In response to one of the addresses of Prime Minister James Marape outlining key economic indicators expected in 2021, President of the Port Moresby Chamber of Commerce and Industry, Rio Fiocco said it would be hard for the government to come up with a K2 billion deficit as said by the Treasurer. He said this in particular to some businesses which have ma...

PNG based NKW GROUP of companies has assisted remote schools in Hela Province of PNG by transporting 14,000 plus library books and teachers reading materials from Brisbane to Port Moresby. The books were donated to Hela Rural Development Foundation (HRDF) by Brisbane based NGO-Project Yumi, who assists remote schools and aid posts in PNG. NKW is one of PN...

In order to have a better society, start with the lives of each family first. To do this, empower them with programmes that can boost their economic independence. Thus, said Kokopo MP Emil Tammur, who added that coconut and cocoa development programmes would grow the local economy so that families can earn. He added that the priority of the Kokopo develop...

Following the lodgement of a mining lease (ML) application of its Orokolo Bay project in the Gulf, Mayur Resources Ltd says it is on its way to developing the first iron and industrial minerals project. According to the firm, the application is about the full-scale development of the project with a planned saleable production rate of 0.5 million tonnes pe...

In a meeting with the Lae chamber of commerce and industry, Deputy Prime Minister Sam Basil expressed that coal should be included in the energy mix of the country, adding gas, diesel, hydro, and other energy forms should also be part of this. He said that among the challenges of investments coming to the country were the high costs of living. He said ...

In his 2021 economic outlook, PNG Institute of National Affairs Director Paul Barker said that there is a need to review and update fiscal arrangements in the resource sector. He said that the requirements involved constructive dialogue with project investors and operators. “Review and updates also for individual projects when their licenses fell due for ...

In collaborating on a National Financial Education Curriculum for preparatory level up to Grade 12, the Bank of Papua New Guinea has signed a Memorandum of Understanding with the Centre for Excellence in Financial Inclusion (CEFI) and the Department of Education. Loi M. Bakani, CMG, the bank’s governor, signed the agreement with Dr. U Uke Kombra, the Depa...

The high costs of airfares have been a challenge to domestic travel and tourism. According to the Tourism Promotion Authority (TPA) Chief executive officer Eric Mossman, that in spite of the ill effects that the pandemic has brought to the country, this has allowed them to reassess and see where the industry was and how to maximise that potential in the c...

Although there are uncertainties in the business environment, the economy of Papua New Guinea might recover faster in 2021 as compared to its other Pacific neighbours.This was revealed by Credit Corporation PNG chief executive officer Peter Aitsi, who said that the forecast of the Asian Development Bank showed that the recovery of the country relies on se...

With more investments, more jobs are in store for the people of Papua New Guinea.According to Paradise Foods Company chief executive officer James Rice, their new strategy is investing in home-grown products and localising of product brands and labels, thus creating more livelihood opportunities. “Every job we can bring to PNG is a victory for our country...

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...