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.
  

