Although an economist has embraced the progress of the Wafi-Golpu project, Paul Barker said that they should focus more on the reopening of the Porgera mine quickly since the former takes time. “With Wafi-Golpu, we still have much further to go,” he said. “(Reaching) an immediate and practical agreement between the Government, Barrick and partners over eq...
With gold, copper and liquefied natural gas (LNG) expected to be strong, the economy could rebound this year.According to K92 Mining Inc chief executive officer John Lewins, this would be achievable if the impact of the COVID crisis is managed and that 2021 would still be a challenging year for many. He said that in early January, the cost of gold rallie...
During the signing of the memorandum of understanding between the Pacific Horticultural and Agricultural Market Access Plus (Phama Plus) and the Coffee Industry Corporation (CIC), it is emphasized that marketing needs more attention in the exportation of coffee to the international market.While Rachael McCarthy of the New Zealand High Commission is happy ...
According to Institute of National Affairs (INA) executive director Paul Barker, foreign exchange (forex) has stayed very tight since 2017, considered to be one of the major hindrances to investments and businesses in PNG. He added that his concern was the imbalance in the markets, partly linked with rigidities in the setting of exchange rates, and the un...
Ok Tedi Mining Limited (OTML) has announced that it has returned to normal production after the second of the two processing circuits which were damaged in a fire incident on the 20th of December 2020 was restored recently. OTML Managing Director and CEO, Musje Werror expressed his appreciation to the team who worked for almost 6 weeks. “The commitment sh...
An official said that all businesses are looking forward to the growth of the economy. According to PNG Ports Corporation Ltd (PNGPCL) managing director Fego Kiniafa, their business was solely dependent on exporters and importers, and the availability of foreign exchange for trading to happen. “PNGPCL is hopeful that the economy registers a positive growt...
In encouraging transparency within the government, the ICT sector and to comply with their policy and legislative measures, Information and Communication Technology Minister Timothy Masiu said that he wants his department organised. He said that to deliver ICT services that are cost-effective, reliable and affordable, his department must listen to the sta...
Contributors to National Superannuation Fund, Nasfund, are reminded to update their membership details to ensure important information such as member contact details, address, and more importantly, member beneficiaries are included and are current.Nasfund Chief Officer Member Services Anne Wilson made this call when outlining the Fund’s Member Service eng...
To finance its National Budget for 2021, repay its debts, and stabilise the economy, Japan has provided a K1 billion concessional loan to Papua New Guinea. Japan is also giving K32 Million grant for the PNG electrification partnership as agreed with the United States, Japan, New Zealand, and Australia. According to Japanese ambassador Kuniyuki Nakahara, t...
In launching the new Jiwaka provincial headquarters at Kurumul, Papua New Guinea Prime Minister Hon. James Marape has emphasized the need for technically-skilled people.PM Marape said that the government will be elevating and upgrading the Tombil Vocational Centre into a fully-fledged Technical Vocational Education Training (TVET) college.“Our country is ...
The government of Papua New Guinea will spend K9 million to clean the toxic remains left by developer Niugini Gold Ltd. at the Sinivit mine in East New Britain. According to Environment, Conservation and Climate Change Minister Wera Mori, the firm left in 2014 without informing the government, claiming that the latter failed to renew its license. Mori sai...
After a landowner group has said that the Autonomous Bougainville Government has partnered with Caballus Mining, a firm based in Perth, to re-open Panguna Mina, its president, Ishmael Toroama has announced that the government is not colluding with any landowner groups or mining firms. “The idea of Caballus operating a mine on Bougainville has long been sh...
A decision on the environmental permit for the Frieda River copper and gold project in West Sepik is yet to be made.Environment, Conservation and Climate Change Minister Wera Mori said that the granting of the permit is not yet finished. “Frieda River is an ongoing project – meaning that PanAust, which has got the licence, is still conducting exploration,...
The Internal Revenue Commission (IRC) has unveiled its yearly work plan in Port Moresby.According to IRC Commissioner Sam Koim, the plan which outlines seven key strategic pillars contains a vision to transform the organisation into a modern, robust, and efficient tax administration by 2025. These seven key strategic pillars include data-driven, fostering...
The power outages in Port Moresby may end in March.This was according to PNG Power Limited managing director Flagon Bekker who said that they are working on the transformer at the Port Moresby grid because they couldn’t bring in a new one. He added that bringing in an expert for the tap changer may not be possible for this time. “We don’t have the person ...
To improve the trade capacity of Pacific countries, the Pacific Island Forum Secretariat (PIFS) and the European Union (EU) have signed a project titled “Strengthening Pacific Intra-Regional and International Trade (SPIRIT)”. The project is set to cost EUR 5.75 million.Aimed at increasing and boosting intra-regional and international trade through strengt...
Because of its focus on performance, capital and cost allocation, Oil Search has resulted in a firm production. Managing director Keiran Wulff said the developments of Oil Search had regained momentum with the passing of the government in Parliament the remaining amendments to Acts for Papua LNG fiscal stability.He said that assurance reviews for the Pikk...
With the construction of the Wafi-Golpu copper and gold project in Morobe about to start because of its environmental permit, Papua New Guinea hopes to see a windfall of over K18 billion investment in its economy. Constructed by developers Harmony Gold Mining Company, this project is expected to cost at K17.26 million.“At this time when our economy is con...
In a recent survey conducted by the Pacific Trade Invest network, it has revealed that the pandemic continues to impact small businesses. Newly appointed Trade Commissioner of the Pacific Trade Invest New Zealand office, Glynis Miller said that “the results are not surprising as they do reflect real challenges faced by a large majority of SMEs.”According ...
In dealing with the power outages, PNG Power Ltd managing director Flagon Bekker said to either live with these blackouts or invest “hundreds of millions of (US) dollars”. “I personally believe the people of PNG are going to need to choose: start investing in the power system or live with blackouts that will get worse and worse,” he said. “There is no eas...
With the increased costs of minerals, Bank of PNG Governor Loi Bakani said that exporters should take advantage of these favourable costs at a time when the pandemic is still ravaging the country. “Mineral prices increased, with those for copper and nickel driven by a pick-up in growth in China,” he said. “Precious metal increased by 16.5 per cent, with ...
While many new manufacturing entrants haven't met the required industry standards which can be a setback for the industry, Manufacturers Council of PNG chief executive officer Chey Scovell believed that the industry may recover this year. According to him, many entrants lack The Hazard Analysis and Critical Control Points (HACCP) equivalents which is a fo...
To support local farmers to encourage them to take part in cash cropping, extension services in agriculture into rural areas must take place.This was according to the Department of Agriculture and Livestock (DAL) Minister John Simon who said that the country needs 400 agriculture extension officers.“Many farmers are trying their best to sustain their farm...
To recognise the efforts of the company to provide employment, workforce development, and business opportunities, the PNG LNG project’s best national content contribution of the Year award went to the Hides Gas Development Company Ltd energy services. According to ExxonMobil PNG Ltd’s national content manager Sisa Kini, “We are proud of HGDC Energy Servic...
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