Ok Tedi Mining Limited (OTML) recently graduated 29 trainees under its Graduate Development Scheme (GDS) and 12 Apprentices from its Apprenticeship Training Program during a combined graduation in Tabubil on December 19th, 2024. The graduate trainees who completed two years of training were part of the 2022 GDS recruitment. OTML has now trained a total...

Ok Tedi Mining Limited (OTML) Managing Director and Chief Executive Officer Kedi Ilimbit is pleased with the progress of the Community Mine Continuation Agreement (CMCA) Extension Review. Mr Ilimbit said that the company has made significant progress with the community meetings and the Working Group Meetings (WGM) towards the end of 2024. "The signi...

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Papua New Guinea and Australia have taken a significant step towards modernising the nation’s maritime infrastructure with the launch of a Joint Implementation Unit (JIU). This collaboration, between the Australian Infrastructure Financing Facility for the Pacific (AIFFP) and PNG Ports Corporation, is set to revolutionise port operations in key locations,...

The Mineral Resources Development Company (MRDC) has demonstrated its commitment to creating value and strengthening partnership opportunities at the 2024 PNG Investment Week, hosted in Sydney, Australia. MRDC’s active participation and strategic investments were key highlights of the conference, showcasing the company’s leadership in driving sustainable ...

The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) have signed a $100 million policy-based loan to improve governance and accountability across the public sector. The Strengthening Public Sector Management Program is supporting the government’s efforts to enhance fiscal management, improve state-owned enterprise (SOE) governa...

Kumul Petroleum Holdings Limited managing director, Wapu Sonk, today handed over a cheque of K150 million to the State Owned Enterprises Minister Hon. William Duma, as final dividend payment for the year. Mr Sonk said, “This has been a tough year financially for KPHL, we have had to meet our PNG LNG Project JV cash calls associated with the finalisatio...

KPHL’s contractor, China Petroleum Pipeline Engineering, a subsidiary of China National Petroleum Company has begun construction of a Jet A1 fuel import and storage facility at a site adjacent to the Motukea wharf.  Kumul Petroleum Managing Director, Wapu Sonk said, “This facility is part of the commitment we made to the Government and people of PNG ea...

As the New Year opened, a call for unity and compassion for Vanuatu resounded across Papua New Guinea from Port Moresby. The Governor for the National Capital District, Hon. Powes Parkop, announced a charity drive aimed at supporting Port Vila, the sister city of Port Moresby, which was devastated by a 7.3-magnitude earthquake on New Year’s Eve. The...

The European Union (EU) Delegation to Papua New Guinea has launched the Green Diplomacy Week 2024, a three-day event aimed at fostering local partnerships for sustainability, environmental protection, and climate action. Held from December 11 to 13 at the Moresby Arts Theatre, the event highlighted the EU’s global commitment to combating climate change...

The Government of Papua New Guinea (PNG), Hevehe Petroleum, and Twinza Oil have signed the Pasca Gas Agreement, marking the country’s first offshore petroleum project. This landmark deal promises significant economic and social benefits. Historic Signing Ceremony The signing ceremony, led by Governor General Sir Bob Dadae and attended by Prime Minis...

Papua New Guinea (PNG) faces significant challenges in addressing money laundering (ML) and asset recovery. According to the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) published in November 2024, the country lacks skilled personnel, institutional resources, and prioritization to tackle these issues effectively. Consequently, P...

As the year comes to an end, Papua New Guinea's Minister for Mining, Hon. Wake Goi, has expressed disappointment over unmet priorities in the mining sector for 2024. Despite these challenges, the Minister assured stakeholders that his ministry is committed to achieving its goals by 2025. In an exclusive interview with PNG Business News, Minister Goi...

The Papua New Guinea Chamber of Resources and Energy (PNG CORE) is proud to announce its Highly Commended Recognition in the Best Use of Technology (500+ category) at the 2024 EventsAir Innovation Awards. This year’s awards saw a record number of high-quality submissions, making the judging process highly competitive. Despite the strong field, PNG CORE...

The governments of Australia and Papua New Guinea announced on December 12 a team-up with the Australian Rugby League Commission (ARLC) to strengthen ties through rugby league, a sport passionately embraced by both nations.  Stressing its role as the primary security and development partner to Papua New Guinea, Australia pledged to support the establis...

The Papua New Guinea Tourism Promotion Authority (TPA) reaffirmed its partnership with Carnival Australia (P&O Cruises) to strengthen Papua New Guinea’s (PNG) growing cruise sector on Monday 9 December in Sydney, Australia. TPA’s Chief Executive Officer (CEO), Eric Mossman Uvovo, met with Carnival Australia’s Vice President, Peter Little, to reaffi...

The Minister for International Trade and Investment, Hon. Richard Maru described his recent meeting with the full Board and Management of Mayur Resources at the margins of the Papua New Guinea (PNG) Investment Week in Sydney as “highly satisfactory”. Minister Maru said: “The meeting allowed me to clarify to Mayur Resources a lot of issues that the Stat...

A Santos Foundation program committed to changing attitudes towards family and sexual violence, and supporting survivors in Papua New Guinea, has won international recognition for its life-changing impact at the Platts Global Energy Awards in New York. A Santos Foundation program committed to changing attitudes towards family and sexual violence, and s...

Ok Tedi Mining Limited (OTML) is on track to generate US$1.5 billion (K5.8 billion) in revenue for 2024. This is a significant increase from 2023 (31%), 2022 (45%) and 2021 (98%). Managing Director & Chief Executive Officer, Kedi Ilimbit, announced the record revenue at the 2024 PNG Chamber of Resource & Energy Investment Week Conference in Syd...

Ok Tedi Mining Limited is expected to generate K40 Billion in social benefits, taxes, royalties and dividends to its shareholders over the next 26 years. Managing Director & Chief Executive Officer, Kedi Ilimbit, revealed this recently during his presentation at the 2024 PNG Chamber of Resource & Energy Investment Week Conference in Sydney, Aus...

Santos has improved facility reliability of its assets to more than 97 per cent this year with production seeing record days, weeks and months. This was announced recently by Sigurdur Jonsson, Santos Vice President for PNG Operations during the 2024 PNG Investment Week in Sydney. “In our efforts to optimise maintenance strategies, we thoroughly exam...

Prime Minister Hon. James Marape has recently (11.12.24) announced his government’s decision to partially privatise PNG Power Ltd amidst Government’s further decision to open up other parts of the country to independent power suppliers. Prime Minister Marape told the PNG CORE Investment Week in Sydney that Cabinet has approved the decision in one of it...

The internal revenue sup-porting Bougainville’s recurrent and development budgets is only at 7 percent and must be raised to over 50 percent to adequately support the Special Re-gion’s autonomous restructure aspirations. Prime Minister Hon. James Marape revealed this recently (11.12.24) in Sydney dur-ing the PNG Investment Week as he asked for greater ...

The Government of Papua New Guinea, has initialed a landmark Gas Agreement with Twinza Oil Ltd, the operator of the Pasca offshore gas project. This transformative agreement paves the way for the development of Papua New Guinea’s first offshore petroleum project, located off the coast of Gulf Province. It will be submitted to the National Executive Counci...