Source: PNG Loop

THE East New Britain provincial government has maintained that it must get 60 per cent of the equity shares of 5 per cent offloaded by the National Government in the Solwara 1 project.

This stance was reaffirmed during the Provincial Executive Council (PEC) meeting last week where Mineral Resources Authority (MRA) was invited to do a presentation on the equity shares between East New Britain and New Ireland provinces.

Initially, it was agreed that from the 5 per cent equity to be offloaded by the government to both provinces, East New Britain would get 40 per cent while New Ireland would get 60 per cent.

The five per cent equity is calculated at K18.75 million in monetary value.

However, according to MRA during their presentation, the New Ireland Provincial Government has said  that it wants 80 per cent of the equity shares.

This has triggered argument among the PEC members who called for the New Ireland Provincial Government to play fair and stick to the original decision.

East New Britain Governor Ereman ToBaining Jnr said that his government would maintain its stand on 40 per cent equity for East New Britain and 60 per cent for New Ireland.

MRA has indicated that should both parties not come to an agreement on the equity sharing, they will facilitate a meeting as a state agency and decide on how much percentage should go to each province.

The Solwara 1 project, a fully permitted project set to be mined by Nautilus Minerals, sits 30 kilometres out in the Bismarck Sea at 1600 metres depth off the west coast of Namatanai.

The sea bed mine project is estimated to have a life span of three years.