Abu Dhabi, February 25, 2024- The Minister for International Trade and Investment, Hon. Richard Maru indicated to his counterparts from Pacific ACP who had gathered in Abu Dhabi, United Arab Emirates for the World Trade Organization (WTO) 13th Ministerial Conference (MC13) that Papua New Guinea will maintain its position to standstill on fisheries subsidies.

Minister Maru in the Pacific ACP WTO Trade Ministers Briefing yesterday evening (local time) said: “We own the resources, but we keep being used because we have no capacity and we have never really had a vision to rise up. We have been used and larger fishing nations think that they can continue to come and walk over us. The time has come for us to rise up and we need to start giving them a signal that the days of using our resources and using us just for our resources has to be a thing of the past. For PNG we are in transition. We will for the first time in our history introduce an export tax to all fishing companies that bring out unprocessed fish from our waters starting in July this year. We are also now negotiating to buy into a major fishing company in PNG with the view to owning our own vessels and fishing our own waters. We are very determined to domesticate our fishing industry, and we are hoping that the negotiations will conclude in the next two to three months and for the first we will start to own a company and build our own processing facilities in a very big way. We are going to declare the proposed Pacific Marine Industrial Zone (PMIZ) in Madang a free trade zone. We will give tax incentives to every company who wants to build their own processing facilities in the PMIZ including those from the Pacific Region. We already have a wharf, and we are working on servicing all the vessels and we are going to start work in a very serious way starting this year. We cannot continue to be rent collectors; that has to be a policy of the past. We have had enough; the time for change has come and PNG is prepared to lead that change.”

The Sustainable Development Goals (SDG 14.6) stipulated that certain fishing subsidies cause environmental and economic harm and must be prohibited. The Agreement of Fisheries Subsidies (AFS) concluded at MC12 in June last year at Geneva aimed to address two pillars of the three pillared problem- subsidies to illegal, unregulated, and unreported (IUU) fishing and subsidies to fishing on overfished stocks. It did not cover subsidies that contribute to overcapacity and overfishing (OCOF) which has always been the most commercially important third pillar of the longstanding negotiations. At MC12, Ministers decided to continue negotiating on that topic with a view to adopting “comprehensive disciplines” within four years of the AFS entering into force. If members do not do so, the AFS may be terminated. This creates an incentive to come to an agreement on OCOF within a certain timeframe. So far 61 members have accepted the AFS. 110 must accept it (two-thirds of the 164 total in the WTO) for it to enter into force.

“The current high level of subsidies by a handful of distant water fishing nations causes environmental problems and creates unfair competition, making it difficult for the Pacific to build its own fleet. A strong OCOF agreement at MC13 to complement this is in the interests of Pacific Island members,” said Minister Maru.

Minister Maru also met with the Fijian Deputy Prime Minister & Minister for Trade, Cooperatives, Small and Medium Enterprises, and Communications, Hon. Manoa Seru Narakasabaria Kamikamica after the briefing and agreed to meet in Suva in the last week of month for bilateral talks.

“The agendas of the discussions will include ratification of the Melanesian Spearhead Group (MSG) Trade Agreement, dual listing of the PNG stocks in the Fiji Stock Exchange and vice versa, investment opportunities for Fiji investors in Special Economic Zones in PNG especially manufacturing companies, investment opportunities for PNG companies in Fiji, training of Papua New Guineans in Fiji in the area of tourism, and non-tariff barriers of PNG export goods to Fiji,” said Minister Maru.

Kumul Petroleum Holdings Limited, Papua New Guinea’s national petroleum and energy company, announced recently that all necessary verification had been completed with the representative company of the PDL 2 landowners, enabling them to receive their portion of accrued Kroton Equity Option (KEO) preferential dividends.

Wapu Sonk, Managing Director of Kumul Petroleum said, “together with DPE we have completed verification of the directors and beneficiaries of the PDL 2 representative company, Kutubu Gas Holdings Limited.” 

Mr. Sonk explained that under the 2009 PNG LNG Project Umbrella Benefit Sharing Agreement between the State, recognised provincial governments and landowners impacted by the project, certain beneficiaries were entitled to exercise a commercial option to acquire shares in the State entity holding shareholding in the project. Vendor finance for this was arranged by KPHL and known as the Kroton Equity Option.  

“Today I am pleased to announce that Kumul Petroleum can award the PDL 2 landowner representative company, Kutubu Gas Holdings Limited, a cheque of K35.3 million for their preferential dividends accrued from 2017 to 2022, a significant sum.” 

“I thank these landowners for their patience over the past 6 years.”

After consultation with their licence area communities, the PDL2 landowners established Kutubu Gas Holdings Limited, under the chairmanship of Sakai Kei, to receive their KEO dividends. 

Mr Sonk added, “It is important that Kumul Petroleum follows due process in this exercise, including proper beneficiary identification, verified by the Department of Petroleum.”

“The PDL 2 landowner beneficiaries are the second landowner group to complete this process, after the PDL 7 landowners, who were paid their preferential dividends in August 2022.” 

Other Kutubu Gas Holdings Limited directors present at the event included John Kapi Natto, Mark Sakai, Gibson Pole and Asi Ibusubu. 

Mr Sonk took the opportunity to encourage other PNG LNG Project beneficiary groups to complete their eligibility criteria compliance so that they too could receive their KEO related benefits.

Freeport Resources Inc. is pleased to announce that further to the Company’s news release of December 11, 2023, Papua New Guinea’s outgoing Minister for Mining, the Honourable Sir Ano Pala, approved the renewal of the Yandera Copper Project’s Exploration License 1335 (“EL”) through November 19, 2025, in accordance with the regulatory processes prescribed by the Papua New Guinea (“PNG”) Mining Act.

