Garry: MRA Evaluating K50 Billion Worth of Investments
by PNG Business News - July 21, 2021
According to managing director Jerry Garry, the Mineral Resources Authority is evaluating more than K50 billion in investments in the country.
Wafi-Golpu, Frieda River, and Woodlark are among them.
“We are also looking at the Central Lime and Cement,” he said.
“If that project comes on-stream, it will be one of the first industrial mines ever built in the country.”
Garry was speaking at a Port Moresby consultation session on the Mine and Works (Safety and Health) Bill 2021.
PNG, he added, was home to some of the world's largest mines.
“We have grown from strength to strength,” he said.
“If you compare the Bank of PNG statistics, the mining sector alone, in terms of production, has exported over K17 billion in 2020 and 2019.
“So it’s a huge industry that we are trying to regulate and manage.”
Garry expressed gratitude to the industry for making safety a primary priority.
“They have been taking health and safety at the workplaces very seriously,” he said.
“We must not only consider (the workers) and the environment but also people living around the (areas) we operate in.
“And if we are using any hazards, we must also take responsibility.”
The newest mining methods in Wafi-Golpu, known as block cave mining, are one of the new things to expect, according to Garry.
“New mining hazards will come with this new mining method,” he said.
The National (20 July 2021). “Authority assessing investments worth K50bil”.
PNG Business News - February 23, 2021
St Barbara Transitions from Mining Oxide to Sulphide
St Barbara Ltd’s Simberi operations in New Ireland is set to transition from mining oxide ore to sulphide. The mine which has been producing gold since 2009 said that its social and environmental impact studies (SEIS) are presently being finished for submission to the Conservation and Environment Protection Authority (Cepa) and Mineral Resources Authority (MRA) in March.Sulphide mining is predicted to extend its mine life for at least another 10 years and produce more benefits for stakeholders.St Barabara managing director and chief executive Craig Jetson said, “We are at an important stage of operations at Simberi, as we continue to productively mine the oxide deposit and plan for a bright future via the Simberi sulphide project.”He added, “Iso will capably lead us through this transition as we support our Simberi community, contribute to New Ireland and deliver on our commitments to PNG.”Meanwhile, the firm said that since 2009, the mine has brought K84.3 million in royalties, paid an annual 0.5 per cent production levy and contributed over K97.4 million in contracts to landowner businesses.“In 2020, the company paid over K28 million in income tax,” according to St Barbara. “Other community benefits delivered since 2012, when St Barbara acquired the mine, amount to over K119 million. They include health and education infrastructure development, roads and bridges maintenance, cocoa farming, mariculture projects, education scholarships and employment and training.”
PNG Business News - February 23, 2021
Iso Ealedona Appointed General Manager for Simberi Mine
St Barbara Limited’s Simberi operations in the New Ireland province has a new general manager in the person of Iso Ealedona.Ealedona was previously the head of operations for the past seven months and is a mining engineer and pioneer of the PNG University of Technology mining degree program. With over 26 years of experience in the industry working in Australia for Rio Tinto Iron Ore and in PNG at Misima, Ok Tedi, Hidden Valley, Lihir and St Barbara’s Simberi Operations, his expertise includes operational leadership, technical services, maintenance, safety management and business transformation.“As a recognised employer of choice, we are proud to be the first public company (ASX listed) operating in PNG to entrust this important role to a capable Papua New Guinean with the right skills and experience to lead our 1200 strong workforce at Simberi,” he said. “We are at an important stage of operations at Simberi, as we continue to mine the oxide deposit and plan for a bright future via the Simberi sulphide project. Iso will capably lead us through this transition as we support our Simberi community, contribute to NIP and deliver on our commitments to PNG,” said Craig Jetson, St Barbara’s managing director and CEO.”He said, “It’s an honour to lead, on behalf of St Barbara, a mining operation in my home country. With the St Barbara executive, Simberi leadership team and the workforce behind me, I am determined to lead Simberi safely and successfully through this transition period of oxide to sulphide mining for the benefit of all stakeholders.”
