According to PNG Institute of National Affairs Director Paul Barker, 2021 would also be another difficult year. In giving an outlook for the year, he said, “Demand for goods and commodity prices have increased, and the rollout of several vaccines provides grounds for optimism over constraining the coronavirus during the year, and particularly safeguarding...

In its 2020 operational report, Harmony Gold said that in 2021, the target is to safely mine the present cutback to have a production between 172,300 and 177,700 ounces while at the same time, beginning the next planned pushback of the main Hidden Valley pit. The report said, “Our aim is to obtain a renewal of the mining lease to support a proposed mine l...

Foreign exchange inflows may be lower in 2021.This is according to the bank of South Pacific, that said that this is due to the delay in an agreement between Barrick Niugini and the government on the Porgera gold mine. Chief executive officer Robin Fleming said that there were several factors that would impact the availability of foreign exchange this yea...

After receiving the Sandaun government environment impact statement, Environment and Conservation Minister Were Mori has approved the Frieda River mining project to move forward - with safety and health protocols in place. This mining project has also the same characteristic and style to that of the Ok Tedi and the suggested Wafi-Golpu projects. “They ar...

The current political environment in Papua New Guinea is creating investment uncertainties.According to St Barbara Ltd, developer of the Simberi gold mine in New Ireland, proposed changes to the mining legislation would affect project economics in the future of the mine. General Manager of operations Jason Robinson said that the firm is working closely wi...

Kainantu Resources Limited (KRL) has started trading on the Toronto Stock Exchange in Canada. Mining Minister Johnson Tuke extended his congratulations, adding that KRL is an emerging gold exploration company, proactively working with the people from PNG. “KRL brings an experienced regional team to PNG at the junior exploration level, and their management...

Peter Aitsi has resigned from his post as director and chairman of Kumul Consolidated Holdings Limited (KCHL). In a letter addressed to Prime Minister James Marape, he said his resignation came after recent “changes to ministerial portfolios”, expressing his gratitude to the government for this privilege “to be chair of this prestigious and important orga...

Almost 85% of respondents claimed that COVID-19 has had negative impacts on their businesses, including revenue loss and damage to the local economy - with nearly a quarter temporarily closed and 43% somewhat operational. In addition, the top three challenges include the effect of closed international borders, poor cash flow, and not sure when the pandemi...

In sync with the goal of the government to limit rice imports, Agriculture and Livestock Minister John Simon said that it is perhaps best that rice importers invest in the local rice economy. “We’d like to see companies investing in the country,” he said. “On rice, what we are going to do is to see us growing the industry. We must not always continue to i...

Goodman Fielder (PNG)’s K10.2mil rice plant has opened in Port Moresby. According to general manager Manish Randev, the rice plant has a capacity of producing 360 tonnes of rice a day. “This plant can produce 15 tonnes an hour which means in a day it can produce up to 360 tonnes,” Randev said. “We are putting a lot of money in investment and Goodman Field...

The government should be a facilitator for investment in the nation, said the Papua New Guinea Manufacturers Council (PNGMC). According to PNGMC chief executive officer Chey Scovell, “Investment provides many jobs, skills training and of course you’ve heard about a few hundred jobs created here (Goodman Fielder). But they will be using predominantly the S...

Parliament recently passed its 2021 budget again, following the Supreme Court’s rule that the sitting previously passed was not proper. According to Treasurer Ian Ling-Stuckey who tabled the budget, working on the budget was a challenge.“Since 1975, there has never been a global crisis such as the one we are now facing,” he said. “The latest world economi...

Prime Minister James Marape said that in the next year, the government plans to focus on stabilising the economy.“We are using our own budget to ensure stimulus is maintained in our economy,” he said. “The construction activity is taking place across the country.”Marape added that he wasn’t the cause of lost jobs.“Far from the truth. Companies shut down a...

The National Development Bank (NDB) desires to buy Westpac Bank.According to chairman Michael Mell, this is part of its long-term goals of going commercial. He said in a press conference in Port Moresby that a monopoly has no room and wants Westpac Bank to consider this offer. “I have set up a committee from both NDB and People’s Micro Bank. We have been ...

PNG has good investment opportunities, but fewer as compared to a few years ago. This, according to Trukai CEO Alan Preston, who said that it takes extra precaution to invest now. He added that this pandemic has brought many challenges to businesses and customers alike, and still, these people are coping better than most around the world. He said that ove...

In creating a steady stream of income, the people of Bana in Bougainville launched the Bana special economic zone (BSEZ), which is a project intended to form development by tapping into agriculture, tourism and the fisheries industry. This project also creates opportunities for Bougainville by attracting investments to the economic zone. The future of thi...