The latest business news from Papua New Guinea and the region
Papua New Guinea’s National Court has granted Barrick Niugini leave for a review of the decision not to extend the Special Mining Lease for the Porgera gold mine. Related disputes have also arisen, and the Prime Minister has flagged ‘minor amendments’ to PNG’s Mining Act.
Oil Search, Papua New Guinea’s biggest company, has been suspended from trading on PNGX, the country’s stock exchange, amidst claims that it did not follow proper procedure in its recent capital raising – claims the company is refuting.
Parliament has voted to extend Papua New Guinea’s state of emergency by two weeks while it debates how the country will look when the restrictions are eventually eased.
Papua New Guinea’s Prime Minister, James Marape, talks about the delays in resources projects, Air Niugini through its subsidiary Link PNG could purchase up to 60 per cent of shares in PNG Air and K113,000,000 from the COVID-19 stimulus package will be used to improve food security and strengthen agriculture production.
Papua New Guinea’s government is coming under intense pressure to renegotiate the Special Mining Lease for the Porgera gold mine, which it refused to extend in April. Multiple industry bodies have urged the government to urgently negotiate with the mine’s joint venture operators, Barrick Gold and Zijin Mining, pointing to extreme economic stress.
Air Niugini subsidiary Link PNG has launched a takeover bid for rival domestic carrier PNG Air – via a share acquisition from Nasfund. With the national airline undergoing significant restructuring, what are the prospects for a sustainable aviation sector in Papua New Guinea?
The oil price has been extremely weak but the fall in LNG prices has stabilised and palm oil is up: a monthly review of Papua New Guinea’s commodities and financial markets. Business Advantage PNG’s monthly overview of commodity and financial markets.
Ok Tedi Mining has announced strong profits and dividends – important because it accounts for over four per cent of Papua New Guinea’s economy. But the future of the company, which has new shareholders, will depend on finding new reserves beyond the Ok Tedi mine’s projected six-year mine life.
The Kumul Submarine Cable lands in Bougainville , the Pasca A gas project is on its way to becoming the first offshore field development in PNG and the PNG Tourism Promotion Authority reveals the impact COVID-19 on the tourism industry. The business news your need to kickstart your week.
The first in a series of Business Advantage PNG online business briefings tackled the issue of managing your business during the COVID-19 crisis. Mahesh Patel, CEO of CPL Group, and Wayne Osterberg, KPMG PNG’s Director Advisory Services, looked at the critical issues during Papua New Guinea’s state of emergency.