“We are pleased to have successfully completed the exploration license renewal process for another two year renewal period, and would like to thank the Mining Advisory Council and the Government of PNG for their dedication in advancing large-scale resource projects such as Yandera Copper,” commented Dr. Nathan Chutas, Senior Vice-President of Operations for Freeport Resources. “These Exploration Licenses are typically issued many months or more in arrears so this renewal of Yandera Copper Project’s Exploration License clearly demonstrates the increasing commitment of the Government of PNG to building strong, working relationships with international mineral exploration and development companies such as Freeport Resources. We would also like to congratulate PNG’s newly appointed Mining Minister, the Honourable Muguwa Dilu, who was sworn in to his new position on January 18th, 2024,” said Dr. Chutas, who continued, “Over USD $200 million has been expended on the project since 2005, culminating in a comprehensive 2017 Pre-Feasibility Study delineating one of the world’s largest undeveloped copper resources.* With the extension of the exploration license to November 2025, we are excited to finally have the visibility going forward that we have lacked since Freeport took over the project. We can now commence to plan work programs on the Definitive Feasibility Study and continue discussions with potential strategic partners for development of the mine.”

Appointment to Mining Advisory Council of PNG

Freeport Resources would also like to announce that Tobias Kulang Thomas, a member of the Company’s Advisory Board, has been appointed to the Mining Advisory Council of PNG. The Mining Advisory Council is an independent committee established under PNG’s Mining Act comprised of representatives of the Mining Resources Authority, PNG’s governing regulatory body, and senior representatives of the mining industry. The Mining Advisory Council reviews and deliberates on the Exploration License and Special Mining Lease application processes and makes final recommendations to the Minister for Mining. Tobias Kulang Thomas was nominated as a member of the Mining Advisory Council by the Honourable Muguwa Dilu, PNG’s new Minister for Mining.

Yandera – Strategic Review

Freeport Resources’ wholly-owned Yandera Copper Project is located in the highly prolific PNG Orogenic Belt, the same geological arc as some of the world's largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir, Wafi-Golpu and Kainantu. Yandera is a project of strategic national interest in PNG and has the potential to become one of the country's most significant copper mines. The project’s proximity to Asia, the world’s largest copper refiner and consumer, positions Yandera as an attractive potential long-term source of copper supply.

The renewed license EL 1335 covers a 245.5 square kilometer (“km”) tenement comprising the Yandera Project. Approximately USD $200 million in exploration and development expenditures have been spent on EL 1335 since 2005. Work completed and studies funded to date include approximately 154,600 meters of exploration drilling, the vast majority of which has focused on the Yandera Central deposit, as well as scoping studies, engineering studies, environmental studies, the 2017 Pre-Feasibility Study*, and infrastructure-related studies.

The Preliminary Feasibility Study titled, Independent Technical Report on the Yandera Project - Pre-Feasibility Study*, prepared by Worley Parsons, with an effective date of November 27, 2017, estimated a historical open-pit, Measured and Indicated resources of 728 million tonnes grading 0.39% copper equivalent.

Freeport Resources has initiated a strategic review process aimed at maximizing the value of the Yandera Copper Project which the Company believes is significantly undervalued based on historical expenditures, current copper prices and the potential for resource expansion.

* Independent Technical Report on the Yandera Project – Pre-Feasibility Study, prepared for Era Resources Inc. and dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the Yandera Project, and is derived from historical estimates which the Company is not treating as current. This information is intended to provide readers with context on historical analysis conducted on the Yandera Project, however the Company cautions that a qualified person has not done sufficient work to classify any historical estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current market.

Yandera – Feasibility Study

The renewal of EL 1335, through November 19, 2025, allows Freeport Resources to commence work on a Definitive Feasibility Study to advance the Yandera Copper Project toward a Final Investment Decision. Concurrent with the Definitive Feasibility Study program, Freeport Resources has begun discussions with key international strategic investors and prospective partners for development of the Yandera Copper Project. Demand for copper is forecast to undergo unprecedented structural change driven by the global energy transition with mined copper supply forecast to enter a deficit position starting as early as 2025 (see Copper Supply and Demand Imbalance Chart below).

Copper Supply and Demand Imbalance Forecast

The Definitive Feasibility Study will build on earlier work undertaken with local and regional communities to determine opportunities to achieve mutually beneficial partnerships and sustainable long-term social benefits related to job creation, indigenous advancement, health and wellness, environment, education and community development. Freeport Resources is also planning a wider exploration program of porphyry copper targets within the largely underexplored 245.5 square kilometer land package.

Freeport and the Community

The Yandera Copper Project is 95-km southwest of the capital city of Madang Province and 235-km to the northwest of Lae which is the largest port city in PNG and an important industrial center. As one of the largest undeveloped copper resources* in the world, the Yandera Project has the potential to support communities and create jobs along the Yandera Corridor. The Company anticipates the potential economic influence of the Yandera Copper Project could span 5 provinces and create wealth for 4 generations including, but not limited to, strategic road and highway building, power generation and related infrastructure.

The landowners and communities of Yandera are stakeholders in the Yandera Project. The overwhelming community support that the Company received at the Warden’s Hearing held during the summer of 2023, demonstrated the level of commitment the people of Yandera have for the project. Freeport is also firmly committed to advancing the project and continuing support of the community. The Company expects to continue to develop initiatives to be an active and visible presence in the Community.

The PNG Industrial & Mining Resources Exhibition and Conference set to be bigger and better in 2024.

The PNG Industrial & Mining Resources Exhibition and Conference (PNG Expo) is the premier event that brings together all sectors of the industrial, mining and resources industries into one location to create a marketplace where business is done.

Held from July 3–4, the PNG Expo, now under new ownership with Prime Creative Media, is set to see significant improvements this year.

With a strong history in mining, manufacturing and associated industries, Prime Creative Media CEO John Murphy is confident that its business is an ideal match to help grow the Papua New Guinean industries.

“We are excited to bring our extensive knowledge and expertise to PNG Industrial and Mining Resources Exhibition and Conference,” said Murphy.

Prime Creative Media is committed to investing the time and resources needed to grow this event and the broader Papua New Guinea industries.

To this end, the PNG Expo will be held in the Stanley Hotel in Port Moresby, a venue selected not just for its sophistication, but to limit travel and prioritise guest comfort.

A gated complex designed to enhance guest safety, the Stanley Hotel features air-conditioning and multi-layered security protocols to provide a comfortable backdrop to the event’s strong conference format.

“We have received really positive feedback from the industry so far,” show director Lauren Chartres said. “We’re excited to see this event moving to a new phase of development and bringing additional value to the Papua New Guinea resources sector.”

