Photo: Minister for Trade and International Investment, Hon. Richard Maru Special Economic Zones are a launching pad for economic development in the country, and the current government has taken a decisive stance under the leadership of current Prime Minister James Marape by setting up and legislating 18 SEZs in 2019. This policy was the brainchild ...

Photo credit: Paga Hill Estate The Yangoru-Saussia District in the East Sepik Province is undergoing a phase of significant and progressive transformation as local farmers will benefit from a direct cash injection that will see a new revolution in cocoa production. Currently, the Cocoa Board has reported that the district produced 9,000 metric tons ...

Photo: Luke Liria speaking at the official charity golf Launch Kumul Petroleum Holdings Limited (KPHL) is once again hosting its inaugural ANGAU Cancer Charity Golf tournament for the third year in partnership with Morobe Provincial Health Authority in Lae next month to support The National Cancer Treatment Center at Lae’s Angau Hospital. Luke Liria...

Photo: Sam Basil Junior. credit: Sam Basil Junior Facebook Page The alluvial mining sector is a fast-growing sector in Papua New Guinea, with more than 80,000 alluvial miners engaged in the sector, which also generates a significant amount of export receipts in millions of kina to the PNG economy annually. The Bulolo area in Morobe has been known fo...

Papua New Guinea has ceased issuing import permits for Australian and Asian raw poultry in a trade move some viewed as political maneuvering. A blanket ban was imposed on the importation of frozen chickens into the country to protect the billion-kina local poultry industry. PNG's Agriculture Minister Aiye Tambua announced that the ban will take effe...

Photo credit: K92 Mining Inc K92 Mining Inc is pleased to provide its operational outlook for 2023. The Company expects gold equivalent production of 120,000-140,000 ounces, while also delivering low-cost production with an estimated cash cost of $620-$680 per ounce gold and AISC of $1,180-$1,300 per ounce gold. Cash cost and AISC per ounce have increa...

Photo: Barrick Gold Corporation Chief Executive Officer Mark Bristow Barrick Gold Corporation Chief Executive Officer Mark Bristow has urged all PNG parties involved in the Porgera Mine reopening negotiations to complete the process by the end of the first quarter 2023. Bristow was in country as part of his quarterly visits to all Barrick owned and ...

Photo: Minister for Agriculture Aiya Tambua. Credit: Aiya Tambua LinkedIn Page Minister for Agriculture Aiya Tambua has announced the new price support for copra or coconut farmers in the country. Mr Tambua said brown coconut will now be bought at a price of K2, which is an increase of K1.1, while white coconut will be bought at K2.50, he said when ...

The National Government continues to embark on prioritizing its "Connect PNG Economic Road Transport Infrastructure Development Programme 2020-2040" with its delivery target set for 2040. This means by 2040, PNG will have access to 100 per cent road connectivity, connecting more than six million people to massive services and economic opportunities. Th...

Photo: Simon Sia and PNG SME Corp Delegates As the Government has placed more emphasis on Micro, Small & Medium Enterprises (MSMEs) and Small & Medium-Sized Enterprises in the country, Eastern Highlands Province launched its SME policy over the festive period. Governor for Eastern Highlands Simon Sia and delegates from the PNG SME corporatio...

Photo: BSP Group GM for Corporate Banking, Peter Beswick “Business and consumer confidence continued to improve during the final quarter of 2022, with anecdotal evidence across a broad section of our retailers and hotel operators experiencing record pre and post-Christmas sales activity”, said BSP Group GM for Corporate Banking, Peter Beswick. In gi...

Photo: BSP Acting Group Chief Executive Officer Ronesh Dayal Papua New Guinea's economy through the course of 2022, has experienced higher levels of activity post the COVID-19 period. To maintain this shift in momentum, government needs to accelerate foreign direct investment (FDI) in 2023. According to the 2022 BSP Quarter 4 Pacific Economic and Ma...

Photo: Santos Managing Director and Chief Executive Officer Kevin Gallagher. Photo credit: Attila Csaszar Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record annual production and sales revenue in 2022, as strong base business performance positioned the company to benefit from higher commodity prices. Fr...

Photo: Prime Ministers Albanese and Marape at Commander’s Beach at Moem Barracks in Wewak .- PM’s Office Media Prime Minister Hon. James Marape says for the first time in 47 years of Independence for Papua New Guinea from Australia, an Australian Government and Prime Minister are addressing all outstanding issues between both countries. He said this...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Minister for International Trade and Investment, Hon. Richard Maru welcomed Australian Government’s Commitment to work with Papua New Guinea on the development of Special Economic Zones (SEZs). Minister Maru in his meeting today with the Australian High Commissioner to PNG, H...

Photo: Minister for Mining Ano Pala The Mining Act of 1992 is set to undergo adjustments to address sensitive areas and unclear areas such as alluvial mining and exploration activities. This was announced by Minister for Mining, Ano Pala, in response to questions raised by Member for Bulolo, Sam Basil Jr, in Parliament. Mr. Basil highlighted the nee...

Photo credit: Papua New Guinea's Prime Minister James Marape and his Australian counterpart Anthony Albanese Australia's Prime Minister Anthony Albanese has announced plans to increase two-way trade with Papua New Guinea (PNG) in areas such as coffee, cocoa, fisheries, and tourism. In a speech to Parliament, Albanese stated that the Australian and PNG ...

Photo: Barrick CEO and President Mark Bristow addressing PJV Town Hall meeting at Porgera Mine site during a quaterly visit in 2022 Barrick Niugini Limited (BNL) has clarified in a media statement that the Porgera Mine remains and is progressing in a care and maintenance mode of operation and that the current defined rehiring process of the skilled wor...

Many of Papua New Guinea’s most unruly problems are inseparably tied up with the country’s most promising sources of wealth. Mining, gas, timber, and other extractive industries are the most productive sectors of Papua New Guinea’s otherwise ailing economy. But exploitation of these resources has also led to violence, corruption, and lack of service deliv...

Small and medium-sized enterprises (SMEs) can be a force to reckon with in Papua New Guinea if the funds parked in the two banks, National Development Bank (NDB) Ltd and Bank South Pacific (BSP) Financial Group Ltd, by the Government are fully fulfilling the vision of the Government by reaching the wider population and are in line with the goals outlined ...

A review into the Superannuation and Life Insurance industry has been compiled and recommendations have been presented to the regulator, The Bank of Papua New Guinea. It is a step towards making the necessary amendments towards Superannuation and Life Insurance legislations passed by Parliament more than two decades ago. The Superannuation and Life ...

Photo: PM Marape in Parliament Prime Minister Hon. James Marape has welcomed the Investment Promotion (Amendment) Bill 2022, unanimously passed by Parliament today (January 11, 2023), which encourages the growth of Papua New Guinea-owned small-to-medium enterprises (SMEs) while at the same time attracting foreign direct investment (FDI). PM Marape a...

"The Bank of Papua New Guinea has an excess of US$3.7 billion (K13 billion) worth of foreign reserves sitting in the bank that can cater for the country for one year," said Prime Minister James Marape in response to questions raised by the Governor for Southern Highlands William Powi in Parliament. He went on to say, "I was informed by BPNG that the Centr...

Photo credit: K92 Mining K92 Mining has announced production results for the fourth quarter of 2022 at its Kainantu Gold Mine in Papua New Guinea, of 35,538 oz AuEq or 31,204 oz gold, 1,827,085 lbs copper and 40,517 oz silver. Annual production achieved a record of 122,806 oz AuEq or 107,546 oz gold, 6,247,950 lbs copper and 126,043 oz silver, achievin...