Production issues hurt Newcrest, Mitsui delivers PNG LNG carrier, and Nautilus hit by ‘cyber attack’. Your weekly digest of the latest business news.

Newcrest Mining Ltd has increased production at the Lihir gold mine in Papua New Guinea by 4% during the December quarter, against the previous three-month period, but said the result was below expectations due to unplanned maintenance issues. Meanwhile, the Australian company reported that output at the Hidden Valley operation was ‘adversely impacted’ by a number of factors in the quarter and dropped significantly as a result.

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The PNG LNG project’s new carrier. Credit: Mitsui.

Mitsui OSK Lines Ltd has delivered the first liquefied natural gas (LNG) carrier, known as Papua, which will be used to transport LNG from the massive PNG LNG project. Mitsui is operating Papua under a long-term charter contract for operator ExxonMobil.

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Nautilus Minerals, which is developing the Solwara 1 seabed mining project near PNG, said it was the victim of a ‘cyber attack’ by an unknown third party which saw the company deposit US$10 million into the wrong bank account. The Canadian company was intending to pay the funds to Marine Assets Corp (MAC) as part of their vessel charter agreement. Nautilus added that the matter has been referred to authorities and an inquiry is underway.

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The ratings agency, Standard and Poor’s , has affirmed PNG’s currency rating at B+, citing political stability as an asset in the management of the economy. S&P says economic output will rise by about 20%, and predicts ‘robust economic growth’ will continue after the PNG LNG project reaches full production in 2015.

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Use of Komo Airfield in Southern Highlands Province has been expanded after an agreement between ExxonMobil PNG and the National Airports Corporation, which will provide for commercial operations and access for military operations on a case-by-case basis.

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PanAust Ltd has confirmed that a feasibility study for the Frieda River project is on course to be completed in late 2015. By the end of January, PanAust said three drill rigs were in operations at the site to provide additional geotechnical and hydrogeological data.

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Output from the PNG LNG project has led to Oil Search Ltd recording production of 19.27 million barrels of oil equivalent (mmboe) in 2014, the highest in the company’s history. In the December quarter, the company delivered 7.25 mmboe, 8% higher than the previous three-month period.

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St Barbara Ltd has recorded a 37% increase in production in the December quarter against the previous three months at the Simberi gold mine in New Ireland Province. The company reported output of 17,294 ounces, which is the highest quarterly performance since St Barbara acquired the asset in September 2012.

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Interest rates margins for financial institutions in Papua New Guinea are ‘very high’, according to a study by the National Research Institution (NRI).

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Global infrastructure firm US Bridge is planning to introduce its international steel bridge solutions to Papua New Guinea through Trident Ltd.

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Trukai Industries Ltd says its has identified quality rice in the Kairuku district in Central Province after it bought about half a tonne from a local grower.

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The PNG Education Department has reiterated a warning that schools operating under the national education system must not charge students with project fees this year.

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Millions of kina are foregone annually due to a lack of monitoring by PNG Customs Services officers and shortage of infrastructure along border areas, according to Chief Commissioner Ray Paul.

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Coffee roasting. Credit: Pacific Islands Trade & Invest.

The Coffee Industry Corporation (CIC) has been receiving assistance from Filipino company, Figaro Coffee, in helping growers in PNG to sell their products.

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Papua New Guinea, Solomon Islands and Tuvalu are facing a tuna import ban if they do not take action on illegal fishing, according to the European Union (EU).

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Just 5% of Papua New Guinea’s population is insured, making the country one of the least covered in the world, according to the Bank of Papua New Guinea.

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And finally … Fiji’s Prime Minister Frank Bainimarama has announced that the country will change its flag, in the process removing colonial symbols, to make it more relevant to the Fijian people.