The latest business news from Papua New Guinea and the region
Australians can now obtain a 30-day visa on arrival, Botten says Elk-Antelope could need at least two new LNG trains, and Treasurer confident cash flow enough for health, education and infrastructure spending. Your weekly digest of the latest business news.
John Momis told to ‘carefully consider’ equity offer from Rio Tinto, ExxonMobil declines to confirm or deny InterOil bid, and Supreme Court orders parliamentary vote on no confidence motion. Your weekly digest of the latest business news.
Frieda River, a wholly owned PNG subsidiary of PanAust, has lodged a Special Mining Lease application to Papua New Guinea’s Mineral Resources Authority to develop the Frieda River Copper-Gold Project. Glen Connell, PanAust’s General Manager, Government and Community Relations, tells Business Advantage PNG that developing a ‘social licence’ to operate is just as crucial to the success of the project.
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
During May, forums were run in Port Moresby, Lae, Mt Hagen and Kokopo to solicit public responses to the Papua New Guinea government’s new land bill. The intent of the new bill is to protect the rights of customary landowners, by extinguishing any State leases, mortgages or sub-leases held by non-citizens. But the consequences for PNG industry and the economy could be dire, some observers are saying.
Shortage of foreign exchange hindering investment, concerns about Customs procedures and the Crowne Plaza Port Moresby hotel up for sale. Your weekly digest of the latest business news.
The minimum wage in PNG will rise to K3.50 an hour from 1 July, from the current rate of K3.36.
Finance minister Marape says PNG economy ‘doing well’, European Investment Bank invests in PNG for first time in 21 years and Memorandum of Agreements to be presented for seven copper and gold mines. Your weekly digest of the latest business news.
The Bank of Papua New Guinea recently released its December 2015 Quarterly Economic Bulletin, which provides a snapshot of the nation’s economic and financial performance over 2015. Business Advantage PNG provides five key insights.
Bank of Papua New Guinea negotiating with ‘partners’ about foreign exchange, Oil Search to address competition issues and Travel Air to resume operations. Your weekly digest of the latest business news.