In what is believed to be a first for Papua New Guinea, Lihir Island landowners will have access to a new lending scheme to finance their small businesses and help foster economic development on the island.
News
Lae is set to become the South Pacific’s main fish processing centre, with the opening of one massive new cannery this week, the commencement of construction for another, with more on the drawing board.
Newcrest Mining has revealed it is aiming to ‘simplify’ operations at the Lihir and Hidden Valley gold mines in Papua New Guinea, after writing down the value of its mines in PNG, Australia and Africa by AUD$6 billion (K12.6 billion).
Time magazine looks at PNG’s sorcery killings, the Wall street looks at ExxonMobil’s ‘PNG gas grab’, submarine cables link Tonga and Vanuatu to Fiji and new PNG investment in Samoa.
Papua New Guinea Sustainable Development Program Ltd appears to be resigned to losing its main asset, the Ok Tedi mine, to the PNG Government. What are the implications if the takeover goes ahead?
Papua New Guinea Sustainable Development Program Limited has been under heavy political pressure to relinquish is majority ownership of PNG’s largest mine, Ok Tedi. In this speech, delivered at the announcement of the company’s 2012 annual report this week, PNGSDP Chairman Sir Mekere Morauta appears to concede the loss of Ok Tedi, arguing for a sale on fair terms, and ponders both the future of PNG’s largest mine, and his own organisation.
A new VP for InterOil, new partners at Deloitte and a departure at New Britain Palm Oil
Papua New Guinea’s economic growth and low debt has pleased international credit rating agency Moody’s, although local businesses and financial institutions will be largely unaffected by its latest rating.
Papua New Guinea has passed new laws increasing the penalties for white-collar crime, as it revived the death penalty for crimes such as aggravated rape, pack rape, or where the victim is a child under 10 years of age.
Indonesia and Papua New Guinea have ratified their double taxation treaty, in a sign of developing closer economic relations.