Chamber congratulates government on positive action on Papua LNG Project
by PNG Business News - August 30, 2021
Photo Credit: peopleconnexion
The Papua New Guinea Chamber of Mines and Petroleum congratulates the Marape-Basil government for its positive action on resource projects, which it says, the country urgently needs to get moving, and to provide economic support to the national economy.
Last Friday (August 20th) the government tabled, debated, and overwhelmingly passed the Oil and Gas, Papua LNG Project Amendment Bill, 2021 79 votes to 0.
Chamber President, Anthony Smaré said: “The Government’s passage of this important legislative changes illustrates the sincere commitment from the government of the need to get the Papua LNG Project off the ground. All parties recognize that we need the Papua LNG Project to go into construction to provide a boost to the economy, create jobs and business opportunities for PNG businesses and boost revenue from the government to keep funding essential services to our people.”
Mr. Smaré acknowledged the sincerity of government through Petroleum Minister, Kerenga Kua, in explaining the significant costs involved in a project like the Papua LNG Project.
“Given the significant capital intensity of the Papua LNG Project, which will be around 10 Billion US Dollars to 12 Billion US dollars, it must be financed using a combination of debt from lenders and equity from project sponsors, or joint venture partners,” Minister Kua told Parliament when tabling the bill.
“Mr. Speaker, the Papua LNG Project participants are currently progressing the technical work necessary, so that the two Papua LNG Project Liquification trains may proceed within the PNG LNG Projects site at Caution Bay. Once this is complete, and following the start of FEED, they will submit an application for a Petroleum Development License,” Mr. Kua explained in parliament.
Minister Kua had said: “Prompt passage of the proposed bill during this parliamentary session, will demonstrate to sponsors, LNG buyers and financiers, the State’s continued full commitment to the Papua LNG Project, contract sanctity, and the fiscal regulatory regime, contemplated by the Papua LNG Project Gas Agreement. This is why we are proposing this bill for approval today.”
“The passing of this amendment bill is the first positive sign industry has seen that indicates to investors in the extractives sector, that government is mindful of returning investor confidence to the levels they were at, before the closure of the Porgera mine.”
Mr. Smaré echoed Minister Kua’s acknowledgment that the passing of this amendment bill, would help improve confidence of investors in the resource sector, which has recently been on the decline.
“The Chamber, as a representative of its members in the resources sector, has always highlighted the need for a stable, regulatory and legislative environment. This ensures that investor confidence remains high and keeps the focus on Papua New Guinea as a viable investment destination,” Mr. Smaré said.
PNG Business News - May 04, 2021
Chamber of Mines and Petroleum Appoint Kassman as President
The PNG Chamber of Mines and Petroleum has appointed Richard Kassman as its current president. Kassman, who has served as the chamber's vice president for the past three years, succeeds Gerea Aopi, who began his career in the industry in 1991. Following the announcement, Kassman praised the outgoing president, Aopi, for his extensive work and guidance. “My first task as president-elect is to thank outgoing president Gerea Aopi. A colossus of a man whose contribution to our industry and indeed his beloved Papua New Guinea is unrivalled. “Gerea always guided the discourse ensuring being cognizant with national interests, when the chamber represented its diverse membership and promoted the industry. He served with class and distinction. He was measured, thoughtful and compassionate, and when required, frank and direct. Hallmarks of a courageous servant leader,” Kassman said. In his final remarks, Aopi put the industry's attempts to stay open during the COVID-19 pandemic into perspective. “Amidst the onset of the COVID-19 pandemic’s impact on the country last year, the chamber has been active in discussing legislation and policy that affects our industry. “Constant dialogue and discussion amongst council members representing mining and petroleum have been at the core of our engagement in the national and political space,” he said. Kassman, who works for Total E&P PNG Limited as the Public Affairs and External Communications Head, spoke about the mining and petroleum sector's future as well as the chamber's work. “The chamber plays a crucial role in providing discourse on major national issues. And it represents members who are always ready to step in to assist the national leadership in times of national calamity,” he said. The Chamber of Mines and Petroleum is PNG's apex body for the mining and petroleum industries, with a diverse membership that spans both the mineral and industry sectors. It comprises the majority of PNG's productive mining and petroleum firms.