Prime Creative Media is excited to bring an event that celebrates the people of Papua New Guinea as well as the industries that keep the country moving. Murphy travelled to the Pacific nation in October 2023 to meet with government delegates and heads of top miners in the country ahead of the event.

“We had great feedback from these meetings and are looking forward to working closely together in the future,” he said.

“The event will be a champion for the entire Papua New Guinea resources sector, so it was important that we meet with professionals and decision-makers from across the local industry.”

The format for two-day exhibition will feature over 100 displays of equipment and stands, while the conference will showcase experts from across the mining and resources sector presenting on challenges and opportunities for the local industry.

The event is an opportunity to hear from landowners, as well as government, mining, energy, petroleum and infrastructure representative on topics of productivity, safety, sustainability, and innovation in technology and equipment.

“The PNG Expo will be the platform to engage and drive transformative changes towards a sustainable future,” Chartres said. “Our mission is to equip the industry with the right tools.”

Leaders in delivering productivity solutions will be exhibiting at the event to present their innovative technology, showcasing how they can benefit the Papua New Guinea mining industry.

“We know productivity and efficiency is a huge driver of future success in Papua New Guinea,” Chartres said. “We can’t wait to see the solutions that are available being demonstrated at the event in July.”

The Prime Creative Media events team is ready to launch an event that will help grow the Papua New Guinea resources industry like never before.

Papua New Guinea’s diver recompression facility, strategically located in Port Moresby, has saved many lives and prevented numerous long-term disabilities since it opened in 2004.  Although recreational divers have traditionally been the most frequently treated, the last five years have seen an increase in commercial diver patients.  Given the surge in projects that will require commercial diving services over the next decade (e.g., new offshore LNG pipeline, mining tailings dams and offshore disposal, marine surveys, port redevelopments), it is reasonable to expect that the facility will continue to increasingly be required by commercial divers.

The Port Moresby recompression facility operates to international standards.  Facility Coordinator of the PNG Dive Association (PNGDA), John Miller, asserts that the facility’s treatment protocols are “world class” and in accord with the Divers Alert Network (DAN) – a respected international entity that provides emergency medical assistance to divers.

Miller says that the recompression facility is just one part of the picture when it comes to diver safety in PNG. “Collectively, the PNGDA, DAN, and our medivac partner, Tropicair have built a ‘diver safety network’ which rivals similar setups in developed countries.”

“When one of the hospitals or dive resorts scattered across the country contacts us with a suspected case of decompression illness, we’re able to provide a rapid over-the-phone diagnosis through our Regional Hyperbaric Specialist Consultant, Dr Bobby Wellsh, an emergency and critical care physician as well as a hyperbaric medicine expert.  If necessary, we liaise with Tropicair who through their subsidiary Medicair, send one of their specialised planes – sometimes with Dr Wellsh on board – to pick up the patient.  The recompression chamber is located within Tropicair’s facility right at the airport.  It’s literally 100m from where the plane lands to where the chamber is located so we’re able to provide the diver with seamless medical care.”

Operation of the recompression chamber requires a team of medical professionals and technicians led by Dr Wellsh.  Patients present with various degrees of severity of decompression illness and often require treatment over several consecutive days.  Individual treatments between 2-5 hours in duration are administered in accord with doctor directions.

In 2023 the facility increased its capacity with the training of an additional doctor, three more nurses, as well as five extra technicians.  Miller says that some of the best technicians are those from local tugboat company, Pacific Towing (PacTow), which provides numerous specialist services to the country’s growing oil and gas sector.

“Our PacTow technicians are all experienced commercial divers themselves and they’re Papua New Guineans” explains Miller.  “This means they have a heightened understanding of decompression illness and its seriousness, and they are extremely accessible given that they’re in Port Moresby and on call 24/7.  Significantly, we know that the training we provide to our PNG technicians will stay in country to benefit dive patients for potentially decades as opposed to when we train expatriates.”  Another member of PacTow’s commercial dive team is scheduled to receive training and qualify as a recompression chamber technician in the second half of this year.

Although commercial divers employed by reputable companies as well as tourists with the right medical insurance have the means to access the Port Moresby recompression facility, others (such as those engaged in the illegal sea cucumber trade) typically do not. Miller reports that some of these divers also simply leave it too late to access treatment. This was the case with several patients who were engaged in high-risk commercial fishing activities that resulted in significant decompression illness.

There are no other recompression facilities operating in Melanesia.  Without the Port Moresby facility, patients would have to be evacuated to either Northern Australia (i.e., Townsville) or Guam (i.e., the two closest international facilities).  Given that rapid presentation for treatment is central to successful decompression illness recovery, the Port Moresby facility is incredibly important to its commercial divers and projects that require their services.

Seafaring officers are no sooner graduating from their cadetships than being snapped up by maritime companies keen to fill gaps in their workforces. Take for example, recent graduates of the Deck and Engine cadetship programmes of Pacific Towing (PacTow) and Consort Express Lines (Consort).  Many of these new ‘Officers of the Watch’ secured employment within one month of their graduation.

The Coastal Shipowners Association confirms that PNG is experiencing a real shortage of maritime professionals, especially when it comes to both junior and senior officers.  “This is why cadetship programmes are so important, because they produce new seafaring professionals not only for the companies that develop and run them but for PNG’s broader maritime sector” says Neil Papenfus, General Manager of Pacific Towing.

One example of a programme that has produced new officers who have gone on to work for multiple maritime organisations is PacTow’s ‘Women in Maritime’ programme.  Graduating Officers of the Watch (Deck and Engine) have secured employment with programme partner Consort, as well as with Kute Shipping, Lutheran Shipping, P&O, TWL, and YWAM Medical Ships.

Eunice Tuwe (Officer of the Watch – Deck), is one of the young women who graduated from the Women in Maritime programme only last December and were then recruited almost immediately.  Tuwe is now working for PNG’s biggest coastal shipping company, Consort.  Tuwe also completed some of her practical ‘at sea’ training on Consort vessels.

