Following the passage of enabling legislation in the last sitting of Papua New Guinea’s National Parliament, the long-awaiting restructure of state assets and enterprises under the Kumul name is set begin, with Prime Minister O’Neill setting a target of 1 January 2016 for the transfer of state assets to their new homes.
The Papua New Guinea government has acknowledged the need for action to deal with a worsening Budget deficit, blaming lower global commodity prices.
The latest closure of the Ok Tedi mine reminds us that disruptions at major mining operations in Papua New Guinea are nothing new. While the closure is undoubtedly a setback, Business Advantage PNG’s survey of PNG’s other major mines suggests prospects for the mining sector are more positive.
A new CEO at the Independent Consumer and Competition Commission, and a new General Manager—Projects, at the IPBC.
More high-quality exports needed for PNG, new approaches will assist PNG in meeting energy demand, and Japan’s Pan Pacific expects copper recovery. Your weekly digest of the latest business news.
The 30 per cent jump in the value of Kina Securities when it listed jointly on the Australian Securities Exchange and the Port Moresby Stock Exchange last Thursday ‘exceeded our expectations’, Chief Executive Officer Syd Yates tells Business Advantage PNG.
The El Nino weather pattern which has seen the temporary closure of the Ok Tedi mine could potentially last for up to a year, according to former senior PNG agriculture business executive, Bob Hansen, adding the loss of mining income could be as much as K2.77 billion a year.
New Directors at Newcrest, a new Chairman at Melanesian Trustee Services, and a new Chairman and interim Managing Director at New Guinea Energy
Treasury says Deficit rises to 9.4% of GDP, foreign advisers ban, and parliament passes Sovereign Wealth Fund bill. Your weekly digest of the latest business news.
A drilling campaign covering 1.5 km in the Gulf region has revealed there is enough high quality coal to run a 50-megawatt power station for 30 years, according to Paul Mulder, CEO of Brisbane-based unlisted miner, Mayur Resources.