The Autonomous Bougainville Government (ABG) says it is likely to put exploration licences out to international tender as a first step towards restarting the K177 billion Panguna gold and copper mine. Governor John Momis tells Business Advantage PNG he expects the ABG to take up Rio Tinto’s offer of shares, claiming that the national government should pass on the shares it was given by Rio to the ABG.
New Petroleum and Energy Minister, Papua New Guinean to head up Parties to the Nauru Agreement
Competition Commission concerned about possible monopoly in gas sector, O’Neill to issue statement on government shareholding in BCL and ANZ Bank CEO says there may be a need for a Supplementary Budget. Your weekly digest of the latest business news.
Two years ago, Port Moresby based ICT company, Kumulsoft, branched out into writing tailored software products for local companies and government departments. Now they have six major clients on the books, as well as a number of law firms. Partner Marsh Narewec explains their success to Business Advantage PNG.
The Papua New Guinea authorities should allow the currency to fall to its market level to make foreign bond raisings less risky says economist Rohan Fox. He tells Business Advantage PNG that domestic banks are reaching the limits of their capacity to take on government debt, which is increasing the pressure to raise capital internationally.
A new board member at Bank South Pacific, and a new CEO for the Coffee Industry Corporation
Next week, the Papua New Guinea-focused gas explorer InterOil may well have a new owner, after its shareholders consider rival offers from Oil Search and ExxonMobil. Business Advantage PNG considers the implications for PNG’s second gas project, Papua LNG and the wider economy.
Australians can now obtain a 30-day visa on arrival, Botten says Elk-Antelope could need at least two new LNG trains, and Treasurer confident cash flow enough for health, education and infrastructure spending. Your weekly digest of the latest business news.
Despite short-term weaknesses, oil and gold prices are up over the year so far. Gas prices, although only half their 2014 peak, may be finding a floor while coffee prices are strong. Meanwhile, domestic equities have moved sideways, while some Australian miners have surged. Business Advantage PNG’s monthly overview of commodity and financial markets.
Roberta Morlin is developing an app that will be able to provide direct medical consultation for women in remote PNG. She explains to Business Advantage PNG how it would work and the challenges of being a young entrepreneur in PNG.