“Foreign exchange (FX) market inflows in Q3-23 fell 16% from Q2-23 to K6 billion, with almost 18% of FX inflows coming from BPNG FX intervention,” according to BSP’s Quarter 3 2023, Pacific Economic & Market Insights report. “In 2023, FX inflows have risen 19% to K18.7b due to a 79% year-on-year increase (K1.7b) in BPNG FX intervention. BPNG has su...

In addition to its core business of harbour towage, Pacific Towing (PacTow) provides salvage, emergency response, and spill response services in PNG and the broader region.  These services have increased in frequency together with the growth of PNG’s oil and gas sector, as well as the increase in Melanesia’s marine traffic.  PacTow has been involved in...

Papua New Guinean workforces have assembled hundreds of Ark Pacific modular buildings for PNG’s resource sector since 2010.  Unskilled local workers across the country have benefited from employment and training opportunities afforded by Ark’s easy-to-assemble modular building systems.  Likewise, developers have benefited from the cost-effective delivery ...

Depreciation of the PGK/USD midrate will benefit exporters as they receive more PGK for their goods, whilst importers will see higher prices as their cost-per-kina increases when purchasing goods overseas to bring into PNG. “A short-run risk of the PGK/USD depreciation is the potential impact on inflation levels for consumers, while the economy may ben...

Mayur Resources Limited is pleased to provide an update on progress at the Central Lime Project (CLP) and an update on its equity and debt funding package for the CLP. Mayur’s Managing Director, Paul Mulder, stated:  "The recent achievements at the Central Lime Project, including the wharf successfully receiving its first shipments, signify more tha...

Shareholders of the Ok Tedi Mining Limited (OTML) have a reason to smile today as the Company paid an interim dividend of K100M on Thursday October 26th while also citing a positive outlook for a final dividend payment for December 2023. OTML Board Chairman Jeffrey Innes said, “We are proud to say that OTML is committed to deliver maximum returns to ou...

Bougainville Copper Limited can confirm that good progress has been made with the Autonomous Bougainville Government (ABG) with respect to ending Judicial Review proceedings relating to the Company’s EL01 exploration licence in the Panguna project area. In January 2018, the ABG refused an extension EL01 with BCL maintaining that the application process...

Mineral Resources Authority’s (MRA) Acting Managing Director (AMD) Jerry Garry, has assured the owners of the Pan Aust Limited, that the PNG Government was committed to progressing the Frieda River Project Special Mining Lease (SML) application, in accordance with the legal process. Pan Aust is the company that has been operating the Frieda River Coppe...

The signing of the Mining Development Contract (MDC) and the Grant of Special Mining Lease (SML) 13, for the New Porgera Project, complied with due processes and laws, said Mineral Resources Authority’s Acting Managing Director Jerry Garry. Mr Garry said the ongoing consultations and negotiations pertaining to Community Development Agreements (CDA) for...

Papua New Guinea has found another important ally in the European Union for its push for greater environment conservation recognition, Prime Minister Hon. James Marape has said. Prime Minister Marape said this as he commended Hungarian President, H.E Katalin Novak for agreeing to advocate for PNG at the EU when she chairs over the European block from n...

Prime Minister Hon. James Marape has expressed his commendation to International Trade and Investment Minister Hon. Richard Maru for his strong leadership in Papua New Guinea’s hosting of the World Indigenous Business Forum (WIBF) from October 24 to 26, 2023. The international event, which drew participation from 150 international delegates representin...

Prime Minister Hon. James Marape has urged participants of the three-day World Indigenous Business Forum (WIBF) in Port Moresby to "think globally and act locally" in as far as international commerce and trade is concerned. This message was conveyed recently as Prime Minister Marape inaugurated the three-day WIBF, hosted at the APEC Haus in Port Moresb...

Minister for International Trade and Investment, Hon. Richard Maru says it is time the Government recognize the need for Papua New Guinean indigenous businesses to be recognized and supported as a unit in the country. Minister Maru said this recently during his closing address at the 14th World Indigenous Business Forum which was jointly hosted in Port Mo...

Mineral Resources Enga (MRE) on Friday October 13 2023, presented its position paper relating to the New Porgera Mine Community Development Agreement (CDA). MRE Chairman Kurubu Ipara, accompanied by directors Nixon Mangape and Mark Yakka, presented the position paper to Mining Minister Hon Sir Ano Pala at the Mining Haus. The presentation was witnessed...

A three-year technical cooperation between the PNG Extractive Industries Transparency (PNGEITI) and JICA will boost data transparency in the PNG Mining and petroleum sectors. This will be made possible with the signing of “Record of Discussion” between PNGEITI Stakeholders and JICA experts undertaken in August this year. The Record of Discussion whi...

Prime Minister Hon. James Marape has passionately called for China’s assistance in land reclamation, water desalination, and green energy initiatives to support small Pacific island states facing the challenges of climate change. Prime Minister Marape, representing the Pacific Islands Forum, has proposed to China that countries with significant carbon ...

A team of investors from one of China's biggest cities, Guangzhou, will be in the country at the behest of their government to explore downstream processing opportunities in PNG. Prime Minister Hon. James Marape was informed of this by Governor of Guangdong Province, H.E Wang Weizhong, when the two leaders met after PM Marape ended his attendance of th...

Trade between Papua New Guinea and China has surpassed K13 billion, with a surplus in our favour as PNG continues to export more to China than import from the Asian superpower. This clearly demonstrates the huge significance in maintaining and expanding the existing bi-lateral relationship with China as the superpower continues to provide the needed ma...

Over 500 delegates are expected to converge into Port Moresby next week to attend and participate in the World Indigenous Business Forum (WIBF) that will be hosted from October 24-26, 2023. From the 500 delegates, 150 will be international delegates who will be coming from 14 countries. Minister for International Trade and Investment, Hon. Richard Maru...

The Minister for International Trade and Investment, Hon. Richard Maru says Papua New Guinea (PNG) needs investments in all sectors and not just in the mining and petroleum sector. Minister Maru said this after hosting of the inaugural PNG-Asia Investment Conference in Hong Kong on October 16-17, 2023. “We need investments across all sectors in order t...

The European Union (EU) has transferred EUR 4.25 million (around 17 million Kina) to the Government of PNG to support key national policies on Good Governance and Anti-Corruption in the Social, Law and Order Sector (SLOS). With this grant, the EU recognizes and supports the Government’s commitment to the promotion of Good Governance and the eradication of...

Like other developing nations, Papua New Guinea has its fair share of problems including illiteracy and a dying need for human capital development especially for the youths who make up the majority of the country's population Life PNG Care is becoming a beacon of light for the silent majority of the population which are the children who will be the leader...

Governor General Sir Bob Dabae recently granted a special mining lease to New Porgera Limited (NPL), clearing the way for Barrick Gold Corporation to restart production at the gold mine, which has been on care and maintenance for three years. This follows the signing of a mining development contract and the conclusion of a fiscal stability agreement fo...

K92 Mining Inc. announces production results for the third quarter of 2023 at its Kainantu Gold Mine in Papua New Guinea, of 26,225 oz AuEq or 22,227 oz gold, 1,784,009 lbs copper and 40,233 oz silver. Sales during the quarter were 18,339 oz gold, 1,255,291 lbs copper and 30,484 oz silver. Production for the quarter was impacted from the safety inciden...