In the challenging environment facing Papua New Guinea’s mining industry, Highlands Pacific is standing out as a bright spot, after starting its Star Mountain exploration campaign with mining giant Anglo American. Business Advantage PNG talks with Managing Director John Gooding.
To expand its local sourcing footprint SP Brewery has launched a new project with the Papua New Guinea Government to develop cassava farms that will provide ingredients for beer manufacturing.
As the Papua New Guinean Government prepares to present a state of emergency report on the country’s electricity services, the it has stepped in to make major changes to the way state utility PNG Power Ltd is managed to make it ‘more corporate oriented’.
Ratings agency Standard & Poor’s says PNG’s banks operate in a ‘high risk’ environment, with regulation and supervision ‘comparatively lenient’.
The new CEO of Digicel PNG believes the company will evolve into a provider of content rather than simply a provider of pipes for consumers. Formerly Pacific Regional CEO, Maurice McCarthy told Business Advantage PNG the first priority is to expand access to Digicel’s networks.
Poultry producers in Papua New Guinea have welcomed a ban on raw poultry imports from Australia, saying it will strengthen PNG’s biosecurity regime.
A rising middle-class in Papua New Guinea is seeing the emergence of a wider variety of food and beverage businesses, particularly in Port Moresby. It also reflects, say food specialists, an increasing demand for high quality food products in PNG.
The developing retail environment in Papua New Guinea will soon include expanded duty-free shopping at the refurbished Jacksons International Airport.
The next 12 months or so is a time to digest and consolidate, says Peter Langslow, the incoming head of one of Papua New Guinea’s largest and oldest companies, Steamships Trading Company. He told Business Advantage PNG, however, it is also a time to prepare for fresh opportunities.
Liquidity conditions have emerged as a major source of risk for the PNG economy, as the central bank governor reveals he spent US$570.9 million (K1.48 billion) to support the kina last year.