The PNG Chamber of Mines and Petroleum (“the Chamber”) recently hosted its first ever Media Wind Down event, in Port Moresby on Friday July 28, 2023. Staged as a meet and greet event with the theme “To Connect, Communicate and Collaborate”, the event brought together public relations professionals within the mining and petroleum sectors, and journalist...

Ok Tedi Mining Limited (OTML) hosted esteemed representatives from Mitsubishi Materials Corporation (MMC), one of its leading customers of copper concentrate from Japan last week. Among the distinguished visitors were General Manager – Raw Materials Department, Mr. Hiroyuki Tsukamoto; Deputy General Manager – Raw Materials Department, Mr. Masahide Iwat...

‘FX market turnover in the June quarter rose 28% from the March quarter 2023 to PGK13.9 billion, due to a 58% increase in BPNG FX intervention,’ according to BSP’s June Quarter 2023, Pacific Economic & Market Insights report. “Excluding BPNG intervention, market turnover rose 12% in the June Quarter, but remains flat (unchanged) in 1H-2023 when com...

The Government, through BPNG, seeks to bring the PGK/USD exchange rate to the ‘market clearing’ rate, where the supply of currency can meet demand without BPNG intervention. “This will, in theory, allow for the free flow of trade particularly for imports. This is a necessary step by the Government for the market to function efficiently,” Mark Robinson ...

Warden’s Hearing for the Porgera Mine has been successfully concluded. The hearing was held at Paiam Oval in Porgera on July 31, and in Tari Town Square Hela Province on Aug 1, with regards to the Special Mining Lease (SML) 13 and 15 supporting tenements. Major stakeholders to the hearing process were the impacted landowners and the applicant New Po...

At Parliament House recently, Kumul Petroleum Holdings presented the Government with a dividend cheque for K250 million Handing over the interim dividend payment to Treasurer, Ian Ling-Stuckey, and SOE Minister William Duma, Wapu Sonk, Managing Director of Kumul Petroleum Holdings said, “KPHL is fulfilling the commitment it made in its 2023 Annual Oper...

Barrick Gold Corporation is aiming to restart operations at the Porgera gold mine later this year, president and chief executive Mark Bristow says. This follows the Security Forum and the opening of the Development Forum on July 20, a precondition for the granting of a special mining lease, by the Minister of Mining, the Hon Sir Ano Pala, at an event a...

Economies in the Pacific are projected to grow collectively by 3.3% in 2023 and 2.8% in 2024 as the subregion continues to recover from the COVID-19 pandemic, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched recently. In Papua New Guinea (PNG), the subregion’s largest economy, increased output ...

The Asian Development Bank (ADB) has appointed Said Zaidansyah as the Country Director for Papua New Guinea (PNG). Mr. Zaidansyah, who assumes office today, will oversee ADB’s country partnership strategy for PNG and wider engagement in the country. “Working with the Government of Papua New Guinea, we are committed to, among other things, helping rehab...

The Independent Consumer and Competition Commission (ICCC) has given the Newmont Corporation the green light to proceed with its proposed acquisition of Newcrest Mining Ltd. Newmont's Chief Executive Officer, Tom Palmer, expressed his appreciation to the ICCC in PNG for their meticulous review and clearance of the acquisition proposal for Newcrest, paving...

The State Negotiating Team for the proposed Joint Venture (JV) between the State and the RD Corporation met for the first time today to commence JV negotiations. Minister for International Trade and Investment, Hon. Richard Maru met with the team to give them the overall picture of what the Government wanted from this JV negotiations and what the team had...

Minister for International Trade and Investment, Hon. Richard Maru says he is happy with his visit to China recently. “Building on the sister-city relationship between Shenzhen and Port Moresby and the recent State visit of Governor of Guangdong, Wang Weizhong, I was happy to make my first official visit as the Minister for International Trade and Inve...

Prime Minister Hon. James Marape recently gave a gleaming report on Minerals Resources Development Company (MRDC) while describing it “very much the success story (Great) Grand Chief Sir Michael Somare wanted it to be”. PM Marape was tabling the financial accounts of the company in Parliament when he revealed that the company, founded by the late found...

Prime Minister and Foreign Affairs Minister Hon. James Marape expressed his enthusiasm for the goodwill visit of two large Indian naval vessels to Papua New Guinea, stating that it signifies a promising future for India-Papua New Guinea relations. The visit, closely following the historic presence of Indian Prime Minister Hon. Narendra Modi in May, reinfo...

With three weeks to go the start of the inaugural PNG Community Affairs and National Content Conference and Expo (CANCONEX), leading landowner Trustee company, Mineral Resources Development Company (MRDC) has stepped in as a Principal Sponsor for the event, which take place from August 28th to 30th at the PNG University of Technology in Lae Morobe Provinc...

The Investment Promotion Authority (IPA) through the Office of the Registrar of Companies has issued a final warning to owners of Business Names that have expired to come forward and renew them by August 31st 2023 or risk an automatic cancellation by the system. This means that any owner who wishes to maintain or restore the same business name after its c...

Ok Tedi Mining Ltd (OTML) is strengthening its operations to deliver maximum return to PNG shareholders, mine impacted communities and the people of Papua New Guinea. Managing Director and CEO Kedi Ilimbit said this when speaking to OTML and Business Partner employees during a roadshow conducted from the 06th to the 09th of June. The roadshow was co...

Ok Tedi Mining Limited (OTML) is committed to our vision of social value which reflects our purpose through providing business opportunities in ensuring our local communities ‘transition towards a more sustainable future after the Life of Mine. Among many initiatives and programs in place that contribute to achieving this commitment is the focus on ens...

To our readers,  We sincerely apologise for the article 'Gold Trader Speaks Out on Proposed Gold Refinery Bill' on our platform.  It has come to our attention that the article contained misleading and erroneous information, and upon our review we concur with this observation.  We have taken immediate action to rectify the situation by removing th...

During his visit to the Variarata National Park on Friday, July 28, 323, His Excellency Emmanuel Macron, the French President, addressed the students of Sogeri School of Excellence in Central Province, emphasising the importance of rainforest conservation in generating employment opportunities. President Macron highlighted the significance of preservin...

Papua New Guinea and the Republic of France have established a landmark cooperation in Forest Management, Conservation, and Climate Change during a bilateral meeting between Prime Minister of Papua New Guinea, Hon. James Marape, and the President of the Republic of France, His Excellency Emmanuel Macron, in Port Moresby on Friday, July 28, 2023. Prime ...

K92 Mining Inc. is pleased to announce that the Board of Directors has authorized the Company’s award of the engineering, procurement, construction and commissioning (“ EPC ”) Lump Sum Contract for the 1.2 million-tonnes-per-annum (“ mtpa ”) Stage 3 Expansion Process Plant to GR Engineering Services Limited (“ GRES ”) following a tender process. The EP...

Kumul Petroleum, Papua New Guinea’s national petroleum and energy company, formally welcomed 12 young professionals into its ranks as this year’s graduate development programme intake, in a small ceremony. Welcoming the new graduates, KPHL managaing director Wapu Sonk said, “You are joining the organisation at the right time, since Kumul Petroleum is c...

Prime Minister Hon. James Marape on Thursday, July 27, 2023, met with the United States Secretary of Defense Lloyd J. Austin III as Papua New Guinea and USA continue to work at taking their deepening bilateral relation to the next level. The visit by Secretary Austin to Port Moresby and his meeting with PM Marape is a follow-up to the signing of two si...