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...

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...