“It’s been my dream to work at sea” says Tuwe.  “I’m grateful to lots of people who’ve helped this dream come true - my family, my lecturers at PNGMC, various members of crew, PacTow, Aus Awards, and of course Consort.  I’m also very proud to join the other women who graduated before me who are helping build a bigger and better maritime industry in PNG.”

Also growing and strengthening PNG’s maritime industry are 31 Officers of the Watch who have come through Consort’s cadetship programme which was launched in 2020.    Consort have employed 12 of their programme’s graduates with the remainder taking up a range of opportunities with other PNG shippers. 

Cadetship programmes are proving their worth across PNG’s maritime sector as the officers they produce are becoming increasingly indispensable to operations.  One of PacTow’s most lauded graduates from another of its programmes is Tug Master Emmanuel Simoi.  Within just two and a half years of completing his training, Simoi was awarded the command of one of PacTow’s Azimuth Stern Drive (ASD) tugs (‘Werra’) and has been charged with assisting super-sized suezmax fuel tankers in Port Moresby’s Fairfax Harbour.

“The shortage of seafaring professionals in PNG is being compounded by an upswing in demand for them” says Antony Riley, General Manager of Consort Express Lines.  “Businesses, particularly those linked to major developments such as the Papua LNG project need more vessels – especially for project cargo – and these vessels require more seafarers.  As such, our home-grown cadets and the programmes that produce them have never been more important.”

Together, Consort and PacTow have offered young Papua New Guineans a further 20 maritime cadetship scholarships in 2024.  Other organisations with maritime cadetship programmes include P&O and PNG Ports Corporation.  Gulf Maritime Services (GMS), a new joint venture between Steamships, GFS, and the Gulf Provincial Government, have also announced that they too will be offering cadetships.

The Chairman of Paga Hill Estate, Mr. Peter Barge announced recently that the Radisson Blu Hotel at Paga Hill be 40 per cent owned by Papua New Guineans. Mr. Barge made this announcement in a press conference with the Minister for International Trade and Investment, Hon. Richard Maru and the Managing Director, Australasia of Radisson Group, Mr. Lachlan Hoswell.

“Despite the Black Wednesday, the Paga Hill Estate and the Radisson Group are very excited about the future of Papua New Guinea and are very keen to invest in partnership with local investors. Negotiations with local investors have started and I am hoping that in the coming weeks the announcements of the new local Joint Ventures will be made,” said Mr. Barge.

“A new casino and a new shopping mall will be an integral of the new Radisson Blu Hotel and Residential precincts which will be a K840 million investment,” added Mr. Barge.

Mr. Barge also announced that the intense work would commence in April with the construction and sealing of all the roads.

“The construction phase could potentially employ up to a thousand Papua New Guineans and post construction we are expecting up to over 7,000 fulltime jobs for Papua New Guineans which will make Paga Hill SEZ a much bigger employer than any of the mines and LNG projects,” said Mr. Barge.

Minister Maru said he was very excited about the keen interest of local investors who already met with Paga Hill to form the Joint Venture Company together with the international investors who will have ownership of the Radisson Blu Hotel, and the casino and mall at Paga Hill.

Minister Maru also impressed on the Paga Hill Board and the Radisson Group to have the project completed before September 16, 2025 so the opening could be part Papua New Guinea’s 50th anniversary grand celebration.

“I can foresee our international guests arriving for our 50th anniversary staying at the new Radisson Blu Hotel at Paga Hill and also being part of the grand celebration for the opening of the hotel, the casino and the mall, and the other facilities that will be built,” said Minister Maru.

Minister Maru called on other investors to follow the lead shown by investors in the Paga Hill Special Economic Zone (SEZ) to come and invest in Port Moresby and in PNG.

Minister Maru also assured the investor that the incentives offered by the SEZ license given to Paga Hill SEZ will be offered to all the investors and locators who will be based within the Paga Hill SEZ.

“We have a very bright future despite our challenges and we are so excited to attract the worldclass brands like Radisson Blu,” said Minister Maru.

Papua New Guinea (PNG) needs to work on developing a very strong, deep, and a robust relationship with Indonesia, says the Minister for International Trade and Investment, Hon. Richard Maru who will be leading a trade delegation to Indonesia at the end of March this year.

“We have wasted the last 50 years. Indonesia is the country we should have focused on building a trade and investment relationship and a stronger political and economic cooperation with. We now have to take full advantage of the leadership provided by our Prime Minister, Hon. James Marape who visited Indonesia in 2022 and the recent visit by Indonesian President, Joko Widodo last year and his offer of aid and other support to our country,” said Minister Maru.

Minister Maru stated: “Indonesia is home to more than 260 million people and with GDP of about US$1 trillion it is the largest economy in Southeast Asia and the 16th largest in the world. Indonesia’s economy has accelerated over the past 10 years, with GDP growth averaging more than 5.7 per cent a year. Their major industrial sectors include petroleum and natural gas, textiles and apparel, mining, footwear, plywood, rubber, and chemical fertilizers. Indonesia has so many multibillion and multimillion local companies in all sectors of their economy and they have very sound policies that have really contributed to the growth of their economy. They have all their resources including the gold, copper, nickel, and natural resources processed locally. They do not allow their resources to leave their county raw or semi-processed; those who do are charged very hefty export taxes.”

Minister Maru further stated: "The work to really deepen our relationship with Indonesia will start by me leading a delegation to Indonesia to meet their new Government and their new Trade Minister, to build a person-to-person relationship and business-to-business relationship, visit their industries, meet some potential investors, and to learn from their policies in mining, petroleum, downstream processing, and policies on trade and industry. This year I want to firmly establish the PNG-Indonesia Business Council on both sides, have the first ever Papua New Guinea Trade and Investment Conference hosted in Indonesia this year, and start working to bring some of their very good policies that helped to transform their economy to our country. We will also invite Indonesia to host a Trade Fair in Papua New Guinea. We want to also start the process towards building a Free Trade Agreement between the two countries. We are happy that we have air services now but we need to focus on a very good shipping services between our two countries. I am very keen for all these to happen.”

