Photo: Commissioner-General Sam Koim According to Commissioner-General Sam Koim, the Internal Income Commission (IRC) expects to earn roughly K9.3 billion in tax revenue this year. In response to an inquiry, Koim stated that the IRC's income objective had been boosted by around K1.4 billion by the government. “Last year, we collected, in terms of ne...

Geopacific Resources, an Australian mining company, has halted operations on its Woodlark gold and silver project in Milne Bay, Papua New Guinea, as it reviews cost projections and timetables. Geopacific predicted in December that Woodlark's capital costs would almost certainly rise. "Having recently been chosen as chairperson, I am focused on ensur...

“Announcements by investors in Papua New Guinea and the South Pacific has demonstrated a strong international investment intention that will lift economic activities for PNG and the South Pacific in 2022,” says BSP Group General Manager Corporate Bank, Peter Beswick. The rise in business confidence for the year 2022 is attributed to company investments...

The resource sector’s preferred prefabricated modular building supplier, Ark Pacific, commenced 2022 with numerous buildings for multiple clients in its design, engineer, supply and construction pipeline.  The New Year also saw Ark’s production capacity increase by 100 percent, with its main factory now capable of producing 1,000 building modules per mont...

Photo: Built in Singapore, Pacific Towing’s newest ASD tug ‘Koranga’ (60 tonne bollard pull; 4,436 braking horsepower) will be dedicated to harbour towage in Lae.  The company also provides numerous services to PNG’s oil and gas sector. Pacific Towing (PacTow) has expanded its fleet with the purchase of a dedicated harbour tug ‘Koranga’ from Singapore....

Photo: Top left - Ani Topurua, top right - Carolyne Manahave, bottom left - Chantel Christensen and bottom right - Lyndah Brown Ok Tedi Mining Limited (OTML) has announced the appointment of four females to various management roles within the Company as part of its Vision 2025 to increase the number of females in leadership roles. These includes Ani...

The Porgera Project Commencement Agreement (PPCA) formally took effect recently with the execution of the document by its final signatory, Mineral Resources Enga (MRE), marking a significant milestone in the process of reopening the mine. The next critical steps are to sign the Shareholders Agreement, the substance of which along with that of the Compa...

According to James Marape, Papua New Guinea's "strategic position" in relation to Asia's main economies must be used by the country's business community and transformed into commercial possibilities, particularly in the field of food production and supply. The Prime Minister noted that the populations of the Philippines, China, and Indonesia are likely...

From the 3rd to the 8th of February 2022, James Marape, MP will make official trips to the People's Republic of China (PRC) and then to France from the 9th to the 13th of February 2022. The Prime Minister is visiting the PRC at President Xi Jinping's invitation to attend the Beijing Winter Olympics opening ceremony on February 4th. Apart from this sign...

Photo: Paga Hill Development Hon. Prime Minister James Marape has told the Papua New Guinean business community and international investors that the country's economy would continue to develop in the coming years, with even more growth expected in the next five years as significant national investment projects come online. The Prime Minister spoke r...

Papua New Guinea's Prime Minister, James Marape, claims his government is devoted to rural development. He remarked this while presiding at the opening of Siwi Utame Agro Technical High School and Siwi Utame Loop Road in Ponowi Village, Ialibu, Southern Highlands. Both are initiatives of the Governor of the Southern Highlands Province, Hon. With the...

The PNG Expo 2020 Pavilion in Dubai hosted a Business to Government (B2G) networking event in cooperation with IBMC Global, a Dubai-based investment firm, which drew interest from investors in tourism, information and communication technology (ICT), transportation, and wood trade. Investors from the UAE and India met and shared information on prospects...

PNG Minister for ICT Timothy Masiu and UAE Minister of State for Economic and Commercial Affairs Ahmed Ali Al Sayegh had a high-level discourse on trade and ICT in the UAE Ministry of Foreign Affairs and International Cooperation in Abu Dhabi recently. Minister Masiu informed Minister Al Sayegh that both PNG and the UAE have maintained cordial and frie...

Photo: Range of Isodry® thickeners (from conventional to paste) gives you the ability to create products with 30-70% solids percentage by weight. Weir Minerals’ range of industry-leading equipment seamlessly works together to provide comprehensive tailings solutions for the mining and aggregate industries. For decades, Weir Minerals have been provid...

It was another quarter of significant developments and milestone achievements across Mayur’s portfolio.  A major highlight was the granting of the Mining Lease for the Orokolo Bay iron and industrial sands project. As with the ML for the CCL project this was achieved in record time despite the impacts of COVID. This was followed by the signing of a mag...

Commenting on the December quarter, Kingston Managing Director Andrew Corbett said: “We’ve hit the ground running in 2022 after finishing last year strongly on a number of fronts. Three key events – the acquisition of the Mineral Hill Mine, the divestment of our interest in the Livingstone Project, and a successful $14 million capital raising – have given...

His Excellency Mr Joshua Kalinoe, Papua New Guinea's Ambassador to Belgium and the EU and Commissioner General for Expo2020, has received multiple Letters of Interest from firms in the UAE and India who recently attended the B2G Economic Networking Forum in Dubai, United Arab Emirates. IBMC Global, a UAE-based investment firm, organized the Economic Fo...

Hon. Minister of Information and Communications Timothy Masiu, who was recently in Dubai to deliver the Keynote Address at the World Expo 2020 in the PNG Investment Forum themed "Eco-Tourism and Connectivity – Living in Balance with Nature," is pleased with the efforts of the lead Department of Foreign Affairs and Trade and the Management team of the PNG ...

Hon Timothy Masiu wants tourists and adventurers visiting Papua New Guinea to be able to experience a mix of modern and traditional PNG lifestyles, so that they can have a cold drink from the fridge, watch the news, and keep in touch with their loved ones even when they are on the most remote islands, hilltops, and valleys. Minister Masiu was addressin...

Photo credit: PNG PM Media Unit The formation of the Independent Commission Against Corruption (ICAC) is advancing, with the ICAC Appointments Committee convening for the second time this year in Port Moresby. Hon. Prime Minister David Cameron James Marape emphasized the urgent necessity for the government to combat the "disease of corruption" in th...

According to the New Ireland Chamber of Commerce and Industry, local jobs would be produced throughout the upgrading and refurbishing of ports around the nation, which will cost roughly K1.48 billion. Nolis Thomas, president of the Chamber, said the initiative might boost the province's export earnings. The Australian government has granted AU$580 m...

Papua New Guinea's economy is expected to grow by 5.4% in real term in 2022 following a muted recovery of 1.5% in 2021, according to National Budget estimates. According to BSP’s 2021 Quarter 4 Pacific Economic and Market Insight, the 2022 National Budget and the Asian Development Bank (ADB) estimate real GDP growth in 2021 at 1.5% and 1.3%, respective...

Photo credit:  According to Robin Fleming, chief executive officer of Bank South Pacific Financial Group Ltd (BSP), the country saw significant amounts of foreign exchange (FX) currency in December. Strong commodity prices, end-of-year dividend payouts, and donor cash for different initiatives, according to Fleming. He stated that foreign exchang...

Stephen Mombi, the Acting Secretary of Agriculture and Livestock, complimented the European Union for sponsoring the EU-STREIT PNG Program, which focuses on the development of sustainable agri-food value chains in the Sepik area. Mr Mombi was presenting at a two-day Geographical Indication (GI) Awareness Conference recently hosted in Port Moresby by th...