According to Spice Sector Board Chief Executive Officer Nelson Simbiken, the country's spice industry has exported K1.3 billion worth of products in the last four years. According to Simbiken, K400 million worth of items were shipped in 2021, much above the norm of over K300 million. “From 2019 to now, revenue from export we have from Customs and Na...

Photo credit: Mayur Resources - Project Locations Mayur Resources Limited (ASX:MRL), via its 100% owned subsidiary Mayur Renewables PNG Limited (MR), has been granted its first forest carbon concessions in PNG, demonstrating material progress on its commitment to achieve “net zero” carbon emissions for its nation building import displacement projects, ...

Photo credit: Midday Dr Asif Iqbal, President of the Indian Economic Trade Organization, greeted HE Paulias Korni, High Commissioner of Papua New Guinea, and reiterated the two countries' commitment to a strong collaboration. In India, there is a lot of interest in Papua New Guinea, a country with a lot of potential for bilateral trade in oil, gas, and...

Photo: James Marape Prime Minister Hon. James Marape recently announced a Cabinet reshuffle with six portfolios being rotated. This is in the wake of Deputy Prime Minister and Commerce and Industry Minister Hon. Sam Basil and Defence Minister Hon. Solan Mirisim being restored back to full office by their respective leadership tribunals recently. ...

Photo Credit: PNGI Central  The Madang Chamber of Commerce and Industry (MCCI) has proposed a joint venture between the private sector and the government to build the Pacific Marine Industrial Zone (PMIZ) project in Madang. Kevin Murray, president of the Chamber, believes the project will be unlikely to be funded entirely by the government. In th...

Photo credit: Ry Crozier - Telstra The Independent Consumer and Competition Commission (ICCC) ruled that Telstra's planned acquisition of Digicel PNG would not impair competition in the telecommunications industry, thus the deal is likely to go forward. Members of the public can still offer their opinions, which will be taken into account, according...

The Enga Provincial Executive Council (PEC) has adopted the National Government's revised project framework for reopening the Porgera mine in April this year. While announcing the PEC approval over the weekend, Enga Governor Sir Peter Ipatas praised the National Government for its goal to reopen the world-class Porgera Gold Mine under a new project fra...

K92 Mining Inc. announces production results for the fourth quarter of 2021 at its Kainantu Gold Mine in Papua New Guinea, of 36,145 oz AuEq or 33,220 oz gold, 1,048,100 lbs copper and 28,218 oz silver. Annual production also achieved a record of 104,196 oz AuEq or 95,055 oz gold, 3,375,528 lbs copper and 70,792 oz silver, exceeding the updated guidance r...

Photo credit: Ok Tedi Mining - Part of the Tabubil/Telefomin road currently under construction is one of the TCS funded projects. Ok Tedi Mining Limited (OTML) has signed a PGK50 million project agreement to commence the upgrading and sealing of the Kiunga-Tabubil Highway.  The agreement was signed today (11th January 2022) in Port Moresby between O...

Photo credit: Ok Tedi Mining - Part of the Tabubil/Telefomin road currently under construction is one of the TCS funded projects. Ok Tedi Mining Limited (OTML) has commended the National Government for the increase in the Tax Credit Scheme (TCS) ceiling from 0.75% to 2% as announced in the 2022 National Budget. The change, along with strengthening p...

Treasurer Ian Ling-Stuckey is delighted with the work being done to put the modifications to the Central Banking Act into effect, which were voted unanimously by Parliament last December 2021. Treasurer Ling-Stuckey stated in a statement that following the NEC's decision on a new Acting Governor, Benny Popoitai, the former Head of Financial Analysis an...

Photo: PM Marape launches the new online tax payment platform, MyIRC, with Commissioner-General Koim and managers of IRC Despite a hard economic climate brought on by COVID-19, the Marape Government's commitment in reinvigorating the Internal Revenue Commission (IRC) is paying off with a revenue collection of a record K8.1 billion in the year 2021. ...