PNG Business News - May 18, 2021
PNGEITI Congratulates Richard Kassman as New Industry Chamber President
Richard Kassman was recently named President of the Papua New Guinea Chamber of Mines and Petroleum, and the PNG Extractive Industry Transparency Initiative (PNGEITI) congratulated him. He recently took over for Gerea Aopi, who had served in the role admirably. Richard Kassman is the Director of Corporate Affairs, Total E&P PNG Limited, and was vice president of the Chamber at the time of his appointment. He is an active member of the PNGEITI Multi-Stakeholder Group (MSG) and was vice president of the Chamber at the time of his appointment. Kassman is a member of the PNGEITI MSG, which oversees the Global Extractive Industries Transparency Initiative (EITI) implementation in Papua New Guinea. “As we all know Kassman is a dedicated professional with active engagement in both the Government and private sector in Papua New Guinea with deep commitment within those various roles he plays,” PNGEITI Head of National Secretariat Lucas Alkan said. “His insights and contributions to the advancement of EITI reporting in this country have resonated with great value and the PNGEITI MSG is privileged to have him on board. “At this juncture, we acknowledge his invaluable commitment and contribution over the years since PNG commenced implementing the EITI 7 years ago. Now as elected President of the PNG Chamber of Mines and Petroleum, we look forward to a heightened working relation with regards to the role that the industry plays as the key stakeholder in implementing and maintaining PNG’s position as an EITI affiliated member country.” Kassman's expertise, according to Alkan, will significantly enhance the work of the PNG Chamber of Mines and Petroleum in representing the EITI in PNG, as well as giving the cause more visibility by building on the momentum of the campaign, which has generated many financial year reports from the extractive sector.
PNG Business News - May 03, 2021
Chamber Calls On Government to Pay Its Dues
The Port Moresby Chamber of Commerce and Industry has asked the government to pay over K100 million in unpaid dues to its members in order to help them develop their businesses. Stacey O'Nea, the Chamber's chief executive officer, stated that they are not after free handouts or a stimulus budget for companies; rather, they want what is owed to them to be compensated so that their businesses can be stimulated. “Many of our members are starting to scale down and are letting go of their employees due to the impact of COVID-19 on the country’s economy, and businesses are unable to continue to save jobs in the current prolonged COVID-19 threat environment,” she said. “The sensitive issue of job loss also has an impact on livelihoods in PNG’s extended family system and has a direct spillover effect on social and security issues. “Coupled with ongoing concerns on revenue challenges, subsequent profit decline, depreciating kina, forex availability, increased fuel and security costs and COVID-19 restrictions are a myriad of serious challenges shared across our businesses and industries.” O'Nea stated that the chamber is in talks with relevant authorities over receiving government compensation owed to its members. “While we are thankful for the Government’s efforts this year towards settling a number of urgent arrears for rentals, goods and services, we urge continuity of payments for contracts that have satisfied the vetting process, as they will help act as a stimulus to sustain operations in these times for our businesses and industries,” she said. Meanwhile, Opposition Leader Belden Namah has said that the economy is in free fall and has urged the government to ease controls on enterprises and social events as soon as possible while maintaining the new standard. Lockdowns, he claimed, are killing the economy by throwing workers out of jobs and forcing companies to close.
PNG Business News - December 02, 2021
Adyton Resources hits significant copper at Feni Island, Papua New Guinea
Photo credit: Adyton Resources Adyton Resources Corporation has reported significant copper assays at its 100% owned Feni Island Project (Feni) in Papua New Guinea following the completion of the company’s maiden drilling program of five diamond holes (1,982m) in September. The initial objectives of the program were to expand the gold resource as well as test various induced polarisation (IP) anomalies for the potential of a copper porphyry system. Multi-element assays have now been returned with significant copper intersections being recorded from hole ADK004 in two zones – a shallower disseminated zone of copper mineralisation followed by a zone of massive sulphide copper mineralisation: Disseminated Cu + Au: • 35.9m (70.7 to 106.6m) @ 0.3% Cu & 1.1g/t Au Massive sulphide Cu + Au: • 6.4m (149.7 to 156.1m) @ 5.1% Cu & 1.6g/t Au Incl 3.6m (151.5 to 155.1m) @ 6.9% Cu & 2.1g/t Au Incl 0.7m (154.4 to 155.1m) @ 14.5% Cu & 2.4g/t Au Adyton Resources President, Executive Chairman and CEO, Mr Frank Terranova, said the assay results demonstrated Feni’s significant copper potential. “The results confirm that Feni could contain zones of high-grade copper within the extensive gold mineralisation and this confirmation of massive sulphide copper in the system justifies more work which is currently being planned,” Mr Terranova said. “The recent drilling program has highlighted the potential for a significant discovery to be made in the 1.5km long Kabang structural corridor. The corridor is lightly drilled, and going north is covered by younger volcanic cover, which has hindered previous exploration efforts – a focus of the next program will be exploring under this younger cover.” Located in a Tier 1 region along a mineral belt containing the world class Simberi, Lihir, and Panguna gold and copper projects, Mr Terranova added that the model at Feni was for a “Lihir-style” epithermal gold overprint on a deeper porphyry copper system.
