Prime Minister James Marape of Papua New Guinea has told landowners and others participating in the Wafi-Golpu Mine project in Morobe that they will receive the best possible deal. He said that the project had been delayed for years due to the parties' inability to reach an agreement on problems that would allow mining to begin. In Mumeng, Bulolo, h...

Photo Credit: Gartshore The unaudited net profit of Steamships Trading for the half-year ending June 2021 was K33.1 million, up 106% over the previous equivalent period, according to the company. Steamships, on the other hand, claimed in its half-year report that after adjustment for major factors, the underlying profit credited to shareholders was ...

According to Steamships Trading Company Ltd, the national economy would rebound later this year and beyond 2022. In its half-year report for the fiscal year 2021, the corporation indicated that recent government announcements on key resource development projects were encouraging. The group's Coral Sea Hotels had a strong start to the year, aided by ...

According to a poll conducted by the Business Council of PNG, businesses have spent close to a million kina on COVID-19 protective equipment and facilities to protect their employees and operations. According to the findings of their COVID-19 vaccination for a business survey, 70 per cent of the cost was spent on face masks and sanitisers, 21 per cent ...

Newcrest Mining, Papua New Guinea's largest gold miner, has posted a profit of K4.07 billion (US$1.164 billion) for the 12 months ending 30 June, a new high. Due to greater gold and copper prices as well as decreased operating costs, this is 55 per cent higher than the previous financial year. Newcrest's gold revenue increased by 9% despite somewhat...

A delegation from the Environment Department, led by environment minister Wera Mori and managing director of the Conservation and Environment Protection Authority Gunther Joku, recently visited St Barbara's Simberi facilities to discuss plans to transition to sulfide mining. The purpose of the tour was to observe firsthand the programs and projects tha...

Kina Securities Ltd's unaudited net profit for the six months ended June 30, 2021, was K39.8 million. It is a 36 per cent increase over the previous similar time. The board of directors also announced an interim dividend of AU$3 per share (K8.25). In the previous similar period, the interim dividend per share was AU$4 per share or K10 per share. ...

According to country manager Roppe Uyassi, Twinza Oil Ltd would not sign the non-disclosure agreement in the manner supplied by the government. He was reacting to Prime Minister James Marape's recent comment that he was dissatisfied and had "ran out of patience" with the way the business was handling the finalization of the Pasca A gas accord. Twinz...

Photo Credit: Kumul Petroleum - Minister for Petroleum, Hon. Kerenga Kua MP, officially announced the award of a fourth Petroleum Retention Licence (PRL) the Pandora License to the Managing Director of Kumul Petroleum, Mr Wapu Sonk on Friday, 03 September 2021. Kumul Petroleum Holdings Limited (Kumul Petroleum) welcomes the government’s decision to awa...

Ok Tedi Mining Limited (OTML) today announced the retirement of its Chairman Sir Moi Avei KBE who has successfully led Ok Tedi for more than six and a half years. OTML Managing Director & CEO Mr Musje Werror acknowledged the significant contribution made by Sir Moi during his tenure saying that “under Sir Moi’s leadership the value of the OTML bus...

Photo Credit: Ok Tedi Mining Limited Ok Tedi Mining Limited (OTML) Chairman Sir Moi Avei KBE today announced that the Company has declared an interim dividend of PGK150 million to be paid in September 2021. Sir Moi noted that despite a fire incident at the mine’s processing facility late last year that impacted its January 2021 production, and a two...

Madang Province's Pacific Maritime Industrial Zone will be redeveloped to become a regional fish processing centre. The National Fisheries Authority and the Treasury Department are collaborating on the project's development and financing plan. Ango Wangatau, head of the National Fisheries Authority, said the regional processing hub will bring togeth...

The absence of a sectorwide strategic plan detailing the sector's future roadmap has been a significant flaw in the transformation. Chairman of the National Fisheries Authority Ango Wangatau made this comment during the introduction of the NFA's 10-year strategic plan. While annual development programs were driven primarily by the parameters of annu...

When PNG becomes 50 years old in 2025, the Marape/Basil government hopes to complete its Connect PNG Road Program, which will connect the country's missing links. David Wereh, the Works Secretary, and his staff are currently working to connect all of the highways in the Northern and Highlands areas. He said the Department of Works and Implementation...

Photo Credit: PNGX PNGX Markets Limited, Papua New Guinea's national stock exchange, and the Securities Commission of Papua New Guinea (SCPNG) have signed a Memorandum of Understanding on the preservation of an orderly market for listed securities. The Securities Commission may make public remarks regarding a listed business from time to time in the...

Hon James Marape, the Prime Minister of Papua New Guinea, received an interim dividend payment of K100 million from Kumul Petroleum Holdings Limited (KPHL) in Parliament, which was delivered by the Board Chairman Prof Benedict Yaru and the Managing Director of KPHL, Wapu Sonk. When the Prime Minister received the dividend check, he congratulated Kumul ...

According to Oil Search, the oil and liquefied natural gas (LNG) markets have continued to recover from the economic effects of the coronavirus illness (Covid-19 pandemic), with Asia leading the way. Acting chief executive officer Peter Fredricson said: “We have seen a significant increase in core earnings, reflecting higher realised oil prices and a s...

Policy changes in agricultural and small-to-medium companies, according to Bank of PNG Governor Loi Bakani, would boost the PNG Kina versus other currencies. Bakani warned stakeholders at a CPA conference in Lae that the country has been missing out on a golden chance for years. He said that the value of the PNG Kina has fallen by 41% between 2012 and ...

The National Airports Corporation has granted the go-ahead for flights into Madang Airport to resume on Monday. Flights have resumed following NAC's extensive runway rehabilitation work, the airport's anticipated closure from July 23 to August 8, and a further delay of flights on August 13 due to weather. Regular passenger transport (RPT) flights in...

Photo Credit: UMM PNG The Bank of PNG (BPNG) expects headline inflation to be about 4% this year, down from 5.1 per cent in December of last year. The raw inflation amount provided by the consumer price index is known as headline inflation. Inflation in Papua New Guinea climbed from 2.9 per cent in 2019 to 5.1 per cent in December 2020, according...

Photo Credit: peopleconnexion The Papua New Guinea Chamber of Mines and Petroleum congratulates the Marape-Basil government for its positive action on resource projects, which it says, the country urgently needs to get moving, and to provide economic support to the national economy.  Last Friday (August 20th) the government tabled, debated, and over...

According to Investment Promotion Authority (IPA) chairman Leon Buskens, New Ireland has received K460 million in foreign investment in the previous six years, with Namantanai accounting for 80% of it. Buskens, who recently presided at the inauguration of a Bank South Pacific branch in Namatanai, claimed that according to IPA investment data from 2014 ...

Exxonmobil PNG and the government have joined forces to ensure that the P'nyang gas project in Western Province is ready for negotiations in the coming weeks. The project's letter of intent was signed, paving the way for it to get off the ground. The P'nyang project has been on the table since 2019 when the State began looking into the possibility o...

Photo Credit: Oil and Gas Today By a vote of 79 to 0 in Parliament, the Oil and Gas (Papua LNG Project) Amendment Bill 2021 was approved, granting Total – the Papua LNG project's developer – unrestricted rights to proceed with the pre-FEED and FEED procedures before seeking a development license. The bill, which was introduced in Parliament by Minis...