“For the last 50 years our focus has been on border and security talks every year. These have not led to improvement of our border facilities, creation of jobs, or significant export between our two countries. We cannot keep doing business the same way and expect a different outcome. We have wasted the last 50 years and it is time Papua New Guinea need to develop a very strong, deep, and robust relationship with Indonesia. Indonesia is a huge market opportunity for us. We have a lot of goods to export to Indonesia and we can also be a big market for their goods and services,” Minister Maru added.

Prime Minister and Treasurer Hon. James Marape has extended his gratitude and apologies to all businesses that have supported Papua New Guinea over the years,  in an address recently to the business community during the annual Back-to-Business Breakfast sponsored by Kina Bank in Port Moresby,

The Prime Minister’s speech comes in the wake of the events of January 10, 2024, and other challenges the business community may have encountered.

“Thank you for all you have done to our economy this far, and I also want to apologise, not just for the events of January this year, but any downside,” Prime Minister Marape said.

“If you feel that your government, or your country, has not been a good host to you who pay your share of taxes, I want to say we are sorry. We apologise to all of you who pay taxes to Papua New Guinea.”

The Prime Minister reassured the business community of Papua New Guinea’s resilience in the face of adversity. He referenced the country’s history of overcoming challenges, including the Bougainville Crisis, and affirmed the government’s commitment to investigating the incidents of January 10, especially the absence of police services.

In efforts to fortify the nation’s security and justice systems, Prime Minister Marape highlighted his recent visit to Canberra, Australia, where he engaged with government officials and visited security facilities.

“We hope to do justice to you as continuous tax payers to our country as we move forward into the future,” he stated, promising a “bright future” for Papua New Guinea.

The Prime Minister emphasised the government’s focus on removing economic impediments to foster business growth and declared law-and-order as the top priority. He outlined the agenda for the upcoming session of Parliament, which includes restructuring the court system to expedite justice delivery, thereby enhancing the economy.

Further, Prime Minister Marape underscored the government’s support for the Independent Commission Against Corruption (ICAC) and outlined policies aimed at supporting businesses, including infrastructure development, utilities support, and agricultural price and freight assistance.

Reflecting on the country’s economic growth, Prime Minister Marape noted the increase in the economy’s size from K79 billion in 2019 to K110 billion today, highlighting the government’s goal of achieving a surplus budget by 2027 and debt elimination by 2034.

The Prime Minister urged the business community to focus on their contributions to the economy, promising that the next 10 to 15 years will be pivotal for Papua New Guinea, with major resource projects on the horizon.

Prime Minister and Treasurer Hon. James Marape has described Morobe as one of the “most-important” provinces of the country which anchors 70 per cent of Papua New Guinea’s economy.

He reiterated this sentiment on Friday, February 16, 2024, when receiving the K681 million Morobe Provincial Budget from Morobe Governor Hon. Luther Wenge. Prime Minister Marape assured Governor Wenge that he would expedite the approval of the Morobe budget through the Treasury.

The ceremony was graced by the presence of Deputy Prime Minister and Lae MP Hon. John Rosso, Finance Minister and Finschhafen MP Hon. Rainbo Paita, Morobe Provincial Administrator Max Bruten, members of the Tutumang (Morobe Provincial Assembly), and provincial administration officials.

The K680,765,400 2024 Morobe Provincial Budget was ratified in the Morobe Tutumang (provincial assembly) earlier in the week.

“With 70 per cent of the budget, amounting to K469,187,700, funded by National Government grants, this allocation reflects a significant investment in Morobe’s future,” Prime Minister Marape said.

“The balance, constituting 30% or K211,577,600, is financed through Morobe Provincial Government’s Internal Revenue.

“Lae is from where Momase is fed, Highlands is fed, and New Guinea Islands are fed in terms of economic spin.

“Morobe is one of the most-important provinces in the country.

“I appreciate the continued support of Morobe in as far as the economy is concerned and where we are today.”

Prime Minister Marape highlighted that the budget also includes provisions for Infrastructure Development Grants (IDGs) for the Wafi-Golpi Mine.

“Later this month, if not early next month, the Mining Department will visit Morobe again to complete necessary steps concerning the Wafi-Golpu Mine Project,” he announced.

Beltech Engineering, born as a one-man mining maintenance consultant that has grown into a significant national presence in Australia, now extends its expertise and commitment to excellence internationally to Papua New Guinea and the wider Oceania region.

As a renowned engineering, fabrication, and maintenance services provider to the mining and heavy industry generally, Beltech Engineering specialises in providing comprehensive fixed-plant maintenance services. This includes end-to-end maintenance solutions, shutdowns, client team embedded maintenance technicians, and rotables management, including but not limited to rebuilds of pumps, gearboxes, filter presses, and valves. Beltech also provides metal fabrication and machining services, manufacturing structural steel, rubber/ceramic lined pipes, etc. to client specifications.

At the helm of Beltech’s success are Owen Belsey and his father Martin Belsey, each with decades of experience in the industry — 27 years for Owen and an impressive 50 years for his father. Their wealth of knowledge serves as a guiding force, steering the company through the delicate balance of tradition and innovation. Owen shares, "Even with the tempting allure of shareholders, we remain rooted in our family-owned values and work ethic. Quality remains paramount as we expand our horizons.

Beltech recognises the paramount importance of embracing innovative technology to enhance service efficiency. The company continues to invest in cutting-edge equipment for its workshop to further enhance its in-house fabrication and rebuild services. Owen emphasises, "We've learned to adapt and innovate. We not only invest in technology but also in our people. Our staff are well-equipped to leverage these advancements, ensuring that our clients receive the most efficient and effective services."

Beltech’s support services cover all facets of metal fabrication, machining, maintenance, rebuild, management, process improvement, and transport. Their philosophy centres on quality when it comes to staffing. Beltech’s skilled maintenance professionals focus on getting the job done safely, swiftly, and to the highest standard, minimising downtime with expedited uptime and project completion targets achieved.

What has been a big driver for their success is Beltech’s remarkable versatility, offering complete, all-aspect, end-to-end maintenance services. Owen states, "With our extensive experience, we bring a wealth of knowledge to every project. For example, we offer every kind of rebuild and a myriad of other services. Versatility is our strength."

At the heart of Beltech’s success lies a deep commitment to transparency and building lasting relationships. Owen reflects, "We place immense value on transparency. It is the bedrock of our relationships, both within the company and with our clients. This open and honest approach has been key to our success, and I believe it creates value for our clients."

