To work out outstanding issues with government payments, the Budget Management Committee (BMC) met with department heads, the Bank of PNG Governor, Loi Bakani, and BSP CEO, Robin Fleming.The BMC is composed of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.Lin...

Papua New Guinea may likely export rice in the future. That is if this industry can gain support. According to the Department of Agriculture and Livestock (DAL) rice extension unit programme manager Heai Hoko, only Trukai Industries has been exporting rice to Vanuatu and the Solomon Islands presently. He added that PNG rice had the potential to export to...

The recent power outages have impacted trade and increased the cost of doing business, especially with refuelling and servicing generators. This was according to Brian Bell group chief executive officer Cameron Mackellar, who added that his company had strong back-up plans across the country despite the frequent power outages - which was not good, he said...

Puma Energy (PNG) Ltd expects that fuel prices will increase as demands for ground fuels also increase. This is in line with economic recovery. According to the Country manager and director Hulala Tokome, this will have an effect locally compared to during the COVID pandemic. “In general, prices are moving up and expected to continue to move up which will...

According to Mining Minister Johnson Tuke, the Wafi-Golpu mining project is set to be licensed by end of July or August this year, adding that this project will take off by 2nd quarter of 2021. He noted that there is already a framework agreement and there is no best time for the license to be granted than that of July or August of this year. “I am very s...

Mohammed Azlan Shah has replaced Jamie Graham as the new chief executive officer of New Britain Palm Oil Ltd group. (NBPOL)Appointed by the parent company Sime Darby Plantation (SDP) to oversee operations in the Solomon Island and PNG, Shah has more than 33 years in the industry and has started out as a plantation executive and general manager for Aceh &a...

Before Twinza Oil Limited moves forward with the Front End Engineering and Design (FEED) stage, the firm is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council.The agreement was finalised last year and now awaits presentation by the Petroleum Minister, Kerenga Kua to the National Executive Council. Once ap...

The COVID 19 pandemic has not only impacted local and international travel, but has grave impacts on livelihood, unemployment, and international labour mobility.A new World Bank report, Pacific Island Countries in the era of COVID 19: Macroeconomic impacts and job prospects, shows how the Pacific may take advantage of a changing environment, as well as o...

In spite of the challenges in 2020, OK Tedi Mining Ltd (OTML) said it predicts a profit of US$200 million (K700.40mil) for 2020. This is an unaudited number, and the firm hopes to release the full-year report for 2020 later this year. “OTML expects a profit after tax of more than US$200 million (unaudited) for 2020 despite the challenges of the Covid-19 p...

The Independent Consumer and Competition Commission (ICCC) has recently announced that the Paradise Company Limited can now acquire shares in Hugo Canning Company Limited. “This essentially means that, in its considerations of likely negative effects this acquisition may have on competition, the ICCC did not find any serious concerns,” stated the consumer...

To generate income, the Department of Agriculture and Livestock (DAL) has plans to develop rice farming into a corporate entity.According to the programme manager for the department’s rice extension unit Steven Hoko, rice at present is only a programme in the department. He said that the plan involved creating a rice board with its own corporate entity to...

K92 Mining expects another significant, year-over-year, increase in gold equivalent production of 16-36% to 115,000 to 135,000 ounces, while also delivering low-cost production, with an estimated cash cost of $515-$565 per ounce gold and all-in sustaining cost of $825-$875 per ounce gold. Additionally, the Company plans to ramp-up exploration activities a...

ExxonMobil has named Peter Larden, current president of ExxonMobil Canada Limited, to serve as managing director of ExxonMobil Papua New Guinea (PNG) Limited. Current managing director Andrew Barry will serve in a new position as vice president of Global LNG Marketing for ExxonMobil in Singapore, with responsibility for LNG marketing activities around the...

The production of K92 Mining for the last quarter of 2020 at its Kainantu gold mine in Papua New Guinea were as follows: 29,820 oz AuEq or 28,809 ounces of gold, 493,584 pounds of copper and 10,395 ounces of silver.The firm has also said that it represented a year-over-year production growth of 20% - with the record of 98,872 oz AuEq or 95,109 oz gold, 36...

Geopacific Resources Ltd has said that it needs all the necessary permits and approvals before it can start its operations. Geopacific Resources Ltd, the operator of the Woodlark gold project in Milne Bay, said that it has already obtained key approvals for the development, but it needed to secure all approvals, licences, or permits. “Even if an apparentl...

If production increases from 4,500 tonnes to 10,000 tonnes a year, Morobe may likely net K100 million a year. According to the Cocoa Board of Papua New Guinea (CBPNG) chief executive officer Boto Gaupu, the profit of the province may increase if the tonnage is increased too. “Morobe used to produce about 800 tonnes of cocoa in a year but over the last fiv...

According to Bank South Pacific group chief executive officer Robin Fleming, the key priority this year is to have a new banking system in Papua New Guinea and Vanuatu.He also added that they will be introducing a new payments platform so that clients can access payments through the internet. Another is to have an active promotion of school fee payments t...

Prime Minister Hon James Marape has urged the nation to venture into the small- agricultural business. “We will partner districts and provinces who want to help the National Government empower our people with increased revenue from their investments in agriculture,” he said. “There is a global demand for coffee, vanilla, cocoa, copra, oil palm, rubber, et...

For the next five years, the Ihu Special Economic Zone (ISEZ) project will receive K100 million, as allocated by the National Executive Council, said MP Soroi Eoe.Meanwhile, discussions are going on between the government departments and the project development office about partnership choices. “Kumul Petroleum Holdings Ltd, PNG Ports Corporation, Water P...

According to the Asian Development Bank as indicated by its latest “Pacific Economic Monitor”, PNG will have the equal highest real economic growth rate in the Pacific this year. “The ADB statistics highlight once again the extraordinarily bad economic impact the COVID-19 pandemic is having around the globe, producing the most challenging economic times i...

According to Department of Agriculture and Livestock (DAL) Highlands region provincial and industry support services director John Jave, the spice industry needs growth and development - with farming, processing, and supporting household farming tagged as vital to the economy of the country. “Spice in PNG has a huge potential in generating foreign exchang...

Kumul Petroleum Holdings Limited (KPHL) has awarded two contracts to Chiyoda Corporation of Japan in partnership with Moss Maritime of Norway, and Wison Offshore and Marine based in Shanghai, China for the design and the development of a floating, storage, re-gasification and power (FSRP) generation unit in Lae. The state-owned firm said that the awarding...

Like many other businesses, those in New Ireland will need more time to recover due to the COVID pandemic.According to New Ireland Chamber of Commerce and Industry President Nolis Thomas, the recovery would be slow. “Businesses will not recover to what it was prior to the Covid-19 and the restrictions,” he said. “We do not anticipate it (business) to reco...

The Tonolei logging project in South Bougainville is set to start next month.This was disclosed by local MP Timothy Masiu, the Communication and Information Technology Minister, who said that resource developer KKCL based in East New Briain would land its equipment and machinery next month.He also thanked the Tonolei Development Corporation (TDC) landowne...