PNG Business News - March 01, 2021
Landowners Support National Government on Wafi Golpu Project
The Wafi-Golpu landowners have finally voiced out their support to the National Government on the environmental permit given to mine developers. The five associations chairmen - Victor Geactuluc (Yanta Development Association), John Nema (Hengambu Landowner Association), Jack Raban (Babuaf Development Corporation) of the Special Mining Lease (SML) area including Joseph Tetang (Wampar Pipeline Association) and Gae Galang (Wagan Outfall Association) - said they want the project to proceed and are asking Morobe Governor Ginson Saonu to desist from any purported court proceedings against the Sate about the deep-sea tailings placement (DSTP).Saonu, however, said that Morobe’s position still stands. “I will do what is right, just and fair for everyone,” he said.According to an independent body monitoring and evaluating process for the last four years, the landowners shouldn’t rush into things. The leaders argued that this process may cost Morobe and the provincial government millions of kina and added that the mining forum is the best place to discuss this problem. Nema said that he has lost more than 20 of his community members to common natural calamities and lack of basic health services. “I am against the move by our governor to register another court proceeding against the National Government while my people are suffering and dying without seeing any real developments or benefiting from their land,” he said.Geactuluc said that they don’t support the intention of the governor to take this to court. “We urge the good governor to refrain from wasting his time with his consultants and advisers but instead commit his time and resource to mobilise the SML, Pipeline and Outfall landowners through their associations in preparation for the upcoming Wafi Project MoA,” he said.For his part, Tetang urged the governor to have a discussion on how he intends to recognise the Huon Gulf coastal communities benefit-sharing instead of fighting a losing arrangement to prevent DSTP. “That is why the developer has chosen DSTP because it is much safer and could not harm the marine resources or the coastal communities based on the research and studies conducted,” he said.
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PNG Business News - August 12, 2022
Going Green: FAO-led EU-STREIT PNG Programme provides green-powered facility to local agricultural authorities to effectively service rural farmers
EU Funded UN Joint STREIT Programme in Papua New Guinea establishes a renewable energy-powered facility to support local government authorities in East Sepik Province, in delivering effective services to rural farmers and entrepreneurs. With generous support of the European Union, the FAO-led EU STREIT Programme officially opened a new 3 cluster office building on 10 August 2022, to host the Programme along with the East Sepik provincial divisions of Agriculture and Livestock, Cocoa Board and the National Agriculture Quarantine & Inspection Authority. The new-look office building is powered by 189 solar panels, which significantly reduce greenhouse gas emissions and reduces the collective dependence on fossil fuel. The solar panels supply the building with 90 KW of energy, relieving the resident agencies and authorities from relying on fossil-generated electricity for their needs, including lighting, ICT, water pumping, and temperature control. This zero-carbon-emission facility has the capacity to accommodate around 90 experts, technicians and extension service officers. Equipped with 120 batteries, the building can support staff’s operation for 36 hours in case of experiencing high cloud cover. The building, currently co-resided by the Programme and provincial agricultural bodies, will be transferred over to the East Sepik Provincial Administration at the end of the Programme and will continue to provide a sustainable base for sustainable support to agriculture-related services in the Province. Officiating the opening ceremony, His Excellency Ambassador Jernej Videtič, Head of the European Union Delegation to PNG, in his address, said: “I am happy to be here and to see that things are moving in the right direction to bring sustainable benefits to the people of East Sepik” Ambassador Videtič further highlighted that “with resources from the citizens of Europe to fund the EU-STREIT Programme in providing training, tools and support, the quantity and quality of cocoa, vanilla and fisheries products will increase. The objective is also to protect these quality products in international markets under the EU-STREIT introduced initiative of Geographical Indication.” The East Sepik Acting Deputy Provincial Administrator, Mr James Baloiloi, in his speech expressed his appreciation to the EU for funding the EU-STREIT Programme and the interventions that the Programme is doing in East Sepik and Sandaun provinces. “The STREIT Programme has gone ahead to introduce a culture of agribusiness that now enables the people of this Province and the people of Sandaun Province to have cash income that can sustain their livelihoods.” Mr Baloiloi added, “this infrastructure and building supports us and facilitates the service delivery to our people in this Province as well as Sandaun Province.” Thanking the EU for its generous funding support, Dr Xuebing Sun, the EU-STREIT Programme Coordinator, said: “the Programme has generated substantial impacts at beneficiary, local institutions and enabling business environment levels. This would not be possible with good partnership, increased ownerships and leaderships of the governments and implementing partners.” “This co-residing and close co-operation among UN agencies and their national partners in this integrated space reflect the partnership approach taken by the Programme to sustainably develop agri-enterprise activities in the region,” added Dr Xuebing Sun, adding “the new climate-friendly facility, which is fully powered by solar energy, also provides a space to welcome, advise and serve the farmers, including interested women and youth, who play very important roles along agri-food value chains”. “This kind of ‘green investment’ enables a shift to a more green economy for local institutions and infrastructure to meet cocoa, vanilla and fishery value chains stakeholders” advised Anthony Bennett, the FAO Lead Technical Officer of the EU-STREIT PNG Programme. United Nations’ implementing partners supporting the FAO-led EU-STREIT PNG present in the office include the International Labour Organization (ILO), International Telecommunication Union (ITU), United Nations Capital Development Fund (UNCDF) and United Nations Development Programme (UNDP). The EU-STREIT PNG is being implemented as a UN Joint Programme (FAO as leading agency, and ILO, ITU, UNCDF and UNDP as implementing partners), is the largest grant-funded Programme of the European Union in the Country and the Pacific region. It focuses on increasing sustainable and inclusive economic development of rural areas through increasing the economic returns and opportunities from cocoa, vanilla and fishery value chains and strengthening and improving the efficiency of value chain enablers, including the business environment and supporting sustainable, climate-proof transport and energy infrastructure development.
