The global economic crisis triggered by COVID-19 outbreak has increased the urgency for Papua New Guinea to facilitate mining projects, which are the biggest providers of crucial foreign exchange. Business Advantage PNG speaks exclusively PNG’s Mineral Resources Authority about where the sector is heading.
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
The impact of the COVID-19 crisis on Papua New Guinea’s financial markets has been muted so far. However, the crisis provides an opportunity to create new investment opportunities so that local entrepreneurs can raise capital more easily.
Demand is up, foot traffic is down and trading is restricted but Papua New Guinea’s retailers are finding a way through the country’s current lockdown – and some positive changes are here to stay, reports Paul Chai.
Papua New Guinea is facing a debt crisis according to new reports from the Asian Development Bank and the World Bank, and the country will need the cash injection of new major investments to avoid ‘lacklustre’ future growth.
Two Papua New Guinea hotels have shut their doors temporarily because of the COVID-19 state of emergency and others have put in place tough measures to guarantee their survival.
Papua New Guinean entrepreneur Samson Korawali aims to revolutionise online learning with the timely launch of online learning platform, Reelae. He tells Business Advantage PNG how the platform has attracted the attention of Silicon Valley.
Papua New Guinea’s largest company, Oil Search, is proposing to raise US$700 million (K2.4 billion) to strengthen its balance sheet in response to declining oil prices. The company’s stake in the PNG LNG project may also eventually be on the table.
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.
In an emergency session of parliament last week, Prime Minister James Marape extended Papua New Guinea’s state of emergency, and the ramifications will be significant.