Canadian-listed company Cobalt 27 has acquired Highlands Pacific, principally for its interest in the Ramu nickel-cobalt mine in Papua New Guinea. The corporate play will mean divestment of non-core PNG assets.
News
Developers Newcrest Mining and Harmony Gold have signed a memorandum of understanding with the Papua New Guinea Government for the development of the Wafi-Golpu copper-gold mine in PNG’s Morobe Province. While the MOU indicates negotiations are proceeding well, there is still plenty of work to be done before the project gets a green light from government, local communities and investors.
Carolyn Blacklock, the acting Managing Director of PNG Power, says the money that will come from the Papua New Guinea Electrification Partnership established at APEC will greatly assist the roll out of electricity. She says PNG Power has sharply increased the number of connections it is making and is aiming to concentrate on hydropower.
Kumul Consolidated Holdings, the holding company for Papua New Guinea’s state-owned enterprises (SOEs), has released its Year in Review. It says that 2018 has been ‘particularly difficult and challenging’ for the country’s SOEs and that a fundamental change is necessary if the enterprises are to expand.
Papua New Guinea’s hosting of APEC 2018 was a success, say three senior figures involved in its organisation. Ivan Pomaleu, PNG’s APEC Ambassador, suggests that the country achieved all of its goals in spite of the lack of a consensus within the group of 21 nations.
Feasibility study for Frieda River mine in Sepik Province reveals expanded project, government accounts close this Friday and Pacific nations look to extended their exclusive economic zones. Your weekly digest of the latest business news.
Notable Papua New Guinea-related appointments and departures. This week: a new head of BSP Digital, CFO departs PNG Air.
A new chairman for Credit Corporation
The 2019 Business Advantage Papua New Guinea Investment Conference will take place on 19 and 20 August at the premium Shangri-La Hotel, Sydney, Australia.
Lihir most productive mine, apprentice of the year named, and a public-private partnership for power in Hela. Your weekly digest of the latest business news.