James Lau, Managing Director of Rimbunan Hijau Group tells Business Advantage PNG that he sees positive developments with hotels, agriculture, gold and the country’s preparations for the 2018 APEC meeting. But he says continuing weakness in commodity prices will limit Papua New Guinea’s growth in the short to medium-term.
If the giant Panguna copper mine on Bougainville is ever to re-open, many complex problems must be solved, including the status of the former miner, Bougainville Copper Limited (BCL). In this exclusive interview with Business Advantage PNG, BCL Chairman Rob Burns outlines its strategy to return to mining.
Peter Botten, Managing Director of Oil Search tells Business Advantage PNG that the company’s Papua New Guinea assets are ‘highly profitable’ despite the low prices. He says the company is focusing on developing a five year plan for ensuring sustainability, managing exploration and working with the community.
Papua New Guinea’s state petroleum company, Kumul Petroleum, sees its role in developing oil and gas projects in partnership with developers, according to Managing Director, Wapu Sonk. He tells Business Advantage PNG there is enough gas in the country for no less than five LNG trains.
The big mover this month was palm oil, which was up 20.5 per cent for the month according to Kina Securities. Oil prices have continued to hold up but LNG prices have eased. Business Advantage PNG’s monthly overview of commodity and financial markets.
InterOil shareholders have overwhelmingly approved a revised takeover bid from ExxonMobil, despite opposition from InterOil founder, Phil Mulacek.
The Chief Executive of Papua New Guinea’s Ok Tedi mine, Peter Graham, tells Business Advantage PNG that the company is now in the top quartile of global copper producers. He says revised company estimates indicate the mine—for many years one of PNG’s major sources of foreign exchange—should have a longer life.
K92 Mining is preparing for its first export of gold concentrate from Kainantu mine and plans to ramp up to full production around April this year, company Chief Operating Officer, John Lewins tells Business Advantage PNG.
Barrick Niugini’s Mining and Petroleum Industry Investment Fund provides relocated landowners with a superior financial outcome, according to Chris Trainor, Manager of Commercial Services. He believes it is a model for other Papua New Guinea mining companies to follow.
World demand for energy will double by 2050 according to Professor Peter McCabe, Head of the Australian School of Petroleum at the University of Adelaide. But he believes more efficient recovery methods and the increasing role of renewables will keep a lid on prices.