PNG Business News - November 30, 2021
Weir Minerals’ new Trio® TC84XR live-shaft cone crusher improves safety, functionality and reliability
Weir Minerals has upgraded its range of Trio® TC live-shaft cone crushers. The Trio® TC84XR features all the robust design elements that have made live-shaft crushers a fixture of the mining and sand and aggregate industries for generations, while also incorporating the latest technology to ensure it remains integral to flowsheets long into the future. ‘The Trio TC cone crushers’ live-shaft design has been proven to perform in heavy-duty secondary and tertiary crushing applications. We wanted to build on this strong foundation. My team followed a comprehensive design process – we’ve reviewed and tested every inch of this crusher. While the TC84XR may seem familiar on the outside, we’ve upgraded its design and control functionality. The motor is larger and it has a much higher crushing capacity compared to equivalent sized crushers,’ Mark Utecht, Weir Minerals’ Director of Comminution Engineering said. ‘The result: we now have an incredibly robust, powerful and technologically advanced crusher that is easy to operate, has a low wear rate and uses less energy, which ultimately lowers operating costs,’ he said. While many OEMs have made the decision to discontinue their live-shaft cone crushers, Weir Minerals has resisted this trend, believing that – because every mining and sand and aggregate operation is different – there can’t be a one-size-fits all approach. Instead, Weir Minerals partners with its customers and empowers them to choose the machine best suited to their crushing needs. There are some applications and situations where pedestal (fixed-shaft) style crushers may be the more appropriate solution, which is why Weir Minerals continues to manufacture the premium Trio® TP pedestal style machine. Weir Minerals is the only global equipment manufacturer that offers both the TC live shaft and TP fixed shaft style machines. ‘The combination of the Trio TP and TC fixed and live-shaft cone crushers ensures that Weir Minerals continue to offer their customers the right technology, regardless of their site structure, operating conditions or application,’ Mark Utecht, Weir Minerals’ Director of Comminution Engineering said. Trio® live- and fixed-shaft cone crushers are made for modern mines and quarries with advanced hydraulics, wear resistant material and the latest technology. ‘This is really exciting for our customers, as they now have a real choice. The combination of our TC and TP series allows us to have an honest conversation with our customers on the options available to them and make a technological recommendation which truly meets their needs,’ Ekkhart Matthies, Weir Minerals’ Global Application Director said. Replacing existing live-shaft style machines on site with the Trio® TC84XR crusher is now a straightforward process because it has very similar dimensions and is a comparable weight to its live-shaft predecessors. And because it produces the same product, downstream changes aren’t required, which isn’t the case when replacing a live-shaft style machine with a fixed-shaft style machine. In other words, there is no need to re-design existing circuits. Technology upgrades The recent technology upgrades in the Trio® TC84XR crusher have improved its safety, functionality and reliability. ‘At Weir Minerals, we understand and appreciate the important role live-shaft cone crushers play in today’s challenging crushing applications. Combining decades of experience and first-hand customer feedback with innovative designs, the highest quality materials and latest in control technology we believe that our new Trio TC84XR cone crusher is the most reliable and robust live-shaft cone in the market today’ Ekkhart Matthies, Weir Minerals Global Application Director said. Engineered to perform in the most extreme applications, the Trio® TC84XR crusher is robust and easy to maintain and operate. It reliably delivers high crushing force and high horsepower in primary, crushed ore and quarry rock applications. The ability of the TC84XR crusher to handle variable feed and crush pebbles is also partly a result of its large motor; it’s been designed with higher power capability than comparable cone crushers. Ultimately, this translates to a higher potential crushing force and therefore increase in production. Another feature that allows it to handle variable feed, as well as deal with tramp material safely, is the fully-automated tramp-release and setting recovery system. The tramp release hydraulics can also be used to safely clear the crushing chamber should a sudden disruption in plant power cause a shut-down of the cone crusher. The