As Beltech expands its footprint into Papua New Guinea, there is palpable excitement. Owen expresses, "The expansion into PNG is a thrilling chapter in our journey. We are eager to contribute to the growth and development of industries in Papua New Guinea, bringing our legacy of excellence to this vibrant region."

Beltech Engineering's expansion into Papua New Guinea signifies more than just a business move; it marks a commitment to excellence, innovation, and enduring partnerships in the Oceania region. As Beltech takes its place on the international stage, Papua New Guinea can anticipate a new era of support services with solutions that marry tradition with innovation, and values with versatility. The journey of Beltech continues, leaving an indelible mark on the global engineering services landscape.

Ok Tedi Mining Limited (OTML) is committed to maintaining an industry-institution relationship with the Papua New Guinea University of Technology (PNGUoT) to ensure the institution produces quality graduates that are ‘industry ready’.

OTML Managing Director & Chief Executive Officer, Kedi Ilmibit, said this on 8th February at the opening week of PNGUoT’s Orientation & Registration Week, marking the start of the 2024 academic year.

Mr Ilimbit announced certain projects which are currently being progressed as a commitment to their relationship with the university.

These include:
1. A donation of five light vehicles;
2. Building of the state-of-the-art Analytical Chemistry Laboratory facility under the Infrastructure Tax Credit Scheme;
3. A funding of K100, 000 for the development of a Technology Transfer Centre;
4. Aiding final year students through Industrial Training placements;
5. Assist drive changes in the Industrial Training program within the Mining Industry; and
6. Possible collaborations on knowledge and skills sharing.

Mr Ilimbit said people are OTML’s greatest resource that make the company a successful business for PNG. And many of them began their journey at PNGUoT.

“This is the special bond that OTML has with PNGUoT as many of our professionals in the mining, processing, engineering, communication for development, accounting, computer sciences fields, and many others, have come through this great institution,” said Mr Ilimbit.

He said one of the greatest legacies that OTML intends to have is the people it has trained, and OTML has been fortunate to acquire some of the best minds from PNGUoT over the last few decades through OTML’s training programs or direct employment.

“Vice Chancellor Professor Oala Renagi, who was my Physics Lecturer some odd years back can attest to this as he visited Ok Tedi late last year and met many talented professionals who once called UNITECH their educational home and are now doing great work for Ok Tedi. I have no doubt that many of you seated here are on that same trajectory! We are ready to welcome you!”

“Many others we have trained also gained employment in other resource operations both domestically and internationally. You will find them in Lihir, Kainantu, Simberi, Morobe Mine, Porgera, as well as the oil and gas sector. They can also be found in projects in Australia, Asia, the Americas, and the African continent,” added Mr Ilimbit.

Mr Ilimbit highlighted that the OTML Board agreed in September 2023 to extend the mine’s life to 2050, and potential to extend even further. This will generate over K30 billion (US$8.0 billion) in social benefits, which includes taxes, royalties, and dividend payments, over the next 26 years.

“What does this mean for you students? This means training and employment opportunities will continue to be available. Despite the availability of opportunities, a lot is dependent on student performances (academically, socially & spiritually). We look for good GPA across the disciplines we would like to hire. Therefore, the onus is upon each one of you seated here today to do your best whilst you journey through your academic life,” said Mr Ilimibit.

More than 500 Papua New Guinea Defence Force (PNGDF) soldiers stationed in Port Moresby were recently treated to a belated but unforgettable Christmas Luncheon in February.

Soldiers who had missed out on their traditional Christmas celebrations were surprised with a festive luncheon organized by the local catering company, iPi Catering.

The event was held on Saturday February 10 at Murray Barracks and Taurama Barracks.

iPi Catering, known for its exceptional services and a longstanding business partnership with the PNGDF, extended their support to ensure that the soldiers felt appreciated and valued.

During the event, the Chief Executive Officer (CEO) of the iPi Group addressed the soldiers, stating that the event was indeed a gesture of goodwill.

“We are very proud of our past seven-year partnership with the PNGDF.

“This event is our way to show good faith and appreciate you all for your dedicated service.

“Sadly, and unfortunately last year, during the Christmas period, all food services nationwide were temporarily suspended due to outstanding payments.”

He further reaffirmed iPi’s commitment to upholding an exceptional food service.

“With the reinstatement of food services in January, we are highly committed to maintaining superior standards in our food services.

“It is our professional obligation to give you a Christmas lunch most deserved.

“We are honoured to host events that create a sense of unity and to allow soldiers to come together and celebrate as a unit, “said Long.

The event not only brought smiles to the faces of the soldiers but also highlighted the strong bond between iPi Catering and the PNGDF.

President of the Autonomous Region of Bougainville, Hon. Ishmael Toroama, met yesterday with over 300 participants of the Panguna Mine Land Owners Clan Chiefs, at Tunuru Catholic Mission outside of Arawa Town, Central Bougainville.

The purpose of this important meeting was for President Toroama to inform the landowners of the Government’s recent decision on the granting of the Exploration Licence EL01 over the Panguna former Special Mining Lease (SML) area to Bougainville Copper Ltd (BCL).

President Toroama in his address described the meeting as a historical one following the numerous meetings facilitated over the past two years through the Panguna Mine Dialogue process.

He said that the dialogue process created a ‘constructive space’ that provided both the landowners and the Government to come together despite the existing differences, and talk openly and honestly about Panguna, which culminated in the shared resolution to re-open the Panguna Mine.

“The Panguna Mine Dialogue clearly demonstrated a breakthrough in bringing together the landowners to talk with the ABG, and the biggest accomplishment was the resolution we reached together to re-open Panguna Mine,” he said.

President Toroama highlighted a key resolution that was made during the Panguna Mine Dialogue Chief Summit of February 2022, where both parties agreed that, ‘the ABG needs to develop the best strategy forward under a local entity, jointly owned by landowners and the ABG, on behalf of the people of Bougainville.

It was in this same spirit, that the ABG, as the mandated government, had come forward with this strategy to begin the project cycle through the granting of EL01.

