The latest business news from Papua New Guinea and the region
PanAust is keen to start development of the Frieda River copper gold project, Managing Director Fred Hess told the PNG Mining and Petroleum Investment Conference in Sydney. But he warns there are many obstacles to establishing a mine in such a remote region of Papua New Guinea and the decision has not yet been made to go ahead.
Treasurer says Supplementary Budget will review tax measures proposed in the 2017 Budget, sufficient geothermal power in PNG for years to come, and Philippines asked to ban fishing companies operating in PNG. Your weekly digest.
The Prime Minister, Peter O’Neill, has told the Mining and Petroleum Investment Conference in Sydney that there will be no decision on the Mining Act until after next election. He also indicated that the Government will pursue bi-lateral trade deals.
Opportunities exist for brownfield expansion at the Hidden Valley mine, Johannes van Heerden, Chief Executive Officer of Southeast Asia for Harmony Gold, tells Business Advantage PNG. He believes this gives the company a competitive advantage in the region.
Philippe Blanchard, Managing Director of Total E&P PNG – operator of the Papua LNG project – tells Business Advantage PNG that production for the project is expected to begin in 2022/2023. He says Total is using local labour and companies as much as possible.
The World Bank’s Ease of Doing Business singled out a new private credit bureau as having ‘improved the credit information system in Papua New Guinea.’ Bruce Mackinlay, Managing Director of the Credit & Data Bureau, tells Business Advantage PNG that the organisation is improving the country’s transparency and accountability.
The Chairman of InterOil, Chris Finlayson, says the company is considering an appeal to the Supreme Court of Canada after a court upheld an appeal against the US$2.5 billion (K7.9 billion) sale of InterOil to ExxonMobil. Meanwhile, the man behind the appeal, Phil Mulacek, tells Business Advantage PNG he’s open to dialogue.
Papua New Guinea has risen 14 places overall in the World Bank’s annual report on ‘Ease of Doing Business’, primarily in the areas of starting a business and getting credit.
The 2017 Federal Budget announces complex changes in company taxation arrangements. Spending on infrastructure, health and education will be cut, and there are signs that funding government debt may prove increasingly challenging.
Melanesian oceans has calculated that its Gross Marine Product is equivalent to the combined economies of Fiji and the Solomon Islands and argues it requires special stewardship. An Asian Development Bank (ADB) report points to particular issues in tuna fishing.