The state's 67 percent stake in Ok Tedi Mining Limited has been transferred to Kumul Minerals Ok Tedi Limited (KMOTL). Kumuls Minerals Holdings Limited's subsidiary KMOTL is a wholly owned subsidiary of Kumuls Minerals Holdings Limited (Kumul Minerals). The paperwork for the transfer of shares were signed in Government House. It's the culmination of...

According to Independent Consumer and Competition Commission chief executive officer Paulus Ain, the proposed code-sharing agreement between Link PNG Ltd and PNG Air should only be approved if a number of criterias are met. The criteria, he added, should be targeted at modifying the planned code-share agreement to reduce the likelihood of anti-competit...

Due to the National Airports Corporations' ongoing rehabilitation work on the airport runway, air traffic into Madang will be disrupted. The airport will be closed from July 23 until August 8, 2021, for renovation. Runway restoration is presently in Stage 5 of the Method of Works Plan (MOWP) for Madang Aerodrome, according to NAC interim managing di...

The Prime Minister, Hon. James Marape MP said the government is looking for a partner or investor, such as Puma Energy, to assist it to achieve its goal of creating a low-cost fuel and energy industry in the country. He also urged Puma Energy to stay in PNG's local petroleum and energy sector and invest more. PM Marape made the remarks at Puma Energ...

As part of their involvement in the battle against COVID-19, Prime Minister Hon. James Marape, MP has called on Japan, Australia, and New Zealand to open up an economic bubble with Pacific Island countries. During the 9th Pacific Alliance Leaders Meeting (PALM), which was held online, the Prime Minister made this request. COVID-19, he added, was not ju...

Geopacific Resources Ltd has received funding of AU$100 million (K257.5 million) for the construction of its gold and silver mine on Woodlark Island in Milne Bay, Papua New Guinea. Chairman Ian Clyne stated that the money will come from a loan facility. He expressed gratitude to the Mineral Resources Authority for assisting in the successful develop...

Hon. Rodney Osioco, the ABG Minister for Mineral and Energy Resources, has announced that the Bougainville Government will no longer partially lift the existing mining reservation or moratorium in selected areas of Bougainville for mineral exploration endeavours in new or "greenfield" sites until certain issues are resolved. This is in line with a fund...

As the 12 smallest Pacific island countries (PIC-12) recover from the immediate shock of the (COVID-19) pandemic, the Asian Development Bank has endorsed a new 5-year strategy aimed at building resilience against economic shocks, delivering sustainable services, and promoting inclusive and sustainable growth. The Cook Islands, the Federated States of M...

According to the Department of Mineral Policy and Geohazards Management (DMPGHM), post-mine life is an important subject under study under the Mine Safety Act of 1977.  This was emphasized at a Goroka-based regional consultation conference for mining sector stakeholders. Acting deputy secretary Winterford Eko stated that a review was necessary due t...

Photo Credit: Oil Search Limited Despite obstacles posed by the Covid-19 epidemic, the Papua New Guinea Liquefied Natural Gas (PNG LNG) project had its greatest production and best safety performance since its inception, according to departing ExxonMobil PNG managing director Andrew Barry. Barry said that the team achieved record LNG production leve...

Secretary Harry Kore said the Department of Mineral Policy and Geohazards Management (DMPFGM) is putting up the country's Geohazards management policy. Kore recently made the remarks during the commissioning of the Port Moresby Geophysical Observatory's new office expansion. According to him, the policy covered the seismic component of the construct...

Bougainville's leaders have agreed to seek independence from Papua New Guinea no later than 2027. In a referendum held in 2019, 97.7% of Bougainvilleans decided to separate from Papua New Guinea and become the world's youngest nation. President Ishmael Toroama of Bougainville and Prime Minister James Marape of Papua New Guinea met in the Highlands t...

Image: By Kate Uvia David Kavanamur, chairman of Kumul Consolidated Holdings (KCH), said the company has a good understanding of the financials and debt structure of state-owned companies (SOEs). He said this in response to an update on SOE reforms, which included the situation of SOEs that had struggled to be profitable for the previous 20 years. ...

Photo Credit: Post Courier In the year 2020, Exxonmobil PNG has invested a total of K8.4 million in local communities through contributions, sponsorships, in-kind assistance, and community-based initiatives. Through tax credit initiatives, an additional K57.4 million was spent on local infrastructure. Despite multiple COVID-19 challenges, EMPNG's...

Pacific Trade Invest Australia has assisted 109 firms in PNG, 47 of which are managed or controlled by women, facilitating K2 million in exports and K45,519 (A$17,120) in investment transactions. This was just reported in the Pacific Trade Invest annual report 2020. Caleb Jarvis, PTI Australia's Trade and Investment Commissioner, stated in the annua...

The long-term answer for connecting the Central province with the Southern area would be to build a train transit infrastructure. Sir Puka Temu, Member of Parliament for Abau, believes that constructing a railway system will be a fantastic method to link people and enhance the province's infrastructure. During the Central Provincial Development Foru...

Photo Credit: Centre for Excellence in Financial Inclusion Facebook Page The Department of Community Development and Religion's Informal Economy Section recently signed a Memorandum of Understanding (MOU) with the Center of Excellence and Financial Inclusion (CEFI) that will provide a new collaboration pathway for training and education of Informal bus...

The Investment Promotion Authority (IPA) has signed a Memorandum of Understanding (MOU) with the Fraud and Anti-Corruption Directorate (NFACD) to share information to address issues of the Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) including fraud. In a small but significant event at the IPA Haus, the MOU was signed by the IPA Mana...

According to Civil Aviation Minister Sekie Agisa and Transport Minister William Samb, the aviation industry is critical to the country's tourism and economic development. The aviation sector, according to Agisa, is a catalyst for social and economic activity by facilitating the flow of people and products. Aviation, he added, is critical to numerous...

Photo Credit: World Bank Group   The World Bank Board of Executive Directors recently approved a US$100 million (PGK 352 million equivalent) operation to support Papua New Guinea in its response to COVID-19, and to lay important foundations for a sustainable recovery. With Papua New Guinea’s economy entering the COVID-19 crisis with limited resil...

Hon. Yoshihide Suga, Japan's Prime Minister, has stated that his country will support Papua New Guinea's electricity initiative, supply road building equipment, and assist with a 30-billion-yen (K1 billion) emergency loan. During a virtual online bilateral summit between the two leaders, he offered this promise. “As part of our cooperation, we will ...

Image: By Kate Uvia PNG Power Ltd needs reforms, according to Kumul Consolidated Holdings (KCH) chairman David Kavanamur, but they must be inclusive. “We are aware of the challenges the energy sector is facing over the last 20 years. “We must see a transformation within the current organisation that creates value and promotes recapitalisation,” h...

Photo Credit: Paga Hill Estate According to the Pacific Horticultural and Agricultural Market Access Plus Programme, the country's cocoa sector is poised to enhance its standing in international markets, due to recent investment aimed at decreasing smoke taint and increasing cocoa quality (Phama Plus). The PNG Cocoa Board is collaborating with Phama...

Photo Credit: Post Courier  Since 2014, the Civil Aviation Development Investment Program (CADIP), which is conducted by the National Airports Corporation, has been giving the Vanimo airport in West Sepik Province a substantial facelift. Aside from the continuing new infrastructure projects at the airport, the construction of a new terminal building...