“As the President and the Minister for Minerals and Energy, I am here today to let you know that I have granted the EL01 over the Panguna special mining lease area to BCL,” Toroama said.

The President’s announcement to the landowners was received with great support. Despite a petition to the Government over its decision earlier in the meeting, following dialogue among the clan groups, the landowners reaffirmed their full support for the Government's decision, standing in solidarity with President Toroama and his administration throughout this process.

President Toroama also acknowledged that the announcement of the granting of the exploration licence to BCL was not an easy thing to hear, however he assured the Panguna Landowners that the granting of the licence was a well-informed decision done within the strict framework of the legal process.

He emphasized that Bougainville’s political agenda hinges on economic progress, and the issuance of EL01 presents an opportunity to address the prevailing economic challenges and propel Bougainville's economic advancement in accordance with our political timeline.

“We are creating opportunities for our generations to come,” he said.

President Toroama committed to having continued consultations and dialogue with the landowner groups and key stakeholders, through the ABG Department of Mineral and Energy Resources, at every stage of the process.

In an effort to enhance accessibility for these consultations between the Government, landowners and other stakeholders, the President announced that the ABG Department of Mineral and Energy Resources will be setting up office in Arawa Town.

K92 Mining Ltd. (“K92”), the operator of the Kainantu Gold Mine in Eastern Highlands Province, is pleased to announce that it has welcomed 11 graduate students as part of the 2024 class of the K92 Graduate Program.

The K92 Graduate Program was established in 2022 to award students who have completed their degree qualifications with the opportunity to undertake a formal two-year program to improve their development outcomes and increase their prospects of employment.

Since 2022, the program has grown to 11 graduates and includes fields of study in Geology, Mining Engineering, Minerals Processing, Electrical Engineering, Environment, Agriculture, Accountancy and Information Technology.

The K92 Graduate Program was established as a natural progression from the K92 Tertiary Scholarship Program, which has been running since 2019.

Tertiary scholarship winners were provided with industrial traineeships, and now, for the second consecutive year, scholarship winners are included in the K92 Graduate Program.

The selection of the graduates was completed in partnership with several tertiary institutions, including the PNG University of Technology, the University of Papua New Guinea, and the University of Goroka. The class of 2025 will be expanded to include Don Bosco Technological Institute.

K92 places a strong focus on the prosperity and development of Papua New Guinea and the local communities. K92 looks forward to continuing to expand the reach of our initiatives and contribute in a significant way to the long-term development of Papua New Guinea.

John Lewins, Chief Executive Officer and Director of K92 Mining Inc. stated, “We're excited to welcome the 2024 class to the K92 Graduate Program, one of many programs delivering on our commitment to developing local talent and supporting Papua New Guinea's long-term growth. The eleven exceptional graduates selected, in partnership with several academic institutions, is our largest graduate program class to date. Importantly, the class is also our most diverse in terms of educational backgrounds, including Geology, Mining Engineering, Minerals Processing, Electrical Engineering, Environment, Agriculture, Accountancy, and Information Technology, because we believe it is important to contribute to the development of Papua New Guinea’s future leaders in many fields of study. Congratulations to the Class of 2024!"

The State Team working on the Community Development Agreement (CDA) for the Porgera Project, (Friday 9 Feb) completed a two-days pre-CDA meeting.

The meeting held in Mt Hagen, involved the 25 Special Mining Lease (SML) landowner agents, and Ward Councillors of the Porgera Rural Local Level Government, which hosts the Porgera Mining project.

The purpose of the meeting was to provide the State’s response to benefits, proposed in position papers by these stakeholders, and submitted to the State last year in Alotau and Wabag. The State has already responded to position papers from the Enga Provincial Government (EPG). Position papers are documentation that capture landowner’s, Provincial Government’s and other stakeholders’ development aspirations and benefits.

The Mineral Resources Authority’s (MRA) Project Coordinator for the Porgera project, Joe Kak, said that the aim of these series of meetings was to prepare the landowners and stakeholders for the CDA forum proper soon. In the meeting, the state provided responses to proposals relating to benefits including equity, royalties, Business Development Grant and (BDG) and Special Support Grant (SSG) amongst others.

The Porgera Land Owners Association (PLOA) Chairman Mark Tony Ekepa, said he was happy with the outcome of the meeting, and that his association was looking forward to the CDA proper negotiations.

Porgera District Administrator Jerry Maku, expressed satisfaction that the government had invited the Porgera Rural LLG to be a party to CDA negotiations, something which was not done in the past 30 years of the life of Pogera Mine.

The State Team that was involved in the meeting, comprised of officers from the Departments of Prime Minister & National Executive Council (PM&NEC), Commerce & Industry, Treasury, Labour & Employment, Lands & Physical Planning, National Planning & Monitoring, State Negotiating Team (SNT) and the MRA.

Kumul Minerals Holdings Limited (KMHL) representatives attended as observers.

The Porgera Mine hosts 11 million ounces gold reserves, produces 500,000 ounces dori and 5% gold as concentrate per annum.

The project is jointly owned by the PNG Government and Barrick Niugini Limited (BNL). The PNG Government and its partners own 51% equity, while BNL owns 49%. The 51% owned by PNG, comprises 36% - Kumul Minerals Holdings Limited (KMHL), 10% - SML Landowners and 5% Enga Provincial Government (EPG).

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Consort Express Lines (Consort) proudly announces the latest addition to its fleet – MV Papuan Coast. The vessel, formerly known as MV Dili Chief, has now been seamlessly integrated into Consort's liner operations following its deployment in Consort’s network since November 2023.

The acquisition, completed on the 3rd February 2024 at a total cost of PGK25 million, marks an important milestone for Consort and represents a significant step forward for the company. The Papuan Coast is an 8000dwt multi-purpose vessel that is built to carry 318-TEU and can handle all types of containerized cargo, break bulk shipments, and project cargo. These are the largest vessels in the Consort fleet, which now numbers 20 vessels, and are the largest container vessels trading coastally in PNG.

"Our customers have spoken clearly. They want more choice of sailings between Lae and Port Moresby. The Papuan Coast will help deliver increased frequency and flexibility to make sure goods arrive on the shelves when needed.” says Antony Riley, General Manager at Consort. He adds, “the Papuan Coast will play a pivotal role in meeting the growing demands of customers and further strengthening Consort’s position as a leader in coastal shipping.”

