The Investment Promotion Authority of PNG through the Office of the Registrar of Companies has announced a successful completion of its data migration process at the end of March. This now means that entity records from the old registry are outdated and not relevant. Clients who need to access historical information about their entities must search the...

The PNG Chamber of Mines and Petroleum has announced the appointment of Ms. Gretel Orake as its new Policy Manager. President for the Chamber of Mines and Petroleum, Mr. Anthony Smaré, said the Chamber is delighted to welcome Ms Orake onto the leadership team at the Chamber. “All corporate players in the mining and petroleum industry know and respect M...

James Marape has urged government regulatory agencies in the agriculture, fisheries, forestry and commodity sectors to embrace accountability and monitor the resources being harvested in the country. This call comes after the Mineral Resources Authority (MRA) launched its data repository recently, which will provide real-time data on minerals produced in ...

Photo Credit: USCG Press CC BY 2.0 International Trade and Investment Minister Richard Maru is urging for more fish caught in Papua New Guinea's waters to be processed in the country, with a target of processing all of it. At present, only about 10 to 15 per cent of the fish caught in PNG is processed domestically, while over 80% is sent abroad for pro...

Article by Lotte Schou-Zibell, Arndt Husar The Internet of Things—a rapidly growing network of connected devices—can help bring financial services to those most in need. The Internet-of-Things (IoT), defined as “software, sensors and network connectivity embedded in physical devices, buildings and other items that enable those objects to collect and...

Photo: Mr Kedi Illimbit, the new MD/CEO of OTML The Board of Ok Tedi Mining Ltd (OTML) has appointed Mr Kedi Ilimbit as the Company’s Managing Director and Chief Executive Officer effective 17th April 2023.  Chairman of the Board, Mr Jeffrey Innes said that Mr Ilimbit was appointed following an international search campaign and a thorough assessment...

Minister for International Trade and Investment, Hon. Richard Maru whilst thanking Kumul Petroleum Holdings Limited (KPHL) for its sponsorship of K100, 000 towards the very first Papua New Guinea (PNG) International Special Economic Zone (SEZ) Summit said KPHL will go beyond being a sponsor to becoming a very important partner in the SEZ journey. “One ...

Photo: Aerial view of the Porgera gold mine. Credit: Zijin Mining In recent years Papua New Guinea has been ranked as one of the most natural resource-dependent economies in the world and has been seen as an example of the cruel ironies that often go simultaneously with big extractive industries which are supposed to lead to the development and lead pe...

Photo credit: Wafi Golpu JV The State Negotiation Team (SNT) chairman, Dairi Vele, has expressed optimism about the future of Papua New Guinea, stating that the country is currently in a "golden era" of resource projects. Speaking after the signing of the Wafi-Golpu Framework Memorandum of Understanding (MoU), Vele noted that the country has the potent...

Photo: Dairi Vele According to Dairi Vele, the Chairman of the State Negotiation Team (SNT), the structure of the Wafi Golpu gold and copper mine in Morobe Province will be different as the Special Mining Lease will be given early. This means that the developers will be given 30 months to make a final investment decision (FID). Mr. Vele stated, “We wil...

Santos achieved a new production, revenue, and underlying profit record in the last financial year. According to Kevin Gallagher, Managing Director, and CEO, these results were driven by strong customer demand and higher commodity prices. During the recent annual general meeting, Gallagher emphasized that 2022 was the first full-year period after the merg...

Photo: Panguna Mine. Credit: Stefan Armbruster Bougainville President Ishmael Toroama has warned against people seeking to destabilise the Panguna Legacy Impact Assessment that is ongoing within areas affected by the now defunct Panguna Mine. President Toroama issued the statement following the move by several parties who are trying to raise a class...

Photo: Mr. Sylvester Pokajam, President & Chairman of Fishing Industry Association (PNG) Inc. In response to a recent media publication regarding the scaling down of operations of one of the country's major fish processing operators, the Fishing Industry Association (PNG) Inc. has clarified and maintained that the country's tuna stock is still in a...

Photo courtesy of New Guinea Highlands Coffee The agriculture sector in the country has been experiencing an upswing in production activities, as noted by the Minister for Agriculture, Aiye Tambua. Notably, coffee, coconut, and oil palm have been the major commodities that have seen a significant increase in their production. According to the Coffee...

Prime Minister Hon. James Marape says the State and Papua New Guinea will be the biggest winners in the giant Wafi-Golpu Mine in Morobe with a 55 per cent take in the economic benefits of the project. PM Marape said this after the landmark signing of the Framework Memorandum of Understanding between the Independent State of Papua New Guinea and Wafi-Go...

Photo credit: ADB The Pacific is expected to sustain its economic recovery, with growth across all of Asian Development Bank’s (ADB) Pacific developing member countries this year, according to the Asian Development Outlook (ADO) April 2023, ADB’s flagship economic publication, released today. Pacific economies expanded by an average of 5.2% in 2022 ...

Photo: KPHL managing director Mr Wapu Sonk (centre) with Mr Zheng Lijun, President SNEC and Mr Chen Lie, Vice President CSCEC, at the MOU signing ceremony The Kumul Petroleum Holdings Limited fabrication facility is now one step closer, after the signing of an MOU with two international companies to oversee the engineering, procurement and construction...

K92 Mining Inc. announces production results for the first quarter (“ Q1 ”) of 2023 at its Kainantu Gold Mine in Papua New Guinea, of 21,488 oz AuEq or 17,593 oz gold, 1,651,297 lbs copper and 29,859 oz silver. Sales during the first quarter were 17,602 oz gold, 1,538,590 lbs copper and 29,164 oz silver. During the first quarter, the process plant deli...

Photo credit: Wafi-Golpu JV Wafi-Golpu Joint Venture (WGJV) participants, Newcrest and Harmony Gold (through their respective PNG subsidiaries) have today signed a Framework Memorandum of Understanding (MOU) with the Independent State of Papua New Guinea at a signing ceremony which was attended by the Governor General, the Prime Minister and key member...

Photo: President of the PNG Chamber of Mines and Petroleum Mr Anthony Smaré Last year, the 16th Papua New Guinea Mining and Petroleum Investment Conference and Exhibition was held from 5th to 7th of December 2022 at Sydney Hilton Hotel. The event was hosted by the Papua New Guinea Chamber of Mines and Petroleum with the theme "PNG Resources: Securing t...

Papua New Guinea’s economy has recovered above its pre-pandemic GDP, with high commodity prices and the removal of COVID-19 restrictions accelerating economic growth to 4.5 percent for 2022, the World Bank’s latest Economic Update for Papua New Guinea has found. The World Bank Papua New Guinea Economic Update reports that PNG’s fiscal deficit is estima...

Photo: Mr. Benny Popoitai Minister for International Trade and Investment, Hon Richard Maru today announced the appointment of Mr. Benny Popoitai as the Director to Papua New Guinea National Stock Exchange (PNGX). Mr. Popoitai’s appointment was made pursuant to Section 12 (1) of the Capital Market Act 2015. “It gives me the great honor and privilege...

Photo: Minister for International Trade and Investment, Hon. Richard Maru The Pacific Balance Fund (PBF) and other Unit Trust/Investment Schemes in Papua New Guinea (PNG) must improve to help grow the capital market and support domestic investments, says Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru raised concern...

Photo: Minister for International Trade and Investment, Hon. Richard Maru  The Marape-Rosso Government has directed the Securities Commission of Papua New Guinea (SCPNG) to work with all key stakeholders like Asian Development Bank (ADB), Bank of Papua New Guinea (BPNG), Port Moresby Stock Exchange, and all capital market players to immediately formula...