Ok Tedi Mining Ltd (OTML) has added 40 new interns to its internship programs for 2021. Sixteen of the intakes will be part of the Graduate Development Scheme for two years, while the other 24 will be trade graduates who will complete a four-year apprenticeship program. OTML Managing Director and CEO, Musje Werror said, “Ok Tedi’s training programs are...

Following the completion of all terms with former joint venture partner Pan Pacific Copper to buy its 19% stake in the Misima gold project in Milne Bay, Kingston Resources Ltd now holds a 100% interest in the project. Kingston has received the final tranche of the overall consideration of AU$2 million (K4.31 million) since receiving all regulatory appr...

COVID-19 had a major impact on Papua New Guinea's exports and port movement, but the PNG Ports Corporation had taken political decisions to handle the situation. In recent months, the world has seen and continues to see a significant shift in everyday lives, which has had significant implications for industry, commerce, and transportation. The pande...

K92 Mining recently revealed that its Kainantu gold mine in Papua New Guinea's Eastern Highlands province produced a record annual gold-equivalent output of 98,872 oz. The gold equivalent volume is 95,109 oz of gold, 1,853,078 lbs of copper, and 36,067 oz of silver, reflecting a 20 per cent growth in AuEq from the previous year. Cash costs of US$651/oz...

BSP Financial Group has replaced Bank South Pacific Limited as the company's name. Sir Kostas Constantinou, Chairman of the BSP, revealed this last week. The shareholders approved the name change, as well as other legislative amendments, according to Sir Kostas. BSP will now proceed with the filing of its application for listing on the Australian...

Oil Search continues to place constructive environmental conservation at the forefront of its activities. To that end, it maintains an efficient environmental protection scheme that complies with the ISO 14001 global standard's specifications. The Company is dedicated to preserving and reducing environmental impact in the communities. Oil Search's o...

The Mineral Resources Authority (MRA) is gathering feedback from all project stakeholders involved in the Simberi gold mine in New Ireland to determine the best course of action for the amended memorandum of agreement (MoA). The National Executive Council (NEC) authorised the updated MoA for signing in April 2017, according to managing director Jerry G...

Information and Communications Technology (ICT) Minister Timothy Masiu said a third network service run by Digitec Communications Ltd will begin before the end of the year. Masiu made the remarks during a recent visit to Digitec's headquarters in Waigani, Port Moresby. The building of over 1,100 towers is expected to be completed, according to Digit...

Kina Securities Ltd (KSL) has sent an application to the Independent Consumer Competition Commission (ICCC) for approval of its proposed acquisition of Westpac's Pacific company. Through the authorisation process, ICCC will determine the acquisition's competition consequences and public gains, according to Commissioner and Chief Executive Officer Paulu...

Ok Tedi Mining Limited (OTML) has begun introducing a Mass Testing Program within its activities in order to avoid further COVID-19 transmission and ensure a secure return to operations. Following a spike in COVID-19 cases on the mine site and in Papua New Guinea, the company began introducing the program on Friday, March 19th, for a period of 14 days....

Oil Search claims that stringent quarantine procedures, behaviour restrictions, and personnel roster guidelines put in place last year have secured the company's activities in the region. In a statement, Oil Search said that no cases of Covid-19 had been identified in their field operations. In addition to the number of Covid-19 cases around the wor...

According to estimates from a survey, coffee production in the country has been decreasing for the past ten years. “From 1998 to 2018, the coffee harvest area and quantity of coffee produced in PNG decreased by 33 per cent and 28 per cent respectively,” a National Research Institute (NRI) report stated. The downturn was triggered by the problems tha...

The government has requested a loan extension for two World Bank projects in the Gulf and Madang provinces to maintain and rehabilitate roads. The extension will allow procurement and construction on the Bogia-Awar section of the Coastal Highway and the Epo-Kerema section of the Hiritano Highway to be completed by April 28, 2023. “These projects are...

PNG Ports Corporation has reported a profit of K83 million for the full year of 2019. This permitted Kumul Consolidated Holdings (KCH) to receive a full-year dividend payment of K21 million, which was finalized yesterday with the presentation of K11.4 million to KCH as a second payment following the first part of K9.6 million paid in November. Chair...

Adyton Resources Corporation has started a 3,000-meter diamond drilling program at its Gameta Gold Project on Fergusson Island, which is part of Papua New Guinea's "Rim of Fire." The Gameta Gold Project has a 360,000-ounce gold (oz Au) inferred mineral resource, and Adyton's Wapolu Gold Project on Fergusson Island has a 140,000-ounce gold (oz Au) infer...

Australia has sent 8,000 COVID-19 vaccines to Port Moresby's Jacksons Airport as part of its continuing assistance to PNG to contain and combat the spread of COVID-19 in the region. Prime Minister James Marape expressed gratitude to the Australian Government at the airport where the vaccinations were sent, saying that Australia continues to assist PNG ...

Twinza's Pasca is the topic of negotiations. According to Petroleum Minister Kerenga Kua, a plant in the Gulf is currently underway. Kua predicted that reaching an agreement on the country's first offshore oil project would take some time. “(Project) still under negotiations,” he said. “Generally, it could take a few years to negotiate an agreed pos...

A flight from Australia has arrived in Papua New Guinea with the first shipment of COVID-19 vaccines as well as experts to support local experts in responding to the virus. The first supply of vaccines for frontline health staff was made on Tuesday, March 23rd, with an initial rollout for the National Capital District. In addition to AUSMAT experts,...

After PNG declined to renew a special mining lease (SML), the mine was shut down about a year ago. Barrick Niugini is appealing both the rejection and PNG's August decision to grant an SML to state-owned Kumul Minerals Holdings. President and CEO Mark Bristow said in Barrick's annual report issued last week that the company had signed an in-principle d...

The National Superannuation Fund Limited (Nasfund) is delighted to release its full-year 2020 findings. The audited results for the year ended December 31, 2020, as reviewed by the Board at its meeting, included a Net Profit of K222.9 million and a Net Asset Value of K5.57 billion. Following these findings, the Nasfund Board of Directors approved a ...

K92 Mining said that the corporation, as well as the resource sector, is worried about the rise in Covid-19 cases in the nation. According to John Lewins, the company's CEO, it has the potential to have a huge impact on PNG's entire resource industry and, by extension, the rest of the economy. “While the major concern should be the health and wellbe...

According to K92 Mine Inc, the falling worldwide gold price means that mining companies in the country will reduce non-essential spending, which would have an effect on suppliers. John Lewins, the company's CEO, was responding to questions about existing gold prices. He added that the gold price began the year at around US$1,950 per ounce (K6,694.49...

According to an official, the Wafi-Golpu Joint Venture (WGJV) will follow the proper procedures before its application for special mining lease 10 is approved. David Masani, WGJV's principal community engagement advisor, stated this during the company's numerous scheduled meetings with communities that would be impacted by the K18.4 billion gold-copper...

With the recent rise in COVID-19 positive cases in PNG, peak bodies representing industry, the private sector, and development partners are urging their members to take the lead in promoting and enforcing necessary virus prevention protocols. In a joint statement released recently, the PNG Chamber of Commerce and Industry (PNGCCI) and the Business Coun...