The global capital markets are concentrating on quality mining assets preferably close to production, according to a panel of experts at the International Mining and Resources Conference in Melbourne. They said that ‘frontier’ countries should be looking widely for capital, particularly in Asia. David James reports.
Oil and gas have performed strongly, and there is also an upward trend in metals prices. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Papua New Guinea’s Mineral Resource Authority has ordered the indefinite closure of Ramu Nickel processing plant operations after it failed to comply with 16 remedial measures issued following a slurry spill into Basamuk Bay on August 24.
Prime Minister James Marape has outlined a two-pronged economic strategy to boost Papua New Guinea’s economy. He has also commented on the government’s attempts to manage the country’s rising debt, reports David James.
After the government’s endorsement of the Papua LNG Gas Agreement in September, attention has shifted to achieving a deal for the P’nyang gas project. Its developers see its pending approval as a prerequisite for the commencement of Papua LNG.
Gold is one of Papua New Guinea’s oldest export industries. Volumes have been volatile but the prospects for the sector look good, according to an expert at the World Gold Council.
Papua New Guinea’s Petroleum Minister has announced that the government will honour a gas deal struck with French major Total SA for the US$10 billion Papua LNG project. The project will be the single largest foreign investment in the Pacific country since the advent of the US$19 billion PNG LNG project a decade ago.
In an exclusive interview with Business Advantage PNG, ratings analyst Rebecca Hrvatin, says PNG’s fiscal imbalances will improve—provided the Papua LNG project continues as planned.
Proposed changes to the Mining Act are likely to go to Papua New Guinea’s Cabinet ‘in the next few weeks,’ according to Peter Graham, Managing Director of Ok Tedi Mining.
The mining industry needs government help to solve an exploration crisis, according to industry representatives. But government bodies are saying there needs to be a better sharing of the rewards in the national interest. Business Advantage PNG looks at the contrasting views of the industry and the state.