Volcanic eruption in Tavurvur volcano, Rabaul, New Britain Island, Papua New Guinea [Photo credit: Eric Lafforgue - www.ericlafforgue.com] "PNG through Mineral Resource Authority (MRA) has now embarked on undertaking geothermal exploration in the country with assistance from the World Bank and the Government of Iceland through training of its staff, ...

According to the Mineral Resources Authority, discussions on a mining development contract for the projected K18.4 billion Wafi-Golpu mining project in Morobe will begin this week (MRA). Both the State and the mine's joint venture partners had conducted conversations, according to managing director Jerry Garry, and an assessment of those interactions w...

Lole Mining Ltd, a local business with foreign partners, will receive the mining license for the Tolukuma gold mine in Papua New Guinea. According to the Mineral Resources Authority, this will be done after transactions to offset mining obligations are completed (MRA). The mining advisory council has previously approved an application for the deal's...

The National Airport Corporation Civil Aviation Development Program One upgrade and maintenance is anticipated to be finished in November. According to Rex Kiponge, the NAC's acting managing director. He said that on November 24, all projects under CADIP One (Tranches One, Two, and Three) will come to an end, with the goal of redeveloping and revita...

The PNG Economic Database was inaugurated in Port Moresby by Minister for Treasury Ian Ling-Stuckey. The PNG Economic Database, which dates back to 2012, was created in collaboration between the Crawford School of Australia National University and the UPNG School of Business and Public Policy. PNG Economic Database, according to Ling-Stuckey, is a f...

A new revised and market friendly transaction levy will be charged on all transactions on the PNG National Stock Exchange (PNGX). Robert Minak, executive chairman of Papua New Guinea's Securities Commission (SCPNG), made the announcement. “We have reviewed the existing levy rate of O.75 per cent and we believe that the quantum of that levy is too hi...

Papua New Guinea, according to Prime Minister James Marape, "remains open for business" and welcomes genuine foreign investment. On Friday, September 24, he delivered his maiden UN speech at the 76th United Nations General Assembly in New York. PM Marape made the guarantee while giving an update on PNG's extractive sectors in light of the current go...

Photo credit: World Bank To reduce the use of offshore labour, Papua New Guinea Prime Minister James Marape is advocating for the use of local tradesmen and technicians in the building of the P'nyang and Papua LNG projects. The Prime Minister proposed that PNG furnish the labour needed to construct the project facilities while signing framework agre...

According to the World Bank, Papua New Guinea's GDP shrank by 3.9 per cent last year as a result of Coronavirus (Covid-19)-related limitations and lower demand. The fiscal deficit increased to 8.9% of GDP, according to the bank's recent East Asia and Pacific Economic Update report, with income underperformance rather than a dramatic increase in spendin...

The revision of the Central Banking Act, according to Treasurer Ian Ling-Stuckey, would address the shortage of foreign exchange and competition in the banking business. The public comment phase, he added, will begin in the next two weeks. “The independent advisory group for the review of the Central Banking Act 2000 is making good progress on how w...

Photo credit: UNGA Prime Minister James Marape has attempted to advance a number of issues on behalf of Papua New Guinea and the Pacific Blue Economy at the United Nations Climate Change Conference (COP-26) in November 2021 in the United Kingdom. On Friday, he addressed this in a speech to the United Nations General Assembly (UNGA) in New York City ...

Following a collaboration between Kina Bank and Everest, an international internet solutions provider, Papua New Guineans will soon have access to a new platform for sending money overseas and trading in foreign currency. Customers will not require a Kina Bank account to use the platform, according to a Kina Bank statement. Kina bank chief executive...

The Ihu Special Economic Zone (ISEZ) project in Kikori, Gulf, Papua New Guinea, will get a grant of K80 million from China. Last week in Port Moresby, Chinese Ambassador Zeng Fanhua signed an economic and technical cooperation agreement with acting Prime Minister and Kikori MP Soroi Eoe. Prime Minister James Marape, according to Eoe, chose to provide t...

Photo credit: PNG Mine Watch According to Mining Minister Johnson Tuke, alluvial mining will be reserved for Papua New Guineans through policy initiatives. He said he wants to support alluvial miners by making it a reserved business for locals during an alluvial mining conference at the University of Technology in Lae. He claimed that the mining ...

(from left to right) PNG NRI, Deputy Director for Research Associate Professor Eugene Ezebilo, NRI Acting Director Dr Osborne Sanida, CEFI Executive Director Saliya Ranasinghe and CEFI Manager Communications and Stakeholder Mobilisation Eva Kuson following the signing of the MoU. A Memorandum of Understanding (MoU) was signed today (24 September 2021) ...

Photo credit: BusinessNews Twinza is pleased to announce that effective today, Stephen Quantrill has been appointed as Chairman of the Board. Mr Quantrill replaces Ian Munro who has elected not to renew his employment contract as CEO with Twinza beyond its expiry on the 30th September 2021. Mr Munro will also be stepping down as Chairman of Twinza a...

The Papua New Guinea Chamber of Mines and Petroleum has applauded the signing of Heads of Agreements for the P’nyang Gas project. Chamber President, Anthony Smaré, stated “Our country desperately needs new gas and mining projects to bring in foreign exchange, create thousands of jobs, create significant business opportunities for PNG SMEs that desperat...

The East Asia and Pacific region’s recovery has been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality, the World Bank said. Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for mo...

Papua New Guinea Prime Minister  James Marape, accompanied by Petroleum Minister Kerenga Kua, Justice Minister Bryan Kramer, Gulf Governor Chris Haiveta and Hela Governor Philip Undialu, today met with the ExxonMobil President for Upstream Mr Liam Mallon in Houston and the senior executive team where the State executed Heads of Agreement (HOA) on P’nyang ...

The final leg of the Papua New Guinea Extractive Industries Transparency Commission Bill covering the Southern Region is underway in Port Moresby this week. Central Governor Robert Agarobe opened yesterday  the workshop with the key message that honesty and transparency must be the cornerstone principle guiding the management of PNG’s resource to deri...

Manager Safety, Anna Ila Ok Tedi Mining Limited (OTML) has appointed a national female employee to head its Safety Department. Anna Ila is now the Manager Safety after her appointment on August 27th.  Ms Ila brings to the Company a vast knowledge and experience in safety and occupational health having served as Superintendent in Safety Systems, Comp...

Pacific Towing (PacTow) saved APEC Haus from likely and significant damage after it salvaged an abandoned vessel that had run aground within metres of the landmark building.  The salvage of the ex New Zealand navy patrol boat ‘Hawea’ occurred last Thursday evening during strong winds and a rising tide.  The PacTow salvage team expertly manoeuvred the leak...

Australia’s leading independent law firm, Corrs Chambers Westgarth, has relocated to new premises in Port Moresby, reflecting the firm’s continued growth in Papua New Guinea and its commitment to the region. The office is a significant upgrade from Corrs’ previous Papua New Guinea office and adopts the same design as the firm’s Australian premises.   ...

CEFI, the Centre for Excellence in Financial Inclusion has signed a Memorandum of Understanding with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt), together the proponents of the DEFINE Initiative, to provide for a framework of cooperation and communication.  To achieve the targets of the Sustainable Development Goa...