Requirements for Gold Export License
The following are the main criteria which need to be satisfied before the Bank of PNG would consider issuing a license to export gold.
The Bank of PNG would require:
- Documentary evidence of the incorporation and registration of the company in PNG together with evidence of the issued and paid-up capital of the company which should be at least K25, 000.00;
- A performance bond of an amount not less than K75, 000.00 in the first year of operation and upon the renewal of the license the value of the guarantee would be adjusted to a figure not less than K75, 000.00 or 75% of the previous calendar years annual turnover, whichever is greater. The bond is to be deposited for 18 months with the bank in PNG approved by the Central Bank;
- The gold license holder to be single purpose company;
- Evidence of financial standing including bank references and the company's latest audited financial statements;
- Details of the area of the country which you intend to service;
- Details of the expected turn-over in grams anticipated on annual basis;
- Details of the persons overseas to whom you intend to sell the gold;
- Details of the basis on which the proposed purchaser overseas will set the price that will be paid to the company for the gold; and
- Details of the arrangements that have to be made for the assay of the gold prior to its export from PNG.