Photo Credit: Department of Prime Minister and National Executive Council    Prime Minister Hon. James Marape officially launched the Forest Carbon Pilot Project today at the Afore District Sub-Station, Oro Province. This new project is unlike the Carbon Trading Program where countries are given credits for just conserving their Rainforest. The M...

Oil Search today announced a strong half year result for the period ended 30 June 2021, posting a net profit after tax (NPAT) of US$139.0m and the highest free cashflow since the 2018 PNG earthquake. The Board declared an interim dividend of US3.3 cents per share, representing a payout of 49% of NPAT, in line with Oil Search’s dividend policy. “Our hal...

Photo Credit: K92 Mining The operator of the Kainantu mine in Papua New Guinea's Eastern Highlands, K92 Mining Inc, expects excellent results in the second half of the year. In a press release, Chief Executive Officer John Lewins stated that the second part of quarter two provided good results, with 16,284 ounces/oz (461kg) of gold produced. “We ...

For the six months ending June 30, 2021, Bank South Pacific Financial Group Ltd (BSP) reported a net profit of K449.3 million, up 17.6 percent from the same time the previous year (K381.9 million). Sir Kostas Constantinou, the group's chairman, noted that the relaxation of pandemic-related domestic limitations, along with better liquidity levels in PNG...

Increased exports are the greatest way to boost PNG's foreign exchange. During the Certified Practising Accountants of PNG conference in Lae, Governor of the Bank of PNG, Loi Bakani, made this remark. The Momase and Highlands area conference of the Certified Practising Accountants of PNG began on Thursday at the Lae International Hotel. Bakani sp...

Newcrest Mining Limited has announced its annual results for Financial Year 2021, a year marked by substantial challenges across all of its operational jurisdictions as a result of COVID-19. Despite the challenging operating climate, Newcrest is happy to announce that its contribution to the PNG economy has remained considerable. In the previous fiscal...

His Excellency Mr. Joshua Kalinoe, Papua New Guinea Ambassador to the Kingdom of Belgium and the EU with concurrent accreditation to the Republic of France (right) exchanges the signed Agreement with Josee Fecteau, Director for Legal Affairs of the OECD in Paris.   Papua New Guinea signed the Multilateral Convention on Mutual Administrative Assistan...

Photo: Multiflo® mega barges on site in Brazil Dewatering is critical to a mine’s operations and more resources are being allocated to its optimisation. Traditionally, there’s been a tendency among some mine and quarry operations to view dewatering as something to be avoided at all costs – until it can’t be. Therefore, cost minimisation has been the pr...

According to an official, Santos Ltd will stay disciplined and cost-conscious as it enters its next phase of expansion and progresses with the proposed merger with Oil Search Ltd. Despite lower average LNG prices, Santos managing director and chief executive officer Kevin Gallagher said this following a half-year report of a free cash flow of US$572 mi...

Photo Credit: Tim Scott, Flickr PNG Ports Corporation Limited is adamant about having huge international shipping boats berth in Papua New Guinea ports. The Lae International Berth is being renovated to meet international vessel requirements, according to Rodney Begley, PNG Ports' chief operations officer. According to him, the berth can accommod...

For the countrywide electrification rollout plan, the National Energy Authority will receive K1.5 billion over five years from development partners, donors, and financiers. NEA chairman Joe Gabut described the concept and pointed out the immediate obstacles ahead in carrying out the program in an 18-page presentation at the Chamber of Mines and Petrole...

Photo Credit: PNG Buzz Should the deal be authorized by the ICCC, Kina Securities Limited's position on purchasing Westpac PNG remains on the table, with a discussion of more competition in the banking market. The bank recently met with the Independent Consumer and Competition Commission to explain its acquisition plan for Westpac PNG. Greg Pawso...

The primary driver of new mine exploration and development will be more foreign investors or investments into the country. Tommy Tomscoll, country manager of Ramu Nico Management (MCC), stated that exploration is a high-risk business, and that the PNG government and landowners will not be able to operate and finance upstream mining activities. Accor...

The Hidden Valley Mine contributes K633.7 million to the regional and national economies, indicating its importance in the development and growth of the country's economy. Monica Rau, the Harmony Gold PNG exploration's environment, social, and governance manager, revealed this in a PowerPoint presentation at the Chamber of Mines and Petroleum's communi...

Domestic economic activity decreased in 2020, according to economic data accessible to the Bank of PNG, despite a rebound in the December quarter. The drop, according to the Central Bank, was caused by the Coronavirus pandemic, which had a negative influence on the world economy, as well as the government's subsequent containment efforts following the ...

Photo Credit: PNGX According to the PNG Securities Commission, the stock market in PNG is now worth over K120 billion. The PNG National Stock Exchange presently has 13 firms listed, according to acting executive chairman Robert Minak (PNGX). “The total market cap fluctuates around K120 billion,” he said. “The market tracks well and it’s steady...

The government and Twinza Oil Limited are in the process of negotiating the conditions of the proposed Pasca A project. According to Transparency International PNG chairman Peter Aitsi, the oil and gas project in the Gulf should publish a quarterly update to keep the public informed on the status of talks. Twinza and the Government will sign a secrecy ...

Photo Credit: Loop PNG Anthony Smare has been named the new president of the PNG Chamber of Mines and Petroleum. Anthony Smare is a trained geologist and a seasoned natural resources lawyer and executive who offers a lot of expertise to the job, having previously served on the council of the PNG Chamber of Mines and Petroleum and in an advisory capa...

Photo Credit: Shuttershock According to William Duma, Minister of Public Enterprises and State Investment, Papua New Guinea is under-explored in terms of geothermal energy development. Duma was speaking at the signing of a geothermal deed of agreement between the state and Fortescue Future Industries (FFI), an Australian company. “Comparatively, ...

Photo Credit: Petroleum Exploration Society of Australia A non-disclosure agreement between Twinza Oil and the state will be signed soon to keep information about the Pasca A project private until a final decision is reached. Following a recent public announcement by Twinza stating that the state has not honoured its pledge for the offshore gas proj...

The K5.7 billion economic recovery and health fund, according to Treasurer Ian Ling-Stuckey, was utilized to preserve the budget and the economy, with the overarching goal of protecting the people. He mentioned this in the Parliament chamber while debating the new normal perspex solution layout, a measure to limit the development of the Covid-19 epidem...

According to the Port Moresby Chamber of Commerce and Industry, disruptions in water and electricity delivery cost firms a substantial amount of money, particularly in the industrial sector. Because to the continuous power and water supply issues in Port Moresby, Chamber president Rio Fiocco stated that operating expenses were rising, particularly for ...

The US$12 billion (K41.28 billion) Papua LNG project is on track, according to Petroleum Minister Kerenga Kua. Pre-feed (front end engineering design) work has already begun, Kua informed Parliament. The real feed will begin at the end of this year and last until 2022. In 2023, there will be a Fid (final investment decision) and a building phase....

The Tolukuma Gold Mine in the Central Province has a new interested applicant: Lole Mining Limited, a local mining firm. This came after a previous agreement with Tolukuma Corporation Limited fell through owing to COVID-19. Tolukuma Corporation Limited had previously agreed that the investor will spend K50 million on mine rehabilitation and environm...