Bougainville Copper Limited (BCL) is prepared to assist the government and the people of Bougainville. Sir Mel Togolo, Chairman of the BCL Board of Directors, shared this sentiment, saying that the business stands ready to assist ABG in generating the type of money it needs to grow its economy. Sir Mel claimed that the ABG Government and the people ...

Photo credit: PM James Marape News Page - PNG Tourism Promotion Authority CEO Eric Mossman Uvovo, Tourism Minister Hon. Isi Henry Leonard, TPA Chairman Hon. Kennedy Wenge and PM Marape with children representing the four regions of the country at launching of the PNG Tourism Sector Development Plan 2022-2026 in Port Moresby. Prime Minister James Marape...

The Independent Advisory Group's examination of the 2000 Central Banking Act was recently welcomed by Treasurer Ian Ling-Stuckey. On October 25, the first phase report was finished and posted on the Bank of PNG's website. Learning from experience, increasing Bank independence, delivering accountability, limiting discretion, and connecting objectives...

PNG may be the smallest economy in the Asia-Pacific Economic Cooperation (Apec), but it is rich in natural resources, according to Prime Minister James Marape. He virtually addressed the Apec economic leaders' summit, which was hosted by New Zealand. “Papua New Guinea, in our small way, commit ourselves to preserve 13 per cent of the world’s rainforest...

Photo credit: InDaily Santos Ltd has submitted an authorization application to the Independent Consumer and Competition Commission (ICCC) seeking clearance for its proposed merger with Oil Search Ltd. Santos and Oil Search have agreed to a binding merger implementation deal, according to ICCC Commissioner and Chief Executive Officer Paulus Ain, unde...

Recently in Port Moresby, the Department of Information and Communication Technology wrapped up a three-day National ICT Summit on a high note. The summit, according to DICT Secretary Steven Matainaho, was successful in gathering much-needed data that would educate and confirm existing government thinking and drive the formulation of suitable policies ...

Photo credit: RNZ - Mining Minister, Johnson Tuke  As a growing economy, the government of Papua New Guinea is open to international investment, with no limits on who may do business with them, but they must adhere to the country's rules. This is according to Johnson Tuke, the Mining Minister, who just signed a blanket Memorandum of Understanding (M...

Photo credit: National Fisheries Authority The National Fisheries Authority (NFA) has provided K5 million as a final transaction for the acquisition of property for a fisheries centre that was in the process of being liquidated. The site at Rabaul, East New Britain Province, has been obtained for a fisheries centre, on which the NFA has begun constr...

According to Julie Shuttleworth, chief executive officer of Fortescue Future Industries (FFI), the company is working with the government to accelerate the energy transition before 2050. “The FFI is partnering with PNG, one of the most renewable energy-rich countries in the world, to develop multiple large-scale green energy and green hydrogen projects...

Photo credit: PNG World Expo 2020 Papua New Guinea received the first state minister from the United Arab Emirates on the 10th of November at its pavilion in the world expo in Dubai. His Excellency Ahmed Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market (ADGM) graced the PNG pavilion with his presence as part of his expo pavilion ...

Photo credit: K92 Mining Inc.  K92 Mining Inc. is pleased to announce financial results for the three and nine months ended September 30, 2021. John Lewins, K92 Chief Executive Officer and Director, stated, “Despite 2021 being one of the most challenging years our Company has faced due to the impact of the COVID-19 pandemic, it has also featured num...

Photo credit: China Embassy in PNG - On 2 November, Chinese Ambassador Zeng Fanhua held a virtual meeting with Minister for State Enterprises William Duma. Both sides exchanged views on further deepening practical cooperation between China and PNG. The Chinese ambassador to PNG, Fanhua Zeng, said the process of hastening a free trade agreement between ...

Prime Minister James Marape has expressed his delight at the news that a four-year leadership dispute at the Securities Commission of Papua New Guinea has been settled. The commission is in charge of the organic capital market's growth and development. According to the PNG National Stock Exchange (PNGX) Markets Ltd, this has been a significant impedime...

Photo credit: Loop PNG -  Australian High Commissioner Jon Philp Over the next five years, Australia will expand its climate finance contribution to AU$2 billion (about K5.07 billion). According to the Australian High Commission, this represents an increase of AU$500 million (K1.2 billion) above its previous commitment of AU$1.5 billion (K3.8 billio...

Photo credit: PNG PM Media Prime Minister James Marape stated that the country has room for one or two more banks. Marape said the Government was looking at the Bendigo bank model where firms may operate under a franchise when introducing the PNG Think Tank's online crowdfunding concept last week to gather funds to establish a PNG small-to-medium en...

Photo Credit: PNG Buzz / Papua New Guinea's State Enterprises Minister, Sasindran Muthuvel (left), Prime Minister James Marape (centre) and the chairman of Fortescue Metals Group of Australia, Andrew Forrest, sign an agreement in Port Moresby back in September 2020. PRIME Minister Hon. James Marape, MP says Papua New Guinea’s partnership with Dr. Andre...

Photo credit: Marc Dozier According to the PNG National Statistics Office, Papua New Guinea's current price gross domestic product (GDP) for 2019 was K83.8 billion, up 5.6 per cent (K4.4 billion) over 2018. (NSO). Jennifer Balen, head of the NSO accounting branch's combined accounts division, said that current price GDP, or nominal GDP, reflects cha...

Photo credit: Fortescue Future Industries Fortescue Future Industries (FFI) is partnering with Papua New Guinea (PNG), one of the most renewable energy-rich countries in the world, to develop multiple large-scale green energy and green hydrogen projects. FFI’s Papua New Guinea Fortescue Future Industries Ltd, and the State of Papua New Guinea today ...

The Weir Group has agreed to acquire Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of £89m1 payable in cash upon completion, subject to customary net debt and working capital adjustments. Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machi...

The supply and demand for foreign money dictate how the foreign exchange market operates. Governor Loi Bakani stated in the Central Bank's Monetary Policy Statement that PNG's foreign exchange supply is mostly derived from export receipts, government external loans, grants, and foreign direct investments. Foreign exchange is needed primarily for the...

Link PNG has received permission from the Independent Consumer and Competition Commission for a code-share agreement with PNG Air Limited, except the Joint Operations Agreement. On April 9, 2021, Link PNG applied for approval under Section 70 of the Independent Consumer and Competition Commission Act 2002 to engage into and give effect to a proposed Jo...

According to the National Fisheries Authority, the country's fish and fisheries goods exports exceeded K1.5 billion last year (NFA). This was said by managing director John Kasu during the beginning of the national fisheries judicial conference, which is now taking place in Port Moresby. “The importance of fisheries to Papua New Guinea and the econo...

In the following years, the Papua New Guinea Ports Corporation Ltd (PNG Ports) claimed its network of ports will be receiving multi billion kina worth of restoration. A substantial portion of infrastructural development funds will be distributed to ports, namely those operated under PNG Ports' community service obligation (CSO). The rehabilitation a...

Mayur Resources is in advanced talks with a large-scale international investor interested in acquiring a stake in its proposed Central Cement and Lime project west of Port Moresby. According to the company's annual report, it followed a 20-year mining lease granted by the government in August. The article said the project has been given special econ...