The shareholder agreement of 70-30 in the proposed gold refinery and mint project is not beneficial to the country and does not protect the industry, according to Prime Minister James Marape.

Speaking in Parliament last week, he said it did not protect the gold mine industry.

Neutralising speculations and debunking misinformation, he said the leaked gold refinery proposal has been in the government circles since 2013.

“Our government’s version of the proposal is dated 2019. We want our people and the country to gain more benefits from our national resource developments.”

Industry players and other stakeholders will be respected, he said.

The government’s move to the downstream processing will add more value and, promote transparency, good governance and accountability, PM Marape said.

He assured the country that he will consider a more appropropriate benefit sharing agreement like for the New Porgera Reopening 51-49.

“Downstream processing arrangement will be replicated in petroluem, forestry, fisheries and agriculture so finished products are traded overseas,” he said.

The agreement has been signed already and an announcement was made that the project would commence in 2025.