The Papua New Guinea government’s proposal to move to production sharing agreements in resource projects may not solve the government’s financial problems and there is a risk it will harm the country’s reputation for being a good place to invest, according to the industry itself.
Papua New Guinea’s Prime Minister, James Marape, has insisted that the country’s proposed LNG projects, Papua LNG and P’nyang, will be dealt with as separate projects.
Papua New Guinea’s government has moved to effectively take over the Porgera gold mine in Enga Province by issuing a Special Mining Lease to state-owned mining company, Kumul Minerals Holdings. Legal challenges look likely.
A new organic law defining how Papua New Guinea manages resource projects may soon be tabled in Parliament. It appears the main aim will be to change ownership and control of future projects, but will it spook international investors?
When it comes to Papua New Guinea’s resources sector, the government wants a better share of the rewards, but the industry is warning that the country is becoming a less attractive destination for investment.
In a development that will give heart to the country’s mining sector, Papua New Guinea’s government has granted a 20-year mining lease to Mayur Resources’ US$350 million (K1.125 billion) Central Cement and Lime Project in Papua New Guinea’s Central Province.
Cashed-up Kingston Resources is expecting to complete a pre-feasibility study later this year for the Misima gold project in Papua New Guinea’s Milne Bay Province. With the gold price riding high, investors believe the project is a promising one.
Peter Graham, Chairman of Papua New Guinea’s state-owned mining company Kumul Minerals Holdings, talks extensively about its plans for the future.
Prime Minister James Marape and Barrick Gold have offered two competing visions for the reopening of the Porgera gold mine. With the mine closed and court cases ongoing, the latter is highlighting the impact on business and the community.
In its latest step to maintain its position as operator of the Porgera gold mine, Barrick (Niugini) is taking its dispute with Papua New Guinea to the International Centre for Settlement of Investment Disputes.