According to K92 Mine Inc, the falling worldwide gold price means that mining companies in the country will reduce non-essential spending, which would have an effect on suppliers. John Lewins, the company's CEO, was responding to questions about existing gold prices. He added that the gold price began the year at around US$1,950 per ounce (K6,694.49...

According to an official, the Wafi-Golpu Joint Venture (WGJV) will follow the proper procedures before its application for special mining lease 10 is approved. David Masani, WGJV's principal community engagement advisor, stated this during the company's numerous scheduled meetings with communities that would be impacted by the K18.4 billion gold-copper...

With the recent rise in COVID-19 positive cases in PNG, peak bodies representing industry, the private sector, and development partners are urging their members to take the lead in promoting and enforcing necessary virus prevention protocols. In a joint statement released recently, the PNG Chamber of Commerce and Industry (PNGCCI) and the Business Coun...

The availability of foreign currency is crucial for promoting trade and enabling companies to continue importing goods for consumer consumption. It's also essential for investors to know that returns on capital investments can be repatriated if and when enough foreign currency is available in the country, according to Bank South Pacific CEO Robin Flemi...

The Australian Government's ban on incoming and outgoing travel between the neighbouring countries is expected to have no effect on Newcrest Mining's Lihir gold activity in Papua New Guinea (PNG). The Lihir operation is undergoing a scheduled maintenance shutdown and is steadily resuming operations. Newcrest stated that it was working closely with t...

COVID-19 has forced Ok Tedi Mining Limited (OTML) to pause operations in order to protect its employees, communities, and operations. Due to a recent increase in COVID-19 cases at the mine site and in Papua New Guinea, OTML will temporarily pause operations on Friday, March 19th for 14 days to prevent further virus transmission within its operations. ...

PNG Biomass is Oil Search’s renewable energy and sustainable tree farming business. The project is still subject to a final investment decision by Oil Search, now planned to take place in the second half of the year. The formal ‘go-ahead' has been postponed several times due to a lengthy process with the PNG government to fulfil their promises to move ...

After reporting a Core Operating Profit of K25.66 million for the 2020 financial year, Credit Corporation PNG has posted a net profit of K22 million. Credit Corporation CEO Peter Aitsi released the 2020 results, saying it represents the complexities of the COVID-19 pandemic during the year, as well as the group's determination to actively support PNG's...

According to the National Research Institute, given Bougainville's position within the Pacific Rim of Fire, the possibilities for mining various minerals, especially gold and copper, are vast (NRI). Following the collapse of the Panguna mine, NRI noted in a recent report on Bougainville that regaining foreign investor trust in mining in Bougainville wa...

According to a study by the National Research Institute (NRI), the investments needed to increase the tax base for the Autonomous Bougainville Government (ABG) require significant upfront investments. The report said that increasing revenues for the Bougainville Government, public expenditures also necessitate capacity to prepare, budget, execute, and ...

According to PNG Manufacturers Council chief executive officer Chey Scovell, businesses support the urgent need to stop the current spread of the Covid-19 but agree that a full-scale, literal lockdown isn't feasible in Papua New Guinea. When asked whether companies were preparing for a lockdown due to the increase in Covid-19 incidents, Scovell said ye...

Kina Bank has pledged support for the second consecutive year to the FODE education program administered by the Kokoda Track Foundation at the Motu Koita FODE centre in Port Moresby. The bank is funding the FODE program and providing mentoring by bank staff to students enrolled at the centre. The one-on-one mentoring program offers students the opport...

Bank South Pacific (BSP) is thinking of being listed on the Australian stock exchange (ASX). Sir Kostas Constantinou, chairman of the bank's board of directors, said the bank intended to call a special meeting of shareholders to seek approval for amendments to its constitution that would allow BSP to apply to join the ASX's official list. It would b...

  The Kina Asset Management Ltd (KAML) made a net profit of K3.32 million for the year ended December 31, 2020, thanks to a 6.2 per cent investment return. The achievement was made amid the Covid-19 pandemic and continuing geopolitical conflicts, according to KAML chairman Sir Rabbie Namaliu. Sir Rabbie praised KAML's investment strategy's divers...

Work on a K4 million solar project to cover all wards in the Duke of York Islands local level government (LLG), Kokopo, East New Britain (ENB), is set to start in June. This was announced by Francis Uratun, director of PNG Power Ltd (PPL), who recently travelled to the Duke of York Islands to finalize project documents for submission to AusAid. AusA...

In the Southern Highlands Province, K10 million has been set aside for agriculture growth.  Agriculture is the backbone of any economy, according to Southern Highlands agriculture advisor Kenneth Kuimp, so growing it in the province is a step in the right direction. He said that the province is embracing change and that agriculture is the driving force...