Latest news

Lukim PNG Nau 2013, a Papua New Guinea tourism promotion event designed to attract national and international operators and agents, has been a huge success, according to both the PNG Tourism Industry Association and PNG Tourism Promotion Authority.

The Californian-based Neptune Pacific Line has agreed to buy a 50 per cent controlling interest in the Pacific Forum Line from the Samoan government.

Expanding the small business sector, managing urbanisation and developing modern communications were the PNG Government’s three priority areas, Prime Minister Peter O’Neill said last week.

In an escalation of the public debate on the ownership of the Ok Tedi mine, the Chairman of the Papua New Guinea Sustainable Development Program Ltd (PNGSDP) has accused the government of ‘stealing’ Ok Tedi Mining Ltd.

After negotiations which have lasted since January, Bank of South Pacific (BSP ) and Credit Corporation have entered into a ‘Share Sale and Purchase Agreement’, whereby BSP will acquire of Credit Corporation’s financial services businesses, if Credit Corporation’s shareholders approve.

Construction of Papua New Guinea’s national broadband network is progressing, with major milestones set be reached by mid 2015, according to technology consultant Sundar Ramamurthy, who is assisting the PNG government’s Independent Public Business Corporation on the project.

After a troubled history, the gold mine at Mount Kare in Enga Province was now back on track, Stephen Promnitz, Chief Executive Officer of Indochine Mining, told delegates at the Papua New Guinea Advantage 2103 investment summit this week.

Australian miner Newcrest Mining Limited has delisted from the Toronto Stock Exchange.

The CEO of the PNG Manufacturers Council has called for a mandatory requirement that major contractors building the Manus Island detention centre use local goods and services.

Papua New Guinea’s Prime Minister Peter O’Neill will open the country’s annual investment conference in Port Moresby next Monday.