Paul Oeka - August 12, 2022
CPAPNG annual meet to discuss global changes
Certified Practicing Accountants of Papua New Guinea will be hosting their 23rd annual conference with about 400 participants nationwide expected to attend the two day conference organized by CPA PNG in Lae Morobe Province from August 18 to19, 2022 CPAPNG was established in 1974 and has come a long way with a lot of achievements along the way. Over the years its membership grew from mere numbers to just below 2000 which includes 40% locals and 60% non-citizens. . The CPA PNG conference is one of CPAs three significant annual events on their calendar with this year's conference theme; Is PNG prepared for the recession?" The conference will see certain key leaders in executive management roles from both the public and private sector delivering presentations in line with the conference theme. CPA PNG's Executive Director Mr. Yuwak Tau said the theme of the conference was selected because there was a decline in the global economy and the general so when that eventuates small economies tend to be affected. He added that they have basically selected the theme that was current and appropriate so that members would find relevance during the course of the conference. “The meeting is to create intellectual and interactive discussions with seasoned business leaders to present and share their ideas and experiences to find probable outcomes within their business environment and industries in times of economic uncertainty”. Some of the topics to be presented by consultants are current significant issues such as crypto currency, transport pricing, bit coin block chain technology and stress management. This were some topics that people have heard about but have not really ventured into. Mr. Tau added that it would be quite hard to measure the benefits immediately but the participants will be able to look at insights shared during the conference that would be appropriate in the areas of employment, accounting, finance, auditing and others. The conference will create an environment where participants can also share information so That they can take points to apply in their work place and industries. In relation the Kumul petroleum Holdings had also presented a cheque of K50, 000 to support the coming event at their head office. The cheque was presented by KPHL's executive General Manager Corporate Affairs, Luke Liria and was received by CPA PNG Chairman Richard Kuna. Mr. Liria said KPHL has appreciated the effort put in by CPA PNG to ensure that its members in State owned enterprises and the private sector were given appropriate level of training and as part of KPHL's corporate social responsibility and commitment they hope that their support will continue to help the organization facilitate and make sure the accounting practices is of international standards. CPA PNG's Chairman, Richard Kuna acknowledged KPHL for their support and stated that he was looking forward to seeing KPHL being a big part of the upcoming conference.
Paul Oeka - August 12, 2022
BSP: Small to Medium Enterprises Loans reaches 60% rate.
Bank South Pacific's Financial Group Ltd Chief executive officer Mr. Robin Fleming has recently announced that the bank has granted more than K200 million as loans to small to medium enterprises under its credit scheme facility that the then Marape government had released to the bank to support Small to Medium Enterprise (SME) and local businesses during the peak of the COVID-19 pandemic. Mr. Fleming said about 1523 customer loans have been approved, that is about 60% of loan approval rates since 2019. Prior to this announcement BSP and the Department of Commerce and Industry (DCI) had agreed to increase the maximum loan under the small-to-medium enterprise (SME) credit enhancement facility to K5 million. The previous limit was K3 million when the Government first released K100 million as security to the bank under its K200 million SME allocation for BSP to rollout the loan facility last year. Fleming stated that even though they have exhausted and rolled out the bulk of the governments relief funds for SME's they will still be running the SME loan program under its credit facility scheme “At this stage, BSP has not received the funding planned for this year but that is not preventing BSP from giving loans under the facility”. “There remains significant capacity for BSP to continue to assess, approve and funds loans under the facility”. “The agreement with the Government did provide for momentum in the SME facility to be maintained while allowing for the Government budget and funding process to be adhered to”. As part of the government SME relief funding, Commercial Banks were allocated K200 million with BSP Financial Group receiving K100 million, NDB K80 million and another K20 million was allocated to the department of Commerce and Industry BSP could not comment on how the National Development Bank (NDB) is dealing with the K80 million it received, but the intent, when discussions were initiated, was that BSP would be lending to more mature SMEs and NDB to startup ventures. In addition to enabling SMEs to access lower cost of funds through the facility with BSP, the bank has also made it a responsibility to ensure that Government funding is preserved by not approving loans that have a higher risk of default.