The Papuan Coast will join three other similar size vessels, Bougainville Coast, Gazelle Coast and Niugini Coast in Consort’s liner network and will provide more capacity and better sailing frequency between Lae and Port Moresby as well as covering vital regions such as the North Coast, New Guinea Islands, and Bougainville. This will allow Consort to provide a weekly service offering on all the main trade lanes and improve its schedule reliability. Additionally, Consort will be operating a modern tug and 5000mt barge CEL 501 to provide a dedicated service between Lae and Kimbe for importers and exporters in these ports.

It is recognised that it has been a difficult period for our customers as supply chains normalise and an intense program of maintenance was undertaken across Consort’s fleet after the disruptions resulting from the COVID-19 pandemic. Consort is committed to the investment required in supporting our customers’ supply chains and ensure our schedule is marketing leading.

To achieve this, Consort has undertaken a PKG130 million investment program to renew its fleet, enhance its liner service offering and importantly to improve the reliability of its product to better serve its customers.

This includes the PGK25 million acquisition of the Papuan Coast, a PGK87 million investment in additional tugs and barges that are now all operating in Consort’s liner network and a PGK18 million capital expenditure on dry-docking and maintaining its core liner fleet.

‘’This is a significant investment in Consort’s network and underscores our commitment to providing safer and more reliable services and improving our service proposition to our customers. These recent acquisitions position Consort with a high quality and versatile fleet that offers a comprehensive and integrated network of services reaching all PNG ports” says Vele Rupa, General Manager Corporate Affairs, Steamships Limited.

Consort continues to make strategic investments within the maritime sector, delivering unparalleled shipping services throughout PNG. The company's vision is to be their customers’ partner of choice in providing innovative supply-chain solutions.

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It was a joyous celebration on Thursday the 1st of February at Hilton Hotel as the Star Mountain Plaza Hilton Port Moresby officially opened its stage 2 Star Mountain Plaza Hilton Residence and welcomed the launching of its third development project, an office complex and mixed use retail precinct.

Marking the first branded residences in Papua New Guinea under a management agreement with Star Mountain Plaza Ltd (SMPL), a subsidiary of Mineral Resource Development Corporation (MRDC), Hilton will manage the newly built Residences alongside the currently operating Hilton Port Moresby Hotel, which includes a convention centre and six food and beverage outlets.

The Residences will offer guests the option of studio, one bedroom, two bedroom, or three bedroom apartments that have been designed to accommodate an extended guest stay. This includes  fully-equipped kitchens and balconies, while the two- and three-bedroom units feature an ensuite bathroom in the master bedroom.

Hilton Port Moresby Residences also boasts an outdoor pool and sundeck, fitness centre, in-room dining, a Hubworks coworking community, and retail space.

Located within the residences is the host restaurant, which offers breakfast, brunch, and lunch in a relaxed atmosphere. In the evening, the restaurant transforms into the perfect place to dine, unwind and socialise. Guests can enjoy a wide selection of freshly brewed coffee, tea, and freshly made sweet and savoury delicacies at the restaurant’s "grab and go" offering.

For people wanting to dine-in and relax, a bistro-style menu showcases fresh and local produce as well as a seamless blend of contemporary cuisine from around the world.

Present at the occasion were stakeholders of the Hilton Residences and special guests, including guests of honor Prime Minister James Marape, Parliamentary members from the resource provinces of Western, Gulf, Southern Highlands, and Hela, along with landowners, MRDC, and the management of Hilton.

Speaking at the opening ceremony Prime Minister Marape thanked MRDC for liaising with Landowners of Star Mountain Plaza of Western Province, who are beneficiaries from Ok Tedi Mining Limited; landowners of Kutubu and Kikori under Southern Highlands and Gulf Provinces, who are shareholders of Petroleum Resource Kutubu; and beneficiaries of Oil Search Limited for "having a leap of faith in investing in a major long-term development project that will benefit them with a good return on investment."

"Papua New Guinea has yet to become development partners in the hotel industry, but thanks to MRDC and Hilton for having faith and venturing into this magnificent business. As I have heard from the Managing Director of MRDC, this business earns 200 million kina in a year, far greater than my mother's clan in hides. It's a testament of what Papua New Guinean business can do for Papua New Guinea," said Prime Minister Marape.

Gracing the event was Paul Hutton, area vice president and head of Australasia, Hilton. He said, “We’re privileged to be partnering with Star Mountain Plaza once again to expand Hilton’s presence in Port Moresby. We are deeply committed to Papua New Guinea and are thrilled to now offer travellers visiting the area even more accommodation choices and flexibility when they stay with Hilton.”

Bougainville Copper Limited (BOC) has confirm that the Autonomous Bougainville Government (ABG) has taken a decision to award a five-year extension of the Company’s EL01 exploration licence for the Panguna project in Central Bougainville.

At a ceremony in Buka recently, to mark the granting of the extension, Bougainville President Ishmael Toroama said Panguna was a “high impact project for Bougainville” and that issuance of the licence would pave way for redevelopment. This will commence with advanced stage pre-feasibility and feasibility stage exploration activities over the coming years.

Panguna is one of the world’s largest known copper deposits and BCL Chairman Sir Melchior Togolo said the Company was excited at the prospect of leading the redevelopment work.

“This is a result of constructive collaboration, underpinned by mutual respect, with a common goal to make Bougainville economically strong, create opportunities for business development and for employment of our people,” he said.

“The ABG, Landowners and Bougainville Copper have been working on resolving differences since the refusal of EL01 extension in January 2018. Today marks the successful culmination of these joint efforts. Panguna promises to be a transformative investment for Bougainville that will support greater levels of economic self-reliance for the region,” Sir Melchior added.

The ELO1 extension clears the way for BCL to increase its activities in the Panguna project area in accordance with the Bougainville Mining Act 2015. “The Company has a well-established presence in Bougainville and has forged strong community relations. This provides a very solid foundation for increased activity as we work with mutual respect towards Panguna’s redevelopment,” Sir Melchior said.