Search Results: 2022

Mining or exploration licenses that are given to a company go through a process called a warden hearing. This gives opportunities to communities, individuals, or organizations to present their objections. The Alliance of Solwara Warriors, a coalition of coastal communities in PNG, recently held a warden hearing concerning seabed mining, but no official...

The Investment Promotion Authority (IPA) has assisted a small bee farming business in Simbu Province with bee keeping equipment to help boost its production capacity. Bussy Honey & Integrated Farming is a family business owned by Mr. Mek Degene and his wife Mrs. Matri Degene and located in Ainanimin Village in the Tabare LLG, Simbu Province.  The c...

Photo: The Warman Slurry Pumping Handbook is the definitive guide for most slurry pumping applications. Weir Minerals, manufacturer of the industry-leading Warman®  slurry pump, has released the latest edition of their coveted Warman® Slurry Pumping Handbook. The 6th edition, compiled by the most trusted name in slurry pumps, features detailed engineer...

Photo credit: PNG LNG The PNG LNG project has generated K16.5 billion for the state over eight years of production (2014-2022). This includes K7.5 billion to Kumul from the state's 19.4% equity, K1.3 billion paid to the Mineral Resources Development Corporation, K0.8 billion in royalty payments, K0.7 billion in development levy payments, and K6.2 billi...

Photo: Minister for Trade and International Investment, Hon. Richard Maru Special Economic Zones are a launching pad for economic development in the country, and the current government has taken a decisive stance under the leadership of current Prime Minister James Marape by setting up and legislating 18 SEZs in 2019. This policy was the brainchild ...

Photo credit: Paga Hill Estate The Yangoru-Saussia District in the East Sepik Province is undergoing a phase of significant and progressive transformation as local farmers will benefit from a direct cash injection that will see a new revolution in cocoa production. Currently, the Cocoa Board has reported that the district produced 9,000 metric tons ...

Photo credit: K92 Mining Inc K92 Mining Inc is pleased to provide its operational outlook for 2023. The Company expects gold equivalent production of 120,000-140,000 ounces, while also delivering low-cost production with an estimated cash cost of $620-$680 per ounce gold and AISC of $1,180-$1,300 per ounce gold. Cash cost and AISC per ounce have increa...

The National Government continues to embark on prioritizing its "Connect PNG Economic Road Transport Infrastructure Development Programme 2020-2040" with its delivery target set for 2040. This means by 2040, PNG will have access to 100 per cent road connectivity, connecting more than six million people to massive services and economic opportunities. Th...

Photo: BSP Group GM for Corporate Banking, Peter Beswick “Business and consumer confidence continued to improve during the final quarter of 2022, with anecdotal evidence across a broad section of our retailers and hotel operators experiencing record pre and post-Christmas sales activity”, said BSP Group GM for Corporate Banking, Peter Beswick. In gi...

Photo: BSP Acting Group Chief Executive Officer Ronesh Dayal Papua New Guinea's economy through the course of 2022, has experienced higher levels of activity post the COVID-19 period. To maintain this shift in momentum, government needs to accelerate foreign direct investment (FDI) in 2023. According to the 2022 BSP Quarter 4 Pacific Economic and Ma...

Photo: Santos Managing Director and Chief Executive Officer Kevin Gallagher. Photo credit: Attila Csaszar Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record annual production and sales revenue in 2022, as strong base business performance positioned the company to benefit from higher commodity prices. Fr...

Photo: Barrick CEO and President Mark Bristow addressing PJV Town Hall meeting at Porgera Mine site during a quaterly visit in 2022 Barrick Niugini Limited (BNL) has clarified in a media statement that the Porgera Mine remains and is progressing in a care and maintenance mode of operation and that the current defined rehiring process of the skilled wor...

Small and medium-sized enterprises (SMEs) can be a force to reckon with in Papua New Guinea if the funds parked in the two banks, National Development Bank (NDB) Ltd and Bank South Pacific (BSP) Financial Group Ltd, by the Government are fully fulfilling the vision of the Government by reaching the wider population and are in line with the goals outlined ...

Photo: PM Marape in Parliament Prime Minister Hon. James Marape has welcomed the Investment Promotion (Amendment) Bill 2022, unanimously passed by Parliament today (January 11, 2023), which encourages the growth of Papua New Guinea-owned small-to-medium enterprises (SMEs) while at the same time attracting foreign direct investment (FDI). PM Marape a...

Photo credit: K92 Mining K92 Mining has announced production results for the fourth quarter of 2022 at its Kainantu Gold Mine in Papua New Guinea, of 35,538 oz AuEq or 31,204 oz gold, 1,827,085 lbs copper and 40,517 oz silver. Annual production achieved a record of 122,806 oz AuEq or 107,546 oz gold, 6,247,950 lbs copper and 126,043 oz silver, achievin...

Photo: Secretary Dr. Nelson Simbiken The Department of Agriculture and Livestock (DAL) is set to launch its 2023-2027 corporate plan this month, according to acting Secretary Dr. Nelson Simbiken. This plan will aim to drive the sector forward and for the first time, DAL is also upgrading its information and communication technology (ICT) systems. Dr...

Prime Minister Hon. James Marape says Puma Energy has said they replied to Bank of Papua New Guinea’s (BPNG) 13 queries in relation to supply of foreign exchange (FX), but is still in court in a BPNG initiated court proceeding. He said this resulted in Puma stopping its supply of aviation gasoline to Air Niugini, because it could not get the required F...

Photo credit: Internal Revenue Commission PNG - Revenue Haus in Port Moresby The Internal Revenue Commission has collected a record revenue of K15 billion for the public purse this year, according to Prime Minister, James Marape. In a media statement PM Marape has commended the management and staff of Internal Revenue Commission (IRC) for being an e...