The Accumin™ lubrication system has proven itself an efficient way of preventing expensive bearing assembly failures, reducing maintenance downtime and promoting safety by decreasing the amount of manual interface to keep equipment performing. Accumin™ lubricators automatically deliver even, measured lubricant to the vital points of your Warman® pump. ...

Photo credit: PNGEITI - Lucas Alkan Papua New Guinea’s prominent petroleum company, Oil Search Ltd merger into Santos has been welcomed by the PNG Extractive Industries Transparency Initiative (PNGEITI).   PNGEITI hailed the merger as a milestone achievement for both companies who are prominent and competitive players in the PNG petroleum space.   ...

Photo credit: Ok Tedi Mining Ok Tedi Mining Limited (OTML) Chairman Dr Roger Higgins recently announced that the Company has declared a final dividend of PGK300 million which was paid on Friday 24th December to its shareholders, bringing total dividends paid by OTML this year to PGK450 million. Dr Higgins noted that despite a fire incident at the mi...

The Twinza Oil Limited Board of Directors is pleased to announce the appointment of Robert Gard as the Company’s new Chief Executive Officer, commencing on Monday 17th January 2022. Robert has over 35 years of experience in oil and gas including 12 years as a senior executive in junior Australian-based oil and gas companies and 23 years at ExxonMobil. ...

The Asian Development Bank (ADB) and ECOM Agroindustrial Corp. Limited (ECOM) signed a loan of up to $60 million to help sustain the livelihoods of smallholder farmers amid the coronavirus disease (COVID-19) pandemic and improve their ability to withstand the impacts of climate change. The loan will support ECOM’s continued operations in India, Indones...

World Bank and UNICEF surveys of Papua New Guinean families have found that while levels of employment, access to education and healthcare remained relatively stable from January to June 2021, 93% of households in PNG had used at least one economic coping strategy since the beginning of 2021, and 40% had used five or more coping strategies. According t...

The Autonomous Bougainville Government has approved a budget of nearly K500 million for the fiscal year 2022. The 'One Post Referendum Budget' was the topic of the 2022 ABG Budget, which was presented in parliament by ABG Minister for Treasury and Finance Hon. Salas, Mathias “The budget directly addresses all priorities that the ABG has set towards ...

According to the current issue of the Asian Development Bank's (ADB) Pacific Economic Monitor (PEM), the Pacific economies are expected to return in 2022. While the Pacific region's GDP prediction was cut to -0.6 per cent in 2021 in the ADB study, the subregion is expected to increase by 4.7 per cent in 2022 as widespread immunization against coronavir...

Photo credit: PM James Marape News Page - PM Marape (right) receiving the K200 million from KPHL Chairman Ben Yaru The Papua New Guinea government, five PNGLNG-impacted province governments, and landowners have received a total of K551.82 million from Kumul Petroleum Holdings Limited, the country's largest oil and gas business (KPHL). Hon. Prime Min...

The K140 million 12-story West New Britain Haus in Port Moresby, according to James Marape, demonstrates that agriculture is "transformational." He remarked this as he unveiled the West New Britain people's landmark emblem, which was supported by the province's lucrative oil palm sector. The Department of Justice and Attorney-General, as well as all...

Left to right: Mr Kedi Ilimbit who will now be Deputy CEO and General Manager Communities and Operations Support, Mr Harold Duigu is now General Manager Corporate Affairs, Mr David Laulau who has taken up the Deputy General Manager Mining position, Mr Lawrence Na’awi, OTML’s first technical manager from the Western Province. Mr Na’awi is being appointed M...

Photo credit: Mayur Resources Mayur Resources Limited’s 100% owned subsidiary company, Mayur Iron PNG Ltd’s (“Mayur”) Orokolo Bay Iron and Minerals Sands Project (“Orokolo Bay” or the “Project”) in Papua New Guinea (PNG), is a major step closer to production with the PNG Government announcing today it has granted the project a 20- year Mining Lease (ML...