Mining/petroleum

Wafi Golpu mine would be good for the wider Papua New Guinea economy, says executive

The proposed Wafi Golpu mine will contribute to the diversification of Papua New Guinea’s economy, according to Craig Jones, Executive General Manager Wafi Golpu at Newcrest Mining. He told the Australia Papua New Guinea Business Forum in Brisbane that, if the project gets the go-ahead, it will help local agriculture.
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Kumul Petroleum MD believes ‘step change’ needed to achieve electrification targets in Papua New Guiea

The Managing Director of Kumul Petroleum Holdings (KPH), Wapu Sonk, believes a ‘step change’ is needed in the electrification of Papua New Guinea. He argues that some gas production should be reserved for domestic production.
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Court hearings in Port Moresby and Melbourne over future of Bougainville’s Panguna copper mine

A court hearing this week (17 May) in Port Moresby will help determine if there is a judicial review of the Bougainville government’s decision to refuse the extension of an exploration licence for the Panguna copper mine. Also that day, a federal court hearing will be asked to rule on the release of documents showing the relationship between dissident landowners and a Perth-based company seeking exploration rights to Panguna.
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Transparency Initiative report calls for improved systems in extractive sector in Papua New Guinea

The Extractive Industries Transparency Initiative Report for 2016 has found that improvements are being made to registry and payment systems, but more needs to be done. It notes that budgeting to government revenues remains difficult because of the industry’s volatility and the relatively small number of companies paying full tax.
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Kingston Resources MD says company is looking to extend Misima and develop new sites

Work at the Misima gold project has commenced, with Kingston Resources planning to extend the current resource and develop new mining areas.  Kingston Resources Managing Director, Andrew Corbett, tells Business Advantage PNG he expects drilling programs to commence in April.
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Independent mining consultant questions Papua New Guinea government role as both shareholder and regulator

To remain impartial, the Papua New Guinea Government should not be a shareholder, but only maintain regulatory oversight of mining projects, according to geologist and mining consultant, Jerry Nombri Garry. He tells Business Advantage PNG, there are other ways for the country to derive healthy revenues from mining projects.
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Government incentives for second Papua New Guinea gas project should be fewer than for PNG LNG, say analysts

The operators of the Papua project are expected to make a financial investment decision on the project in 2019. But now that Papua New Guinea has ‘proven itself’ as a good manager of major global projects, it should be able to negotiate less generous terms with the operators of the second LNG plant, say economists and investment analysts.
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Papua New Guinea-owned Aiabba Minerals seeks to raise capital

A ‘cash culture’ in Papua New Guinea is beginning to change and there is more willingness to buy shares, according to Aiabba Minerals Executive Chairman and Managing Director, Moses Mondowa. He tells Business Advantage PNG it is a significant shift for the future success of the country’s resources and business sectors.
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