Search Results: 2022

One of the greatest challenges for the global community is to sustainably conserve our environment while attracting investors for resource development. A pivotal moment in this ongoing endeavor unfolded with the recent visit of National Executive Director of French Development Agency (AFD) Philippe Orliange, resulting in a high-level dialogue on the de...

This year’s Business Conditions Index indicates a positive path for growth, as revealed in the 2024 CEO Survey. Westpac Bank PNG Ltd Senior Economist Justin Smirk interpreted the results of the survey during the company’s recent sponsored breakfast at Stanley Hotel-Port Moresby on 20th March. The information offered clear insight into experiences in...

The Tourism Promotion Authority (TPA), through the International Visitor Survey (PNG IVS 2023) has reported a total of USD 120 million (PGK 400 million) generated by visitors travelling into Papua New Guinea last year. TPA’s 2023 Visitor Arrival Report and PNG International Visitor Survey Report revealed a notable surge in tourism, a 116 percent increa...

 The Government and the project partners for the US$12 billion (or K36 billion) P'nyang LNG project in Western signed the Fiscal Stability Agreement on March 18, 2024 in Port Moresby. [1] Prime Minister James Marape was present at the signing at the Government House, Konedobu. He expressed his gratitude and commendation to ExxonMobil, the project partn...

The 39th Australia Papua New Guinea Business Forum and Trade Expo is set to bring together senior business and government representatives in an atmosphere away from the usual grind of daily business. Registrations are open for the event, which is to be held on Mon 13-Wed 15 May 2024, at the Sheraton Grand Mirage Resort, Gold Coast, Queensland. This eve...

After 50 years of diplomatic relationship between the Independent State of Papua New Guinea (PNG) and the Republic of the Philippines, the Trade Ministers of both countries have agreed for the first ever Trade Committee Meeting between the two countries to be held in Manila on June 17-18, 2024. The PNG Minister for International Trade and Investment, Hon....

The 39th Australia Papua New Guinea Business Forum and Trade Expo is set to bring together senior business and government representatives in an atmosphere away from the usual grind of daily business. Registrations are open for the event, which is to be held on Mon 13-Wed 15 May 2024, at the Sheraton Grand Mirage Resort, Gold Coast, Queensland. This eve...

Prime Minister Hon. James Marape has reaffirmed the government’s dedication to fuelling the growth of the oil palm industry in Papua New Guinea. The sector, which stands as the country’s leading agricultural export, generated over K2.8 billion in exports in 2022, marking a pivotal contribution to the national economy. Prime Minister Marape highlighted ...

Production in 2024 is expected to be 120,000 to 140,000 ounces gold equivalent (“AuEq”). The second half of the year is expected to be the strongest, as operations progressively ramp up ahead of the new 1.2 million tonnes per annum (“mtpa”) Stage 3 Process Plant commissioning, scheduled for the end of Q1 2025. Cash costs between $820-$880 per ounce gold...

Kumul Petroleum Holdings Limited, Papua New Guinea’s national petroleum and energy company, announced recently that all necessary verification had been completed with the representative company of the PDL 2 landowners, enabling them to receive their portion of accrued Kroton Equity Option (KEO) preferential dividends. Wapu Sonk, Managing Director of Ku...

Papua New Guinea (PNG) needs to work on developing a very strong, deep, and a robust relationship with Indonesia, says the Minister for International Trade and Investment, Hon. Richard Maru who will be leading a trade delegation to Indonesia at the end of March this year. “We have wasted the last 50 years. Indonesia is the country we should have focuse...

President of the Autonomous Region of Bougainville, Hon. Ishmael Toroama, met yesterday with over 300 participants of the Panguna Mine Land Owners Clan Chiefs, at Tunuru Catholic Mission outside of Arawa Town, Central Bougainville. The purpose of this important meeting was for President Toroama to inform the landowners of the Government’s recent decisi...

K92 Mining Ltd. (“K92”), the operator of the Kainantu Gold Mine in Eastern Highlands Province, is pleased to announce that it has welcomed 11 graduate students as part of the 2024 class of the K92 Graduate Program. The K92 Graduate Program was established in 2022 to award students who have completed their degree qualifications with the opportunity to u...

Swire Shipping announced today that Westwood Shipping Lines (Westwood), a niche vessel operator specialising in the trade between the Pacific Northwest and Northeast Asia, will change its name to Swire Shipping effective 1 February 2024. Swire Shipping acquired Westwood in June 2022 as part of a growth strategy to expand its liner network in North America...

Mayur Resources Limited is pleased to advise that it has finalised the funding structure with its partners on the Orokolo Bay Mineral Sands project in Gulf Province of PNG having executed a series of legally binding contractual agreements with PT SEA First Nickel Industry (PTSFNI). The executed contractual agreements cover the full funding of the Orokolo ...

Prime Minister Hon. James Marape announced recently the historic appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea (BPNG). Ms. Genia, who has been serving as the Acting Governor of BPNG since January 2023, was officially appointed by the National Executive Council (NEC). “I am pleased to announce the histori...

K92 Mining Inc. is pleased to announce record quarterly production results for the fourth quarter (“ Q4 ”) of 2023 at its Kainantu Gold Mine in Papua New Guinea, of 39,101 oz AuEq or 33,309 oz gold, 2,728,623 lbs copper and 56,502 oz silver. Sales during the quarter were 31,931 oz gold, 2,995,585 lbs copper and 61,712 oz silver. Annual production achieved...

Policy reforms that strengthen legal frameworks will help Papua New Guinea (PNG) boost nontax revenues, says the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM).. “Subdued economic growth of 2% in 2023 is largely due to foreign exchange shortages, 20%–30% lower sales in various sectors, and a weakened contribution to g...