The latest business news from Papua New Guinea and the region
It has been a long voyage, but Canada-listed copper-gold explorer Nautilus Minerals is on track to commence deep-sea mining operations at its Solwara 1 deposit in the Bismarck Sea, off Papua New Guinea. Business Advantage PNG talks exclusively to CEO Mike Johnston about the project.
Recently released results of some of Papua New Guinea’s major companies indicate that the economic downturn in 2015 put significant pressure on earnings. However, while energy companies suffered most, PNG’s finance sector proved resilient.
Trade, Commerce and Industry Minister Richard Maru says he is compiling a reserve list of businesses that may only be owned and operated by PNG nationals. While Maru has given no timeline for the reintroduction of the Reserve List, he says existing businesses will be bought out at the current value.
LNG overtakes gold as PNG’s top export, number of female executive appointments in PNG public service low and Bank of South Pacific reports profit rise. Your weekly digest of the latest business news.
Although many parts of the country are returning to normal, the Papua New Guinea drought is continuing to affect both its formal and informal economies. Business Advantage PNG receives an update on the situation from agricultural expert, Dr Mike Bourke.
The launch of the country’s first master plan to develop the Small and Medium Sized Enterprise (SME) sector reflects a growing acknowledgment by Cabinet ministers that they need to grow sectors other than mining.
Thirty-six executives from major Chinese energy, forestry, fisheries, tourism and construction businesses are in PNG this week to look for investment and development opportunities. Pacific Trade Commissioner David Morris is leading the delegation.
Agriculture Minister says annual investment in agriculture is just K150 million a year, call for mining sector style tax incentives for agriculture, and Leaders’ summit critically important, says O’Neill. Your weekly digest of the latest business news.
The Chief Executive of the Papua New Guinea Forest Industries Association, Bob Tate, claims that PNG’s forestry sector is coming under increasing pressure. He points to a drop in demand from China, lower foreign capital investment and moves by the PNG government to lift industry turnover taxes.
Banks vie to renew government’s loan for shares in Oil Search, structural faults in Phase One of new Lae port, OK Tedi to resume operations next month. Your weekly roundup of the latest business news.