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...

Photo: Secretary Dr. Nelson Simbiken The Department of Agriculture and Livestock (DAL) is set to launch its 2023-2027 corporate plan this month, according to acting Secretary Dr. Nelson Simbiken. This plan will aim to drive the sector forward and for the first time, DAL is also upgrading its information and communication technology (ICT) systems. Dr...

Prime Minister Hon. James Marape says Puma Energy has said they replied to Bank of Papua New Guinea’s (BPNG) 13 queries in relation to supply of foreign exchange (FX), but is still in court in a BPNG initiated court proceeding. He said this resulted in Puma stopping its supply of aviation gasoline to Air Niugini, because it could not get the required F...

Photo credit: Department of Foreign Affairs and Trade The Australian Government have been vibrant in providing economic and employment opportunities for locals in the Autonomous Region of Bougainville through its Papua New Guinea-Australia Transport Sector Support Program (TSSP) and their Community Work Arrangements for the past three years. Support...

First elected member for the Newly created electorate Hiri Koiari in the Central Province, Keith Iduhu launched the District's Five Year Development plan recently at the Apec Haus. Government Representatives and distinguished guests led by the Prime Minister were present to attend the launching ceremony. Mr Iduhu stated in his speech that he had promis...

Photo credit: Internal Revenue Commission PNG - Revenue Haus in Port Moresby The Internal Revenue Commission has collected a record revenue of K15 billion for the public purse this year, according to Prime Minister, James Marape. In a media statement PM Marape has commended the management and staff of Internal Revenue Commission (IRC) for being an e...

Prime Minister James Marape recently stated that the Country has over K12 Billion in Foreign Reserves sitting in the Bank of Papua New Guinea which is the highest Foreign Reserve for the country ever. Marape said this is the Fiscal Policy intervention that the Government is concerned with and the power to make interventions on foreign exchange remains wit...

Photo credit: Zijin Mining. Aerial view of the Porgera gold mine The Prime Minister recently responded to the press statement that was published by the Deputy Opposition Leader in relation to the reopening of the Porgera Mine. “The Deputy Opposition Leader has never sat down at the table with any project stake holders to negotiate a way forward for ...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook Page The Minister for International Trade and Investment, Hon. Richard Maru who is the Minister responsible for the capital market of Papua New Guinea along with its regulator the Securities Commission of Papua New Guinea (SCPNG) said the capital markert will see maj...

Photo: PM Marape Prime Minister Hon. James Marape has welcomed the decision by Bank of Papua New Guinea (BPNG) to issue a provisional license to the Teacher’s Savings and Loans Society (TISA) to set up a fully-fledged commercial banking operation in PNG. “We would like a local bank with share offering to ordinary Papua New Guineans, mothers and fath...

Prime Minister, Hon. James Marape met with the officials from the Bank of China on Wednesday, December 21, 2022, and welcomed their plans to extend their Representative Office license which they obtained from the Bank of Papua New Guinea (BPNG). PM Marape has also encouraged the Bank of China to apply for a full commercial banking license from BPNG to ...

Photo: PNG Treasurer Ian Ling-Stuckey and ADB Country Director for Papua New Guinea David Hill  Credit: ADB in the Pacific Facebook Page The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) recently signed loan and grant agreements amounting to more than $66 million to help improve the country’s technical and vocational educati...

Economic growth in the Pacific will rebound in 2022–2023, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. Growth for the subregion is projected to be 5.3% in 2022 and 4.8% in 2023, partly fueled by stronger-than-expected tourism activity in Fiji and a recovery in Papua New Guinea’s mine...

The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) recently signed two loans to fund improvements to air services in PNG. Minister for Treasury Ian Ling-Stuckey and ADB Country Director for PNG David Hill participated in the signing ceremony. “This innovative program will help boost economic and social development in PNG,”...

Photo: Project cargo specialist, Steamships Logistics Division, has a fleet of nearly 30 ships, tugs, and barges, more than 200 trucking assets, as well as an expanse of machinery and equipment. It employs more than 1,700 staff (98 % PNG nationals). Papua New Guinea’s oldest business group, Steamships Trading Company Ltd, has invested millions in its L...

Photo: PNG Chamber of Mines and Petroleum President Anthony Smaré addressing delegates at the opening of the 16th PNG Mining and Petroleum Investment Conference and Exhibition in Sydney, Australia. President of the PNG Chamber of Mines and Petroleum, Mr Anthony Smaré during the 16th PNG Mining and Petroleum Investment Conference and Exhibition, acknowl...

The Papua New Guinea Chamber of Mines and Petroleum has announced that it is considering a name change to PNG Chamber of Resource and Energy (PNG Core) to better reflect the change in the commodities produced by the sector in PNG. PNG Chamber of Mines and Petroleum President Anthony Smaré made this announcement during the 16th Mining and Petroleum Inve...

Photo: A haul truck being loaded with ore at the Ok Tedi mine. Ok Tedi Mining Limited (OTML) recently announced that a dividend of PGK300 Million will be paid to shareholders on or before 31 December 2022. OTML Chairman Dr Roger Higgins thanked employees, contract partners and mine impacted communities for their support throughout 2022. He added ...