Search Results: 2022

Through a share placement, Gold developer Geopacific Resources has raised A$140 million to invest for the development of the Woodlark gold project in Papua New Guinea. The placement will be finished in two tranches. The first tranche consists of 43.7-million shares with a cost of 42c each for an initial A$18.4-million under the existing placement company ...

An economist said that in light of the pandemic, the economy will come off as weak next year. According to Westpac senior economist Justin Smirk, “We expect that there will be weak economic growth in 2021 following the after-shock and recovery of the Covid-19 on businesses and the economy with mining output also expected to be low. The medium-term recover...

The budget for 2021 is critical after an economic downturn this year, said Kina Bank.In a budget review, the bank said that next year’s budget showed a shift in focus towards the non-resource sector - with the goal of establishing a foundation for tangible economic growth outside the resource sector. It added that fiscal consolidation was part of its over...

Prime Minister James Marape has said that an accounting firm that did a budget analysis projected economic growth to bounce back at 3.5 per cent next year. He said that this is due to the recovery by most sectors and improved global demands and consumption - in spite of the pandemic. In a statement, Marape said, “This will see growth rise to an estimated ...

In the next two years, PNG is expected to grow its economy by nearly K18 billion - from K81 billion to K99 billion.This was revealed by Treasurer Ian Ling-Stuckey who said that this growth will benefit the non-resource economy. The 2021 budget was recently passed with only 49 MPs from the government bench.“It is now expected that our economy will grow by ...

As part of the government’s medium-term plan to reach its vision of going rural, Prime Minister James Marape has recently launched the K2.3 billion agriculture medium-term development plan 2020-2022 which took a year to plan and design.The Agriculture Department and the Department of National Planning and Monitoring worked on this development plan.Accordi...

In a visit to the Erap Department of Agriculture and Livestock (DAL) station in Huon Gulf, Morobe, Agriculture and Livestock Minister John Simon said that agriculture can boost and contribute to the economy of the country. He added that through this industry, the country can increase foreign exchange (forex) by increasing export in commodities and the imp...

Over the next three years, K92 Mining Inc will invest US$250 million (K855.55mil) to hit a production level of more than 300,000 ounces per annum. According to chief executive officer John Lewins, the company will still continue to provide beneficial outcomes to the communities.“We are excited about the coming year as it will be a major transformative yea...

In its third quarterly report, Oil Search Ltd said that conversations between the P’nyang operator ExxonMobil and the PNG government are still continuing. This is to secure balanced and fair fiscal terms on the P’nyang Gas Agreement. According to KUMUL Petroleum Holdings Ltd (KPHL) managing director Wapu Sonk, if discussions go well, they should be able t...

To help with the upcoming 2022 national elections, Prime Minister James Marape said that the government intends to use the biometric voting system. According to him, This same system had been used in different recent elections such as the Goroka Open by-election, the Kupiano ward by-election, Abau, Central, the local level government by-election for the P...

Survival is the first primary focus of businesses following prolonged lockdowns and ‘new normal’ brought on by the global Covid-19 pandemic that has impacted everybody worldwide. This was the crux of the message from acting CEO of PNG Air, Mr Anthony Pereira during a recent interview with PNG Business News at their 7 Mile head office, in Port Moresby. Whi...

OIL Search Ltd is positioned to double production in the next six years, chief operating officer John Kurz says. Kurz attributed this to the company being the country’s largest single investor and the most active explorer which had also seen it expanding to purchasing asset in Pikku, Alaska. “We have a bright future,” he said. While providing the company’...