Search Results: 2022

Photo credit: Loop PNG PNG Power is riddled with so much accumulative problems that have made it a “sick organisation”, but reforms are currently underway, Prime Minister Hon. James Marape says. These include the installation of its full board, and a restructure of the company to separate power generation, transmission, and retail business. In ad...

Photo credit: PM James Marape News Page - PNG Tourism Promotion Authority CEO Eric Mossman Uvovo, Tourism Minister Hon. Isi Henry Leonard, TPA Chairman Hon. Kennedy Wenge and PM Marape with children representing the four regions of the country at launching of the PNG Tourism Sector Development Plan 2022-2026 in Port Moresby. Prime Minister James Marape...

Recently in Port Moresby, the Department of Information and Communication Technology wrapped up a three-day National ICT Summit on a high note. The summit, according to DICT Secretary Steven Matainaho, was successful in gathering much-needed data that would educate and confirm existing government thinking and drive the formulation of suitable policies ...

Photo credit: K92 Mining Inc.  K92 Mining Inc. is pleased to announce financial results for the three and nine months ended September 30, 2021. John Lewins, K92 Chief Executive Officer and Director, stated, “Despite 2021 being one of the most challenging years our Company has faced due to the impact of the COVID-19 pandemic, it has also featured num...

Photo credit: BSP Despite continuing to face reduced economic activity, BSP Financial Group Ltd has issued its unaudited September 2021 results, with a Net Profit After Tax of K698 million. COVID-19 continues to have an impact on enterprises in all nations, although tourism-dependent countries have been hit more than others due to limited or non-exi...

Peter Fredricson, Acting CEO, said “Oil Search delivered another strong quarter of production, which was up 5% on the previous quarter, demonstrating the resilience of our operations and sustained commitment to the safety of our people and maintaining safe and reliable production. Operating revenues were up 12%, supported by strong growth in oil prices.” ...

Photo credit: Adyton Resources Corporation Adyton Resources Corporation has reported an 88% increase in total gold ounces across the company’s 100% owned Fergusson Island Gold Project and Feni Gold and Copper Project, located within Papua New Guinea’s renowned “Rim of Fire”. Fergusson Island maiden Indicated Resource of 175,000 gold ounces at 1.33 g...

Total E and P managing director Jean-Marc Noiray stated the Papua LNG project will begin in 2027. After three years of delays, he said the business was mobilizing its project team. “Our project of Papua LNG, after three years of delay, we are again, mobilising our project team, targeting front end engineering and design (Feed) entry through to 2022,...

K92 Mining Inc. is pleased to announce that its Board of Directors has approved the Stage 2A Expansion, expanding the annual processing throughput to 500,000 tonnes per annum at its Kainantu Gold Mine in Papua New Guinea. This represents a +25% increase from the Stage 2 processing capacity of 400,000 tonnes per annum. Full commissioning of the Stage 2A Ex...

The East Asia and Pacific region’s recovery has been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality, the World Bank said. Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for mo...

Papua New Guinea Prime Minister  James Marape, accompanied by Petroleum Minister Kerenga Kua, Justice Minister Bryan Kramer, Gulf Governor Chris Haiveta and Hela Governor Philip Undialu, today met with the ExxonMobil President for Upstream Mr Liam Mallon in Houston and the senior executive team where the State executed Heads of Agreement (HOA) on P’nyang ...

According to PNG Power Ltd, more than K700 million in power investment has been committed for the remainder of 2021 and next year, with further projects to be announced. About ten projects will begin under the PNG electrification partnership, according to PNG Power's director of project delivery Eric Alom, who spoke at a PNG Business Council conference...

According to Tourism Promotion Authority (TPA) chief executive officer Eric Mossman Uvovo, the tourism industry has lost roughly K500 million as a result of the Coronavirus (Covid-19). “PNG recorded an 82 per cent drop – 170,000 fewer arrivals compared to the 200,000 arrivals of international travellers in 2019,” Uvovo told a tourism convention yesterd...

According to Mayur Industrials chief operating officer Trent Alexander, construction on the Central Cement and Lime (CCL) project will begin in the first half of next year. Mayur Industries is a Mayur Resources Ltd subsidiary. The first phase of the project, a 2 Kiln Quick/Hydrated lime factory, cost around K300 million, according to Alexander. A...

Nine members of the PNG delegation to the Dubai Expo, led by deputy commissioner Jacinta Manua, have already departed the country. They will erect the Papua New Guinea pavilion. “This is an important exercise which will go right throughout the world,” Manua said. “We have been preparing for over a year or so and are now ready for Dubai.” Forei...

Retail internet rates would be decreased by around 50% by the end of next year, according to Dataco PNG Ltd chief executive officer Paul Komboi. Wholesale prices had already been slashed by nearly 40%, he said at an investment conference. However, due to market competition, it was not cut at the retail level. “I hope in 2022, we will see at least...

Prime Minister Hon. James Marape has outlined the six major resource projects his Government is focused on. They are the Papua LNG Project, New Porgera Mine, Wafi-Golpu Mine, P’nyang LNG, Pasca LNG and Pandora LNG. PM Marape announced this today when responding to the Ministerial Statement by Treasurer Hon. Ian Ling-Stuckey on the ‘2020 Final Budget...

According to Steamships Trading Company Ltd, the national economy would rebound later this year and beyond 2022. In its half-year report for the fiscal year 2021, the corporation indicated that recent government announcements on key resource development projects were encouraging. The group's Coral Sea Hotels had a strong start to the year, aided by ...