Chinese company Fujian Zhonghong Fishery Ltd has signed a Memorandum of Understanding valued at US$150 million (K527.20mil) for the industrial park for marine resources in the Western region. The Company also wants to put up a marine industrial zone. According to Fisheries and Marine Resources Minister Dr Lino Tom, the investor would work with the Nationa...

To discuss the reopening of the Porgera Mine, the Porgera Landowners Association (PLOA) Negotiating Committee met with Barrick Chief Executive Officer Mark Bristow and Senior Vice President and Head of Corporate Affairs of Asia Pacific, Woo Lee in Port Moresby.While the Barrick team has been in Port Moresby for a month already, the PLOA Negotiating Commit...

To combat corruption, the Papua New Guinea parliament has passed legislation which establishes an Independent Commission Against Corruption (ICAC).In 2015, constitutional establishments to establish an ICAC were passed but efforts to take this into full force lapsed - until the Marape government took over last year.According to Police Minister Bryan Krame...

The largest container vessels in Papua New Guinea have already made its maiden call to Shanghai.The 2,750 teu Lae Chief and two sister vessels equipped with three 45 tonne cranes which can carry breakbulk, out-of-gauge, reefers and vehicle cargoes is now sailing to Lae, Port Moresby and Townsville.“This is a proud moment for Swire Shipping, not only becau...

Left to right; Chairman Charles Vee, Julienne Leka-Maliaki; Doris Gedare Julienne Leka-Maliaki and Doris Gedare join Nasfund board, the former to the Board of Trustees National Superannuation Fund Limited while the latter as Board Secretary. Leka-Mallaki replaces former director Hulala Tokome as an Independent Director. Leka-Mallaki has over 26 years of e...

The government of West Sepik has rejected the proposal of PanAust, the developer of the US$7 billion (K24.4bil) Frieda River project, to construct a tailings dam at the headwaters of the Sepik River, administrator Conrad Tilau says. This, in spite of the fact that the project is expected to create many jobs.Mineral Resources Authority (MRA) managing direc...

St. Barbara's Simberi gold mine in New Ireland are going back to mine material that was previously not economically feasible due to the current price of gold This was revealed by general manager Jason Robertson, who added that the mine was presently investigating a transition from the processing of oxide ore to sulphide ore, where sulphide ore previously ...

The pandemic has caused big losses, including the revenue loss of around K70 million due to the closure of international borders. According to the Tourism, Arts, and Culture Minister Walter Schnaubelt, the tourism industry has been affected in a huge way. He added that the government had been putting capital into small-and-medium enterprises (SME) to weat...

In the restructuring and reorganisation of Air Niugini, the Asian Development Bank (ADB) will fund K100 million.Treasurer Ian Ling-Stuckey said the task of recovery would take a bit longer and be more difficult for this airline which is slowly starting to continue its domestic and international flights after the 8-month lockdown. He added that some state-...

In transforming all state-owned companies, the Asian Development Bank (ADB) has granted the government K1.75 billion. Minister for Treasury Ian Ling-Stuckey said that this is beneficial in transforming the enterprises into high performance and quality organisations.“This program encompasses all SOEs. It will bolster their financial and technical capacitie...

Deputy Prime Minister and Minister for National Planning Sam Basil and Energy Minister William Onglo, with representatives from government, landowners, and Oil Search after the briefing.In light of the need for sustainable energy, the Marape-Basil government has supported the PNG Biomass Project.According to the Deputy Prime Minister and National Planning...

Kingston Resources just passed to the Conservation and Environment Protection Authority an environment inception report (EIR) in connection with the Misma gold project in Milne Bay, marking the beginning of the environment permitting process of the project. “We are very excited to be taking the first steps down the environment approvals pathway for our Mi...

Mayur Resources Limited has finished independent test work, confirming the production of quality quicklime at it's Central Cement and Lime (CCL) project.Managing director Paul Mulder said that the ability of Mayur to come out with low impurity and high-grade quicklime supported the market appeal of the project. “The Central Cement and Lime Project not onl...

Because local landowners are claiming billions of kina in compensation amidst talks with Kumul Mineral Holdings Limited (KMHL), Barrick Niugini Limited (BNL), and the state, the world-class Porgera mine in Enga Province may not reopen yet. According to Prime Minister James Marape and Minister for Mining Johnson Tuke, the mine may reopen in due time. Earl...

On November 5, ANZ opened its new corporate centre in Goroka. Managing director, Mark Baker, said the new centre services its institutional and corporate clients in Eastern Highlands Province, putting special emphasis on the coffee export industry of the PNG. He also highlighted how Goroka has been at the height of the coffee export industry for decades, ...

As part of quarantine measures, foreigners travelling to Papua New Guinea will need to wear ankle monitors which will cost them $US28, according to Pandemic Response director, Daoni Esorom.Esorom said Response Controller David Manning approved this exercise and will be tested for a month."The controller approved the engagement of TrackCo to track them whi...

More than 100 officials - trade officials, regional agencies and other international organizations - across the Pacific nations attended a virtual E-commerce regional workshop.This workshop, which was part of the E-commerce initiative, talked about the importance of E-commerce and its benefits to the economies. The workshop also explored the state-of-play...

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 ...