Search Results: 2022

Photo credit: Islands Business The Madang business community wishes to contribute more to the growth of the Pacific Marine Industrial Zone (PMIZ) in the region. The development of the project, according to Kevin Murray, president of the Madang Chamber of Commerce and Industry, would have a favourable effect on the city's economy. A committee has ...

According to Sir Peter Ipatas, the re-elected governor of Enga province, Mineral Resources Enga will not be rushed into signing the shareholders agreement. He said they do not want to rush the signing and will only sign when they are satisfied with a better deal. They are negotiating to get a better price, he claimed. “For years, the company has bee...

Photo credit: Nasfund - Ian Tarutia As the long-serving CEO of the fund, Ian Tarutia, CEO of Nasfund, will step down on March 31, 2023. Mr Tarutia has informed the board of his desire to retire at the end of March 2023, according to chairman Charles Vee's announcement. He said that the board appreciates his choice and has begun the search for a s...

Photo credit: ADB A revival in tourism is expected to boost economic growth in the Pacific in 2022 and 2023, but the COVID-19 pandemic, rising commodity prices, and climate change continue to pose risks, according to the Asian Development Bank. After an average economic contraction of 0.6% in 2021, ADB’s Pacific Economic Monitor (PEM), released toda...

Commenting on the recent announcement by TotalEnergies that the Papua LNG joint venture will launch the first phase of front-end engineering and design (FEED) studies for upstream production facilities on the 5.4 Mt/year LNG project that they are operator of,  Kumul Petroleum managing director Wapu Sonk was congratulatory. He said, “As a potential co-v...

Sir Wilson Kamit has been named chairman of the board of directors of TISA Community Finance Limited, a fully owned subsidiary of Teachers Savings and Loan Society, beginning July 21, 2022. Sir Wilson, according to TISA's chief executive officer Michael Koisen, brings to the TCF board a wealth of knowledge and managerial experience that will help the s...

There have been many divestments and reinvestment in the country by foreign enterprises in past years, according to the Investment Promotion Authority (IPA). According to IPA managing director Clarence Hoot, 165 foreign enterprise certificates were awarded for the first half of this year as opposed to 364 for the entire previous year. “We are seeing...

Papua New Guinea’s financial sector accounts for K2.3 billion of its economy in 2022, Treasurer Ian Ling-Stuckey says. Ling-Stuckey said a healthy and modern financial sector was vital for development. “This is a larger contribution than the size of the manufacturing sector (K1.705 billion), or even our transport and storage systems (K2.05 billion),” h...

Photo credit: Geopacific Resources - Figure 1: Mining Lease exploration target areas Geopacific Resources Limited is pleased to provide an update on its exploration drilling campaign at the Woodlark Gold Project. Highlights  Drill holes in to the Talpos and Watou targets generated several positive results including:  Talpos  TARC220...

Geopacific Resources Limited (‘Geopacific’ or ‘the Company’; ASX: GPR) is pleased to provide an update on its activities and cashflow for the quarter ended 30 June 2022. Highlights  Trading recommenced on the ASX on 31 May 2022 following the implementation of an intensive business transformation program in response to the previously identified ma...

Photo credit: Kingston Resources Kingston Managing Director, Andrew Corbett, said: “The June quarter has been another period of significant activity, with the headline being the announcement of Misima’s much anticipated DFS results confirming the Project’s potential for a large-scale, long-life, low-cost gold mine. The DFS delivered total production of...

St Barbara Managing Director and CEO Craig Jetson said, “St Barbara has finished the year strongly, achieving both our production and cost guidance at a site and group level for FY22. Against the headwinds of cost inflation and COVID-19 impacts on our workforce availability as well as associated travel restrictions this is a rewarding result. It was achie...

Photo credit: Papua New Guinea Customs Service The PNG Customs Service and Investment Promotion Authority (IPA) have renewed their partnership to work together in relation to trade, border protection and facilitation, promoting investment including intellectual property enforcement. In order to advance their continuous collaboration, customs chief c...

Photo credit: Post Courier  Tourism Promotion Authority will invest a capital of K1 million into creating package tours to boost domestic tourism in the country. A Memorandum of Agreement (MoA) for a Travel Subsidy Partnership between Air Niugini Limited and PNG Tourism Promotion Authority (TPA) has been signed. TPA Chief Executive Officer Eric U...

Following the overland belt failure earlier this year, the Hidden Valley mine has resumed full operation, according to CEO Peter Steenkamp. Following the event, full production of the Morobe project, operated by Harmony Gold Mining Company Ltd., has resumed. This was emphasised by Steenkamp in the company's financial year report that ended on June 3...

The Independent Advisory Group overseeing the review of the Central Banking Act 2000 and Financial Sector Regulation has been given the clearance to go ahead with Phase II of the review. Chairman Robert Igara in a public notice said: “With the successful completion of IAG’s phase I work and decision of the National Executive Council in November 2021, t...

“Foreign Exchange (FX) market inflows gained momentum in June Quarter. FX inflows are expected to seasonally taper in September Quarter, and outstanding FX orders build-up again,” says BSP Group General Manager – Treasury, Rohan George. “As FX flows can be lumpy, we expect there to be periods where outstanding FX orders build up,” said George. Accor...

Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record production, sales revenue and free cash flow in the first half of 2022, demonstrating the strong performance of the base business and strategic benefits of our diverse portfolio, despite a number of major planned shutdowns in the second quarter. Strong pro...