Photo Credit: PNG Buzz / Papua New Guinea's State Enterprises Minister, Sasindran Muthuvel (left), Prime Minister James Marape (centre) and the chairman of Fortescue Metals Group of Australia, Andrew Forrest, sign an agreement in Port Moresby back in September 2020. PRIME Minister Hon. James Marape, MP says Papua New Guinea’s partnership with Dr. Andre...

Photo credit: Marc Dozier According to the PNG National Statistics Office, Papua New Guinea's current price gross domestic product (GDP) for 2019 was K83.8 billion, up 5.6 per cent (K4.4 billion) over 2018. (NSO). Jennifer Balen, head of the NSO accounting branch's combined accounts division, said that current price GDP, or nominal GDP, reflects cha...

Photo credit: Fortescue Future Industries Fortescue Future Industries (FFI) is partnering with Papua New Guinea (PNG), one of the most renewable energy-rich countries in the world, to develop multiple large-scale green energy and green hydrogen projects. FFI’s Papua New Guinea Fortescue Future Industries Ltd, and the State of Papua New Guinea today ...

The Weir Group has agreed to acquire Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of £89m1 payable in cash upon completion, subject to customary net debt and working capital adjustments. Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machi...

The supply and demand for foreign money dictate how the foreign exchange market operates. Governor Loi Bakani stated in the Central Bank's Monetary Policy Statement that PNG's foreign exchange supply is mostly derived from export receipts, government external loans, grants, and foreign direct investments. Foreign exchange is needed primarily for the...

Link PNG has received permission from the Independent Consumer and Competition Commission for a code-share agreement with PNG Air Limited, except the Joint Operations Agreement. On April 9, 2021, Link PNG applied for approval under Section 70 of the Independent Consumer and Competition Commission Act 2002 to engage into and give effect to a proposed Jo...

According to the National Fisheries Authority, the country's fish and fisheries goods exports exceeded K1.5 billion last year (NFA). This was said by managing director John Kasu during the beginning of the national fisheries judicial conference, which is now taking place in Port Moresby. “The importance of fisheries to Papua New Guinea and the econo...

In the following years, the Papua New Guinea Ports Corporation Ltd (PNG Ports) claimed its network of ports will be receiving multi billion kina worth of restoration. A substantial portion of infrastructural development funds will be distributed to ports, namely those operated under PNG Ports' community service obligation (CSO). The rehabilitation a...

Mayur Resources is in advanced talks with a large-scale international investor interested in acquiring a stake in its proposed Central Cement and Lime project west of Port Moresby. According to the company's annual report, it followed a 20-year mining lease granted by the government in August. The article said the project has been given special econ...

Following the successful completion of the final and significant mill shutdown, Ok Tedi Mining Ltd (OTML) business unit is eager to end the year on a high note. More than 350 workers, contractors, and service providers were affected by the massive closure in September. Isaac Kwetok, deputy general manager of processing, said the business unit's curr...

According to a projection, total earnings from the PNG LNG project would reach US$4.5 billion (K15.4 billion) in the fiscal year 2021. According to estimates recently released by JMP Securities, PNG-based equity and fixed interest markets broker/dealer, Kumul Petroleum Holdings Ltd (KPHL) will earn between US$750 million and US$775 million (roughly K2....

According to Bank South Pacific Financial Group Ltd, foreign exchange (FX) liquidity has increased since the second quarter of the year, owing to robust commodities prices mixed with project-specific and donor foreign currency inflows (BSP). The PNG Kina has stayed constant versus the US dollar for the third consecutive quarter, according to the bank's...

Photo credit: PNG Buzz President Hon. Ishmael Toroama has congratulated all Members of the Fourth Bougainville House of Representatives for completing the first year in office since the inauguration in 2020. President Toroama made this statement during parliament this week, highlighting that September 29 this year marked the first year of the Toroam...

Photo credit: Department of PM&NEC The Prime Minister’s Special Envoy to the 26th Conference of the Parties, Hon. Wera Mori, says Papua New Guinea anticipates on firmly drawing tangible outcomes from the COP26 Leaders’ Summit, in Scotland.   He made these remarks during the first day of the COP26 Leaders’ Summit (Monday), where he intends to mak...

Photo credit: Lowy Institute The Papua New Guinea Special Envoy and Minister for Environment Conservation & Climate Change, Hon. Wera Mori, MP, says PNG is adamant on ceasing all logging, on a large scale, completely by 2030. He said the collective decision by COP26 to stop deforestation entirely by 2030, is an agenda PNG has always advocated fo...

Photo credit: Department of the Prime Minister and Cabinet - Prime Minister of Papua New Guinea James Marape and Australian Prime Minister Scott Morrison Australia and Papua New Guinea have agreed to join forces to create an efficient and accessible carbon market for the region under the Indo-Pacific Carbon Offsets Scheme. Following talks with PNG’s...

Photo credit: Papua New Guinea Today - Treasurer Ling-Stuckey received by World Bank VP Manuela Ferro at World Bank HQ in Washington DC.USA COVID-19 and Climate Change were the topics of discussion between Papua New Guinea and the World Bank. According to Ian Ling-Stuckey, the Treasury Minister of Papua New Guinea, “My recent meeting with World Bank Vi...

Photo credit: Papua New Guinea Today - Treasurer Ling-Stuckey receives briefing from USAID Officials at the Ronald Reagan Building and International Trade Center in Washington DC.USA. The United States Aid to Papua New Guinea and the Pacific is rising. The treasury minister of Papua New Guinea, Ian Ling-Stuckey, stated this. “In discussions in Washi...

According to St. Barbara's last quarterly report, the company's Simberi facility in New Ireland is doing well with the pre-investment phase of their sulphide project. “The pre-investment phase is advancing well, with initial new fleet purchases completed and the front-end, engineering and design (Feed) study package awarded and on track for delivery in...

The State has received a dividend of over K21 million from PNG Ports Corporation Limited for the fiscal year 2020. This payment of K20, 921, 465.00 comes on the heels of a net profit after tax of K83, 685, 862 last year. PNG Ports Board Chairman Kepas Wali said the payment was made as a result of the company's good financial management and operating st...

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...

Photo credit: Autonomous Bougainville Government  Communities in Buka and Arawa will soon see improved access to stable, clean and sustainable electricity. This follows the announcement of upgrades to the PNG Power electricity grids in Buka and Arawa yesterday. Australian High Commissioner to PNG Jon Philp officially announced this support packag...

Photo credit: PNG Department of Information & Communications Technology - Minister for Treasury, Hon. Ian Ling-Stuckey (left) accompanied by Principal Advisor, Dr Misty Baloiloi in front of the US Department of Treasury , adjacent to the White House, 19 October 2021. In order to modernize PNG's anti-money laundering legislation, the Minister of Tre...

PNG has received a K13 million donation from Japan for road construction equipment. Japanese Ambassador Kuniyuki Nakahara and Minister of Foreign Affairs and Trade Soroi Eoe signed the agreement on paper. Eoe expressed gratitude on behalf of the people and government of PNG, particularly the recipient provinces, to the people and government of Japan...