Bank South Pacific (BSP) chief executive officer Robin Fleming said that companies are interested in updates on resources related projects, which will help them plan out the direction for future investments.According to Fleming, the improvements of the projects such as the Papua LNG, Wafi-Golpu and the Porgera mine would give businesses clear direction. “...

Cocoa farmers have a chance to grow their production now and for new growers to begin supplying. According to chief executive officer James Rice, Paradise Foods Ltd is set to build a K55 million Queen Emma Chocolate factory in Lae that will create 75 jobs and support more cocoa farmers. “I like to create jobs,” Rice said. “We have had a lot of regions th...

Cabinet has approved K10.2 million in assisting COVID-19 research, including the development of research laboratories and the procurement of sampling of drugs.According to Prime Minister James Marape, the funds may also be used on the drug trials - if the Health Department approves. He said that this initiative was a “genuine pursuit by some of our own yo...

Ok Tedi Mining Limited (OTML) Managing director and chief executive officer Musje Werror has revealed that this month, it will commission its new K800 million crusher. “The old crusher will be decommissioned and removed by the end of the year to allow access to high-grade ore on the East Wall, which will come into production in 2023,” Werror said.Werror s...

The Mineral Resources Authority has said that it hasn’t decided yet who will operate the Tolukuma gold mine in Central and the new deal on ownership. According to Managing Director Jerry Garry, the government was still waiting for updates from Pini Accountants and Advisor, the mine’s liquidator, which was anticipated to sell the property and pay the credi...

Institute of National Affairs (INA) executive director Paul Barker said that the government must implement measures to provide jobs, boost the economy and improve revenue. This also includes paying off debt. He also added that what is needed in this economy are some public sector reform and expenditure control, saying that the budget must zero in on prior...

Deputy Head of PNGEITI National Secretariat Christopher Tabel stressed on the importance of ensuring contract transparency and systematic reporting is built into transparency mechanisms in contracts and MoAs. The recent participation of the PNG Extractive Industries Transparency Initiative (PNGEITI) in the week-long review of the Woodlark Mining Project ...

As part of developing the economy, Bougainville President Ishmael Toroama hopes to re-ignite limestone mining. This, as he embraced the reconciliation in the Eivo-Torau Constituency which he desired, would ignite the redevelopment of the defunct Manetai Limestone Project.The president congratulated the leaders, the landowners, and the people for working o...

The planned exploration activities of Coppermoly Limited has been deferred indefinitely because of the restrictions of travel between Papua New Guinea and Australia. One of these activities is the proposed drilling programme at the Mt Nakru prospect in West New Britain.According to Coppermoly which has a cash reserve of A$4.3 million (K10.5m) as of Sept 3...

In spite of the current pandemic, the financial and production forecast for Ok Tedi Mining Ltd (OTML) continues to be strong.According to managing director and chief executive Musje Werror, they are managing the operations of the company well this year despite the ill effects of COVID-19. “Our production and financial forecast for 2020 remains strong and ...

In a visit to the Erap Department of Agriculture and Livestock (DAL) station in Huon Gulf, Morobe, Agriculture and Livestock Minister John Simon said that agriculture can boost and contribute to the economy of the country. He added that through this industry, the country can increase foreign exchange (forex) by increasing export in commodities and the imp...

According to Kumul Consolidated Holdings Limited (KCHL), the government will sell off its companies that are not making money. These include Datec, EMTV and FM100.KCHL managing director Isikeli Taureka said that the National Executive Council (NEC) had already approved of this sale. “EMTV and FM100 are all up for sale because they are not going to bring i...

New Zealander Aaron Underdown has replaced Moses Liu as the managing director of National Development Bank after six years in his position.Underdown joined NDB in March as the group executive manager risk and compliance (chief risk officer) and served for 25 years as a senior risk professional in different fields - property and asset finance, agriculture ...

To fund electrification in PNG, the United States government through the USA Agency for International Development is set to invest US$57million. According to United States Ambassador to PNG, Solomon Islands and Vanuatu Erin McKee, electricity brings up the living standards of towns, cities, and remote villages. This also lets hospitals and schools brin...

Because Australia has pledged to provide economic assistance of A$596 million in the year 2020/21 and has agreed to suspend interest and principal repayments for the US$300 million concessional loan given last November 2019, Treasurer Ian Ling-Stuckey has expressed his gratitude for their strong support for the people of PNG. In addition, Australia is pro...

In talks over a waste disposal system, Environment, Conservation and Climate Change Minister Wera Mori stated that the Papua New Guinea government desires to stop this stalemate for the K18 billion (US$5.4 billion) Wafi-Golpu gold-copper project.He added that he was going to sign an “approval in principle” to use the deep sea tailing placement (DSTP) “wit...

Renewable sources such as wind, biomass and solar are still included in the future plans for power supply for PNG Power. According to Managing Director Flagon Bekker, renewable energy is the answer to the power struggles of PNG. “You’ve got me very excited because PNG clearly is very well endowed with huge renewable resources so we wouldn’t be very goo...

Particular areas in the laws on resources projects should guarantee that the State, investors and the people benefit, said Petroleum Minister Kerengua Kua. According to Kua, the laws need to be reformed so that the government should not have to borrow to finance commercial projects. He mentioned that previously the state had given 100 per cent ownership t...

To address issues in the industry, new chief executive officer of the PNG Tourism Promotion Authority Eric Mossman plans to work on policy and legislative reforms. He added that the TPA Act 1993 needs to be reviewed.“A lot has changed in the tourism sector and we have to review the act to ensure that we are compatible with the changes and to accommodate a...

Following the opening of its gas plant outside Port Moresby recently, NiuPower, a joint venture between Kumul Petroleum Holdings and Oil Search Ltd. has been supplying power to the area since November, according to chief executive officer Michael Uiari.He said that power supply is enough in the city but more investments are needed for distribution and tra...

In response to business news making allegations against his past business work, Autonomous Bougainville Government President Ishmael Toroama says that any foreign investment is done according to the Bougainville Inward Investment Act 2014.“This act regulates all investment into Bougainville and parties wishing to bring investors into Bougainville must abi...

Over the next three years, K92 Mining Inc will invest US$250 million (K855.55mil) to hit a production level of more than 300,000 ounces per annum. According to chief executive officer John Lewins, the company will still continue to provide beneficial outcomes to the communities.“We are excited about the coming year as it will be a major transformative yea...

The frequent blackouts in PNG are caused by technical challenges. This was revealed by PNG Power Limited Managing Director Flagon Bekker who said that the blackouts are attributed to the challenges of PNG Power’s (PPL’s) ageing infrastructure, in addition to an ongoing transition.He said, “PNG Power acknowledges that this is not an acceptable level of per...

Horizon Oil has decided to sell its assets worth US$3.5 million (nearly A$5 million) including its entire portfolio in PNG - to Arran Energy Investments.CEO Chris Hodge says that this decision was difficult as they have been part of the company for many years already. 'While undoubtedly a substantial, good quality resource and our ability to realise the v...