The latest business news from Papua New Guinea and the region
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.
Loi Bakani says managing a depreciating kina is ‘very difficult’, Canadian court to hear appeal against InterOil buyout, and Coffee Industry Corp steps up rehabilitation program. Your weekly digest of the latest business news.
Gas prices have surged over the last month, returning to the price level of a year ago. Oil prices are also up strongly over the month. Coffee prices have moved sideways, while cocoa prices have fallen and palm oil prices are slightly down. Business Advantage PNG’s monthly overview of Papua New Guinea’s commodities and financial markets.
While market conditions continue to challenge junior mining companies working in Papua New Guinea, some small mining companies such as Gold Mountain and Frontier Resources are experiencing encouraging results from their exploration programs in the country.