the article ?
Jareth Gatward
Andew B.. i’m sure PNG produces copper and silver in its mines. gold mining itself only accounts for a small proportion of exports.around 25% i believe. I really hope to see exports of mining in PNG, in coming years, to increase, giving much needed growth and money to a nation much in need of it.
by the way from 1970 to 2002 gold exports from ALLUVIAL and deep mining were recorded as 1100 t.
I’m an alluvial miner and I certainly dont tell the goverment, not that they would care, how much gold I find every year…..why the comment ?
AB
Ok……..the headline of the article annoyed me …that’s all. i don’t live there but have seen what it may be able to achieve compared to what it does achieve….its not like its immense mineral wealth has just been recognized…
rgds