Following the submission of the Autonomous Bougainville Government (ABG) 2021 budget, Treasurer Ian Ling-Stuckey delivered words of appreciation of a “concise and professional” ABG budget.He said, “I was pleased to receive the 2021 Budget Submission from the Autonomous Bougainville Government for an appropriation of K390,489,916. The budget was delivered...

In expanding its business operations, Paradise Foods Ltd. will invest K115 million this year, according to chief executive officer James Rice.He said that the firm is also introducing new products this year. “I believe the economy in PNG will remain the same unless some large projects that bring investment and jobs are approved,” he said. “The economy wil...

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...

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...