Kina and the Asian Development Bank join forces, the Bank of Papua New Guinea launches its ‘regulatory sandpit’, and PNG’s first rooftop solar power trial begins. This is your weekly digest of business news.
In brief
The week’s business news in summary. In Brief is sourced from a variety of Papua New Guinea and international media outlets as a service to our readers. Business Advantage PNG makes no claim for the veracity of third party sources.
Treasurer Ian Ling-Stuckey announces a deal with the Bank of Papua New Guinea to improve the availability of forex in the country, the Australian Government and the International Monetary Fund pledge to help PNG in its medium term revenue strategy, and Lihir Gold Mining Limited to pay K54 million directly to landowners. Your weekly digest of business news.
Minister expresses disappointment over P’nyang negotiations, companies owe about K1.8 billion in salaries and wages to the Internal Revenue Commission, and Australia is set to provide over K1 billion loan to PNG. Your weekly digest of business news.
Kingston Resources Ltd reaches an agreement to buy Pan Pacific Copper out of Misima gold project, Papua New Guinea’s new Minister for Environment and Conservation refutes previous investigations on Ramu Nico’s slurry spillage to the Basamuk, and PNG DataCo predicts a 42 per cent slash in internet prices. Your weekly digest of business news.
Ramu Nico Mine resumes operations, Chile’s president cancels the 2019 APEC Leader’s Week, and Bank South Pacific releases its third quarter results. Your weekly digest of business news.
PNGX to launch six indices, Oil Search reports sluggish third quarter results, and Geopacific Resources on track to fund Woodlark. Your weekly digest of business news.
Parliament passes Papua LNG Project Amendments Bills, the Minister for Petroleum announces that the P’nyang gas field project will be a standalone project, and Twinza Oil says it expects the first production of liquids from the Pasca A condensate gas field by 2022. Your weekly digest of business news.
Kumul Petroleum Holding Limited has been asked to cease exploration, drilling and greenfield investments, the World Bank has released an economic update signalling economic slowdown in Asian and Pacific economies, and K92 Mining has released its Q3 results above budget. Your weekly digest of business news.
Treasurer says Papua New Guinea’s Budget deficit far worse than expected, Phillipines to export 5,000 mt of high quality rice to PNG, and Paradise Foods sells its spice business. Your weekly digest of business news.
Review of Mining Act next year, acting Tax Commissioner warns of criminal action against companies not forwarding taxes to government and wholesale internet prices may drop by two-thirds. Your weekly digest of business news.