Barrick says ‘all we need is for a shareholders agreement’ to restart Porgera, Air Niugini outperforms Australian airlines, and Harmony Gold indicates Wafi-Golpu’s negotiations continue to progress. The business news you need.
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The latest business news from Papua New Guinea and the region
The Bank of Papua New Guinea has increased the Kina Facility Rate, Prime Minister Marape welcomes Telstra, and Phase II of the Central Banking Act gets green lighted. The business news you need today.
Papua New Guinea’s economy has weathered the COVID pandemic well, according to the International Monetary Fund’s latest Article IV assessment, completed last week. While the assessment paints an improved picture over the medium term, it flags some key reforms that PNG’s government still needs to address.
Mayur Resources’ first three mineral projects in Papua New Guinea are now ‘shovel-ready’ and ready for financing, according to a letter to investors issued by Managing Director Paul Mulder this week. Mayur’s low share price remains an issue, however.
Global supply chain issues are having a major impact on many businesses in Papua New Guinea. Business leaders tell Business Advantage PNG that delivery delays and higher costs are causing some projects to be slowed or even postponed in key sectors. There are signs, however, that the global situation is improving.
Kingston Resources announces strategic review of Misima gold project, Digicel takes PNG Government to court as Telstra takes control, and direct flights to Fiji and Solomons return. The business news you need today.
Papua New Guinea’s independent power producers are owed in excess of K200 million by state utility PNG Power, which itself is facing revenue challenges, according to industry association, IP3. The situation is being made worse by rising global fuel costs.
The World Bank announced new program and generous funding for Papua New Guinea agriculture sector, call centre launched for the 2022 elections and the Civil Aviation Development Investment Program eyes phase 2. The business news you need today.
Australian miner St Barbara has deferred an expected final investment decision on expanding the Simberi mine in Papua New Guinea and has announced a strategic review into the mine that could see it sold.
Calls for the reopening of Porgera gold mine and compensation, BSP Financial Group Ltd files a Supreme Court reference on new income tax, and Lae City to get a new market. The business news you need.