The Marape government has imposed a 14-day State of Emergency in Papua New Guinea’s capital Port Moresby to maintain public order following extraordinary rioting and looting last week. Here’s what it means for business.
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The Porgera gold mine in Papua New Guinea’s Enga Province will officially restart on 22 December, according to the Managing Director of Kumul Minerals Holdings, Sarimu Kanu, who is also Chairman of New Porgera Limited, the new operator of the mine.
The final investment decision for the TotalEnergies-led Papua LNG project, which would spark a fresh investment boom in Papua New Guinea, still faces significant hurdles, as growing environmental activism makes finance harder to arrange and international energy projects compete for scarce construction resources.
An eight per cent increase in government spending and a five percent real GDP growth rate are two of the key predictions Papua New Guinea’s 2024 National Budget, announced by Treasurer Ian Ling-Stuckey in Parliament this week. So, what’s in the budget for business?
Last week’s 2023 Innovation PNG conference showcased some of Papua New Guinea’s best and brightest. It also featured the announcement of some significant new initiatives to stimulate the digitisation of the country’s economy.
A food delivery service, a banking service for remote users and a new government portal for MSMEs were the big winners at the 2023 Innovation PNG Awards, announced last week.
Newmont Corporation’s acquisition of Newcrest Mining, which owns the Lihir gold mine in Papua New Guinea, and is one of the partners in the Wafi-Golpu copper-gold joint venture, is set to be completed in coming days. Business Advantage PNG considers what will happen next.
September was another tough month for availability of foreign exchange in Papua New Guinea, but central bank Acting Governor Elizabeth Genia has moved to reassure business that the bank is committed to supporting the kina as it adjusts to a lower level against the US dollar. She’s also flagging better times ahead on forex.
Some key Papua New Guinea state assets, including the site of Port Moresby’s old port, are being readied for redevelopment, with private sector investment being sought. The move is being guided by a new investment strategy from state holding company, Kumul Consolidated Holdings.
Investment and partnership opportunities were a focus at this year’s 2023 Business Advantage Papua New Guinea Investment Conference in Brisbane, with numbers exceeding pre-COVID levels.