socket assembly has been redesigned to improve sealing, which has optimised functionality and manufacturability by reducing the machining setups of the socket and seal rings. The Weir Minerals comminution team has also redesigned the countershaft assembly to remove welding and machining, while simultaneously improving venting and the dust seal. The Trio® TC84XR crusher, like the range of TP series cone crushers, can be fitted with ESCO® wear parts, designed with superior ESCO® alloys, they can be custom designed based on your specific requirements. With over 100 years of casting expertise and in-house engineering and metallurgy, ESCO transforms what was already a robust machine into one that, in the toughest conditions, is unsurpassed. All Trio® equipment is supported by the Weir Minerals unmatched global service centre network – with over 160 facilities worldwide. Further information can be found at https://info.global.weir/trio
PNG Business News - November 26, 2021
PM Marape welcomes K22 billion Budget
Photo credit: PM James Marape News Page - Treasurer Ling-Stuckey tabling the 2022 Budget Prime Minister Hon. James Marape has welcomed the tabling of the record K22.175 billion 2022 Budget by Treasurer Ian Ling-Stuckey in Parliament. He said it would help Papua New Guinea on the path to economic recovery as well as support successful delivery of the 2022 National General Election. “The total Budget of K22.175 billion is 9.3 per cent higher than the 2021 Supplementary Budget, with a revenue envelope of K16.190 billion which is 18.4 per cent higher than the 2021 Supplementary Budget,” PM Marape said. “The fiscal deficit for 2022 is K5.895 billion, which is 5.9 per cent of the 2022 Gross Domestic Product (GDP). Compare this deficit to K6. 6 billion or 7 per cent of GDP in 2021. “In 2022, the PNG economy is projected to grow strongly by 5.4 per cent, from K93 billion in 2021` to K102 billion. “The 2022 Budget will continue the budget repair and economic recovery path, with strong focus on non-resource sector growth, and at the same time support families and businesses. “There will be increased development and capital funding to high priority programmes and sufficient funding for key social sectors to stimulate economic growth. “The delivery of my Government’s third Budget today, despite the many challenges and obstacles, shows clearly the work that we have been doing. “It points to the fact that our path to economic recovery is correct, and with critical analysis by all multilateral Budget partners like Asian Development Bank, International Monetary Fund and World Bank, our positive trajectories show an increase in GDP for next year and beyond as well as a declining budget deficit trend. “The handing down of the Budget is the single most-important parliamentary occasion of any government. “With hangovers and effects of a slowed economy due to COVID-19, your Government has used the last three years of National Budget to ensure our domestic economy was functional and alive, and our crucial services were maintained. “I want to assure our people and all stakeholders in our economy that we are responsible and prudent to ensure expected outcomes of our Budget are achieved.” PM Marape said since his Government took office in May 2019, it had used the Budget to support schools, hospitals, COVID-19 programmes, road construction, SME funds, retiring old debts and contractual obligations, paying outstanding industrial awards, and many others. “Our 2022 Budget embraces our national outcomes including opening up all parts of our country; intervening in sustainable economy; starting up Porgera, Papua LNG and Wafi-Golpu for our economy; paying for our children’s education in 2022 and beyond; building new hospitals; ramping up support to Bougainville; clearing up projects like new Supreme Court Building and ensuring the 2022 General Election is fully funded,” he said. “All the above we are doing whilst maintaining strict discipline in sticking to our money plan, with our development partners observing our discipline to reforms. “Key in our reforms is to borrow low-cost US dollar denominated borrowings like the Australian $400-million dollar and the Japanese Government US$280million 0.01 per cent five-year grace period lending, which all came directly into our economy by way of Budget support. “I just want to assure our people and our economic stake holders that we are going through tough times, but we will use the Budget policies wisely to share the load of burden and also ensure key infrastructure like the 1900 kilometres of road we built the last two years all over rural PNG through our flagship ‘Connect PNG’ programme are continued.” Article courtesy of PM James Marape News Page