Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.
News
Port operator International Container Terminals Services is looking to improve efficiency at Papua New Guinea’s ports, and opening the way for new business opportunities.
Palm oil sector issues warning on fertiliser tax, the Ihu Special Economic Zone is launched, and SME loans total K20 million. Your midweek news in brief.
The positive news that the Marape government and Barrick Gold have reach a ‘binding framework agreement’ for the reopening of the Porgera gold mine is being welcomed with relief by almost all concerned.
BSP CEO says second COVID wave will impact PNG’s economic recovery, disappointing formal employment figures and Facebook acts on vaccine misinformation. Your business news in brief.
The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership.
The Governor of Bank of Papua New Guinea has forecast a recovery for the country’s economy of 2.5 per cent after the sharp contraction of 2020. But he says the national budget and PNG’s foreign exchange reserves will remain under pressure.
Ok Tedi Mining Ltd (OTML) announces changes to its management team.
Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.
Papua New Guinea took a step closer to resolving a significant governance issue related to its stock exchange, PNGX, following a National Court ruling late last month. However, uncertainty continues to hold back PNG’s capital markets, reports David James.