Pacific Capital Markets Development has announced that it has acquired a 12.5 percent interest in the South Pacific Stock Exchange (SPX). SPX is the national stock exchange of Fiji, based in Suva. PCMD is the majority shareholder in PNGX Group Limited, operator of PNGX Markets, Papua New Guinea’s national stock exchange. SPX and PNGX have an exis...

Photo: Patrick Pouyanné, CEO TotalEnergies, and Toshiya Nakahara, CEO of JX Nippon (Credit: JX Nippon) JX Nippon oil and gas exploration has received approval to acquire a 2.58 percent stake in the Papua LNG project from TotalEnergies EP PNG Ltd. According to Paulus Ain, commissioner and CEO of the Independent Consumer and Competition Commission (IC...

Air Niugini, has recently signed an agreement with Rolls Royce in the United Kingdom (UK) for its Trent 1000 engine, chosen for the airline's Boeing 787 Dreamliner order. According to Air Niugini's acting chief executive officer Gary Seddon, this decision showcases the airline's dedication to operational efficiency, reliability, and environmental sustaina...

Transparency International PNG (TIPNG) held its Annual General Meeting last Friday (30 June 2023) at the Holiday Inn, Port Moresby to present its annual report for the year 2022 to its members. The 2022 Financial Statements for TIPNG were presented to the members at the AGM. Once again, the organization returned an unqualified audit which was conducted...

The planned Fabrication Facility came one step closer today, when Kumul Petroleum Holdings signed a contract with China State Construction Engineering Corporation PNG Limited China to undertake Phase 1 of early works civil work. The contract was signed by Wapu Sonk, managing director of Kumul Petroleum Holdings, and Wang Ounan, general manager of the c...

Prime Minister Hon. James Marape extends his heartfelt appreciation to Indonesian President H.E. Joko Widodo for his immensely successful one-day visit to Papua New Guinea on Wednesday, July 5, 2023. The visit resulted in several significant accomplishments and outcomes. Reflecting on the visit as President Widodo departed Port Moresby, Prime Minister ...

The Government of Papua New Guinea, through the Mineral Resources Authority, has granted six exploration licenses to PanAust, the parent company of Frieda River Limited. Mining Minister, Sir Ano Pala, stated, "The approval of these exploration licenses is a demonstration of the government's commitment to move the Frieda River Project forward." PanAu...

Minister for International Trade and Investment, Hon. Richard Maru says there will be no merger between the Newcrest Mining Limited and the Newmont Corporation unless the National Interest Test requirements are met. Minister Maru said this recently in his meeting with the high-level Executives of Newcrest Mining and Newmont Corporation including the Presi...

Minister for International Trade and Investment, Hon. Richard Maru, today called on all Papua New Guinea (PNG) companies who are listed in other countries to list on PNG National Stock Exchange (PNGX) to boost market credibility and improve investor confidence. “The existing law of Capital Market Act 2015 under Section 116(3) requires an approval from ...

After a 4-year hiatus, the Extractive Industries Emergency Response Challenge (EIERC) will make a return in 2024. This was announced by the PNG Chamber of Mines and Petroleum (“The Chamber”). At a recent Health Safety & Environment networking event, organized by the Chamber, Councilor and Newcrest Mining Lihir Country Manager, Stanley Komunt off...

The current Government’s effort to reform the operations of State-Owned Enterprises (SOE) in the extractive sector is to enhance transparency and install good governance. The intention is for the extractive sector SOEs to take a proactive approach to information disclosure and increase transparency. The intention is also for SOEs to disclose to the ...

Prime Minister Hon. James Marape is calling upon the people of Papua New Guinea to unite behind National Capital District Governor Hon. Powes Parkop in his endeavor to elevate Port Moresby to the status of ‘the best city in the Pacific’. Emphasising the importance of mutual respect and community engagement, the Prime Minister addressed the crowd gathered ...

Prime Minister Hon. James Marape expressed his confidence that the Papua New Guinea economy is on the brink of an unprecedented surge, fueled by the advancement of major resource projects within the country. He emphasised that this remarkable economic expansion will inevitably foster the growth of the micro, small, and medium enterprises (MSME) sector. ...

Live cattle import is not the best option to develop the cattle industry in Papua New Guinea; It is a risk rather than good, says the Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru was making a reference to a news article published by Post Courier (Tuesday, June 27, 2023) on the Livestock Development Corporation’s (LD...

PNGX, Papua New Guinea’s national stock exchange, has adopted a new Corporate Governance Code for Listed Issuers following public consultation. PNGX, the national stock exchange of Papua New Guinea, is proud to announce the adoption of its new comprehensive Corporate Governance Code. This groundbreaking initiative aims to provide guidance to the Boards...

PNGX, Papua New Guinea’s national stock exchange, welcomes the capital market reforms announced by Minister for International Trade and Investment, Hon. Richard Maru OBE, MP on Friday, 23 June 2023. The Minister announced 3 significant reforms to grow the Papua New Guinean capital market and others to make the existing market more robust. The new co...

As a follow up from the agreement signed between the Ministry of International Trade and Investment and Kumul Petroleum Holdings Limited earlier this year, the management of the Ihu SEZ have now also signed an MOU with KPHL. Wapu Sonk, Managing Director of Kumul Petroleum Holdings said, “KPHL is happy to collaborate with the Ihu SEZ Development Company...

First revenues from the CCL project expected in 1H CY2024. Mayur Resources Limited is pleased to advise that it has commenced pioneering and site enabling construction works at its Central Cement & Lime Project (the CCL Project) in the Central Province of Papua New Guinea. Construction crew, mobile machinery, and building materials arrived at th...

In its continuous efforts to mitigate environmental risks and impact to the environment, Ok Tedi Mining Limited (OTML) is the first Papua New Guinean Company to venture into ‘used tyres recycling’ after it commissioned its Tyre Pyrolysis Plant (TPP) in February this year. The new TPP cost over US$30,000 and on average processes up to three tonnes of wa...

From mining camps, to health and education facilities, to retail and commercial fit outs, PNGFP’s NiuBuild provides complete project solutions throughout PNG and the South Pacific. In fact, you might be surprised to know that PNG Forest Products is the largest supplier of timber housing & infrastructure projects in the South Pacific. Having delivered ...

The Special Parliamentary Committee on Public Service Reform and Service Delivery has recommended the immediate update of the government payroll system to counter abuse and misuse of funds. Governor for Northern Province Garry Juffa said the last update of the government's payroll system was back in 2002, and without continuous updating the system has ...

Papua New Guinea continues to work towards achieving the development sustainable goals of being self-reliant in meat production by 2025. As part of this vision, officials from the Livestock Development Corporation and the minister responsible for livestock, Segie Agiso, recently travelled to North Queensland in Australia to visit Sugarbag Cattle company, ...

For the seventh consecutive year, the PNG Industrial & Mining Resources Exhibition pulled out all the stops to deliver a successful event on the 21st to 22nd June 2023 and set a new benchmark with its number of participants. Throughout the years, the event has continued to serve as an essential and valuable meeting place for industry stakeholders ...

Lae, Papua New Guinea - The Wan PNG job marketing platform, in partnership with Kumul Petroleum Holdings Ltd (KPHL), is set to make its official debut next month, and anticipation is building around its potential to revolutionise the job market in the country. Dr. Evan Shellshear was in Lae in May alongside TotalEnergies, to present this visionary platfor...