Photo credit: Ok Tedi Mining Ok Tedi Mining Limited (OTML) is committed to ensuring the closure of the mine is done in accordance with the approved mine closure plan when the mine ceases production. The plan which has been developed and updated since 1997 includes the decommissioning of mining infrastructure, the rehabilitation of operation sites, t...

Photo: Roadworks on the Malahang-China Town Road in Lae, August 2022 (LAE OPEN Electorate - JOHN ROSSO Dps MP/Facebook) Commentary by Alyssa Leng Inadequate funding has meant roads are few, far between and in poor condition across Papua New Guinea. Port Moresby is not connected by road to either the industrial hub of Lae or the agricultural and popu...

The Papua New Guinea Energy Summit & Exhibition will take place in-person on 20-22 September 2022 at the Hilton Hotel in Port Moresby, providing a meeting place for the national and international energy industry to reconvene and discuss the next phase of energy sector development, with the newly formed government. The Summit is officially endorsed by ...

The Mining Advisory Council is now evaluating the mining lease application for the Mambare Nickel Project, one of the nation's future nickel and cobalt projects in Northern Province. According to Jerry Garry, managing director of the Mineral Resources Authority, no decision has been taken regarding the nickel project's start of operations as of yet. ...

Photo credit: Post Courier - Mineral Resources Authority Managing Director Jerry Garry New mining companies looking to invest in the country are currently faced with a significant barrier due to the lack of infrastructure development in the nation. Although there is a significant demand for nickel cobalt and other high strategic minerals, with price...

Before the end of this year, the Porgera Mine in Papua New Guinea's Enga Province is anticipated to begin operations.   Prime Minister James Marape told the media recently that Porgera is one of the economic assets that must start, apart from Wafi-Golpu, Papua LNG and P’yang Gas. He said that the Mineral Resource Enga, landowners, and the Enga Pr...

The National Fisheries Authority named Justin Ilakini as its new Managing Director in an official statement on July 28. Ilakini has extensive knowledge of the fishing industries in both Papua New Guinea and the region. He was born and raised in Gavuone Village, Central Province, and served with the NFA for eight years before accepting advising position...

Treasurer Ian Ling-Stuckey cites the International Monetary Fund's (IMF) 6.8% inflation forecast for Papua New Guinea. “PNG’s economy can be greatly affected by shifts in the global economy,” he said. “The latest IMF World Economic Outlook released last week increased inflation predictions for developing countries to an extraordinary 9.5 per cent av...

Photo credit: Islands Business The Madang business community wishes to contribute more to the growth of the Pacific Marine Industrial Zone (PMIZ) in the region. The development of the project, according to Kevin Murray, president of the Madang Chamber of Commerce and Industry, would have a favourable effect on the city's economy. A committee has ...

According to Sir Peter Ipatas, the re-elected governor of Enga province, Mineral Resources Enga will not be rushed into signing the shareholders agreement. He said they do not want to rush the signing and will only sign when they are satisfied with a better deal. They are negotiating to get a better price, he claimed. “For years, the company has bee...

Photo credit: Nasfund - Ian Tarutia As the long-serving CEO of the fund, Ian Tarutia, CEO of Nasfund, will step down on March 31, 2023. Mr Tarutia has informed the board of his desire to retire at the end of March 2023, according to chairman Charles Vee's announcement. He said that the board appreciates his choice and has begun the search for a s...

Photo credit: Centre for Excellence in Financial Inclusion Financial information is vital to making informed decisions and NASFUND Contributors Savings and Loan Society (ncsl), as a financial institution, endeavors to provide necessary training and awareness to empower people to make good financial decisions. On Monday 01 August, ncsl and Centre for...

Photo: Kumul Petroleum Managing Director Wapu Sonk presents to PDL 7 landowner beneficiaries who have established and nominated Kroton Laitepo Equity Limited to receive the KEO benefits on their behalf, their unit certificate and preferential dividends Papua New Guinea’s national oil and gas company, Kumul Petroleum Holdings Limited announced today tha...

Progressing on improving the efficiency of value chain enablers, including sustainable, climate-proof transport infrastructure development in Papua New Guinea, the EU Funded UN Joint STREIT PNG Programme started with rehabilitation and specific maintenance of two farm-to-market access roads in the Sepik Region. Led by the International Labour Organizat...

Photo credit: ADB A revival in tourism is expected to boost economic growth in the Pacific in 2022 and 2023, but the COVID-19 pandemic, rising commodity prices, and climate change continue to pose risks, according to the Asian Development Bank. After an average economic contraction of 0.6% in 2021, ADB’s Pacific Economic Monitor (PEM), released toda...

Photo: Trans Wonderland Limited Board of Directors after a 2-day training by the PNG Institute of Directors in Port Moresby Santos has commended nine directors from landowner company Trans Wonderland Limited (TWL) including managing director Larry Andagali for attending a 2-day directors’ training facilitated by the Papua New Guinea Institute of Direct...

Commenting on the recent announcement by TotalEnergies that the Papua LNG joint venture will launch the first phase of front-end engineering and design (FEED) studies for upstream production facilities on the 5.4 Mt/year LNG project that they are operator of,  Kumul Petroleum managing director Wapu Sonk was congratulatory. He said, “As a potential co-v...

Hela Rural Development Foundation (HRDF) in partnership with BSP Financial Group Limited (BSP) has begun the shift to receiving digital donations on their website through the Online Payment Gateway system. Established in 2019, HRDF as a development partner to improve the quality of education, health and support sport functions in remote communities in ...

by Kingtau Mambon and Stephen Howes Papua New Guinea has been facing fiscal problems since the end of its economic boom almost a decade ago, with large deficits, increasing debt, falling revenue, and a rapidly growing salary bill. The COVID-19 pandemic has made things worse by depressing revenue. But the recently released 2021 Final Budget Outcome cont...

Sir Wilson Kamit has been named chairman of the board of directors of TISA Community Finance Limited, a fully owned subsidiary of Teachers Savings and Loan Society, beginning July 21, 2022. Sir Wilson, according to TISA's chief executive officer Michael Koisen, brings to the TCF board a wealth of knowledge and managerial experience that will help the s...

There have been many divestments and reinvestment in the country by foreign enterprises in past years, according to the Investment Promotion Authority (IPA). According to IPA managing director Clarence Hoot, 165 foreign enterprise certificates were awarded for the first half of this year as opposed to 364 for the entire previous year. “We are seeing...

Papua New Guinea’s financial sector accounts for K2.3 billion of its economy in 2022, Treasurer Ian Ling-Stuckey says. Ling-Stuckey said a healthy and modern financial sector was vital for development. “This is a larger contribution than the size of the manufacturing sector (K1.705 billion), or even our transport and storage systems (K2.05 billion),” h...

Photo credit: Geopacific Resources - Figure 1: Mining Lease exploration target areas Geopacific Resources Limited is pleased to provide an update on its exploration drilling campaign at the Woodlark Gold Project. Highlights  Drill holes in to the Talpos and Watou targets generated several positive results including:  Talpos  TARC220...

Geopacific Resources Limited (‘Geopacific’ or ‘the Company’; ASX: GPR) is pleased to provide an update on its activities and cashflow for the quarter ended 30 June 2022. Highlights  Trading recommenced on the ASX on 31 May 2022 following the implementation of an intensive business transformation program in response to the previously identified ma...