Latest news

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.

The PNG Securities Commission says it is not in the national interest for Kulim Malaysia to increase its stake in New Britain Palm Oil Limited (NBPOL).

ASX-listed gold producer, St Barbara Ltd, which owns the Simberi mine in Papua New Guinea’s New Ireland, has posted a full-year net loss of AUD$192 million (K409 million), due primarily to a lower gold price.

The Australian Government has moved to allay fears that Papua New Guinea companies will lose out on valuable contracts as the Manus Island detention centre is developed by holding business briefings this week.