Latest news

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.

While reduced global commodity prices are having a major impact on Papua New Guinea government revenues this year, there are ‘incipient signs of a turnaround’, according to data published in the latest ANZ Pacific Quarterly, released this week.

Twitter, the world’s fastest-growing social media platform, will make a presentation to delegates of the Papua New Guinea Advantage international investment summit in Port Moresby next month, organisers have confirmed.

Commercial banks in the Solomon Islands have closed down several logging company bank accounts, in a move that will make it almost impossible for those companies to receive export proceeds.

The Independent Public Business Corporation says it is now talking directly with Vodafone UK to bring the global telecommunications giant to run BeMobile PNG.

Melbourne-based mining company, Newcrest Mining Ltd, which has extensive mining assets in Papua New Guinea, has ended the financial year with a net loss of AUD$5.778 billion (K 12.29 billion) for 2012–13.

The Papua New Guinea government is looking for a new partner to develop the country’s second mobile phone carrier, Bemobile, after the Fiji National Provident Fund suddenly pulled out.

Prime Minister O’Neill’s promise to leave the management of Ok Tedi Mining Ltd in place when his government takes over the mine is ‘very reassuring’, according to the company’s managing director, Nigel Parker.