Photo credit: K92 Mining K92 Mining is pleased to announce that the Government of Papua New Guinea has granted an extension of Mining Lease 150 for the Kainantu Gold Mine in Papua New Guinea for a period of 10 years to June 13, 2034. Concurrent with this announcement, K92’s Board of Directors have approved the Stage 3 and Stage 4 Expansions (collect...

Photo: OTML General Manager and Chief Financial Officer Cameron Clark speaking at the PNG Mining and Petroleum Investment Conference The Ok Tedi Mine will generate over PGK19 Billion in dividends for the benefit of Papua New Guinea over the next 11 years, says Ok Tedi Mining Ltd (OTML) General Manager Commercial and Chief Financial Officer Cameron Clar...

Photo: President of the PNG Chamber of Mines and Petroleum Mr Anthony Smaré President of the PNG Chamber of Mines and Petroleum Mr Anthony Smaré in his opening address to delegates at the 16th PNG Mining and Petroleum Investment Conference and Exhibition says international investment has had a catalysing impact on PNG’s economic development. The cha...

Photo: Minister for International Trade and Investment, Hon. Richard Maru Papua New Guinea (PNG) is ready to commence the feasibility study on a proposed free trade agreement with the People’s Republic of China. This study has been in the pipeline for some time and finally, with the grant funding of K1 million from the Chinese Government to the PNG Nat...

The inaugural Joint Trade and Investment Committee Meeting between the Philippines and Papua New Guinea will take place in Manila in January 2023. The purpose of the conference is to talk about measures to increase and diversify commercial and investment ties between the two nations. On the sidelines of the APEC meetings in Bangkok, Thailand, Alfred...

Due to its strategic position, Singapore is eager to host the Papua New Guinea Trade and Investment Roadshow the next year, where PNG can promote all the potential it can provide to Singapore and the Asia area. At a meeting on the sidelines of the APEC Summit in Bangkok, Thailand, the Minister for International Trade and Investment, Richard Maru, made ...

A Memorandum of Cooperation on a Joint Crediting Mechanism (JCM) was signed by Papua New Guinea (PNG) and Japan on the sidelines of the 27th Climate Conference of the United Nations (COP 27) in Egypt. The Government of Japan created the Joint Crediting Mechanism, a new project-based bilateral offset crediting system, to make it easier to adopt cutting-...

A proposal to establish an honorary consul in Vietnam’s capital city of Hanoi has been discussed in a bilateral meeting between Papua New Guinea and Vietnam’s Foreign Ministers. Foreign Affairs Minister Justin Tkatchenko met with his Vietnamese counterpart Bui Thanh Son during the APEC Summit in Bangkok, Thailand. Vietnam is a fast growing economy w...

Discussions are underway to establish a sister-city initiative between Papua New Guinea's Capital Port Moresby and Da Nang city in Vietnam. This was agreed to in a bilateral meeting between Foreign Affairs Minister Justin Tkatchenko and Vietnam’s Foreign Minister Bui Thanh Son during the APEC Summit in Bangkok, Thailand. PNG Minister Tkatchenko, who...

Following the government's Budget 2023 proposal to hike corporation tax from 30% to 45%, Kina Bank is abandoning all of its plans to grow by opening additional offices nationally. Greg Pawson, the chief executive of Kina, stated that the bank was against any rise in corporate tax on the banking industry. “To put into perspective, it is an additional...

Photo: Richard Maru. Credit: Richard Maru Facebook Page Richard Maru, the minister of foreign trade and investment, says he is eager to promote trade and investment with Indonesia. “Our people go to the border to trade with Indonesia. There is big trade happening there, but our two governments have not made the time to enter into a formal trade and ...

Photo: Deputy Prime Minister John Rosso  Deputy Prime Minister John Rosso has said that the 2023 National Budget will focus on law and order to ensure confidence in economic development activities. Mr Rosso who is also the Lands and Physical Planning Minister further hinted during grievances debate in Parliament. He said the budget will also focu...

Additional company tax on the banking sector will increase from 30 to 45 percent treasurer Ian Ling-Stuckey said when presenting the 2023 budget in parliament recently. This is expected to raise K240 million in 2023 to fund core vital services. The additional company tax was initially imposed on companies declaring huge profits such as BSP and Digicel ...

Photo: Musje Werror The Board of Ok Tedi Mining Ltd announced that it has accepted the resignation of Managing Director and CEO, Musje Werror. OTML Board Chairman, Dr. Roger Higgins, made the announcement today. Dr. Higgins thanked Mr Werror for his contribution to Ok Tedi over many years, starting as a graduate trainee, working across all aspect...

Photo: Treasurer Ling-Stuckey delivers the 2023 Budget in Parliament today. Picture courtesy of PARLIAMENT MEDIA Prime Minister Hon. James Marape says the K590 million in cost-of-living relief, provided for in the biggest-ever K24.567 billion 2023 Budget handed down recently (November 29, 2022) by Treasurer Hon. Ian Ling-Stuckey, shows that it is a “Pe...

The Port Moresby Chamber of Commerce and Industry (POM CCI) held its 67th Annual General Meeting at the Lamana Hotel on the 24th of November 2022 , present to witness the occasion were its members, executives and various stakeholders.  The meeting was officially opened by the President and Master of Ceremony Mr. Rio Fiocco who gave his opening remarks ...