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.
Bank South Pacific has adjusted well to the slowing economy, Chief Executive Robin Fleming tells Business Advantage PNG. He says the bank is looking to lend to the growing middle class in Papua New Guinea, especially for housing.
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.
Commodities markets appear to have entered a holding pattern, with stability evident in the oil market and metals. Business Advantage PNG’s monthly overview of Papua New Guinea’s commodity and financial markets.
Superannuation company Nasfund continues to deliver positive returns to its members, Chief Executive Ian Tarutia tells Business Advantage PNG. But weak economic conditions in Papua New Guinea, foreign exchange restrictions and rising unemployment mean the organisation has to be agile.
Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.
The Minister for Mining, Byron Chan, says that the amendments to Papua New Guinea’s Mining Act are ‘complete’. But he tells Business Advantage PNG that there are some contentious issues.
National airline Air Niugini is set to commence bi-weekly flights to Townsville in the Australian state of Queensland from March 2017. The move strengthens Port Moresby’s Jacksons International Airport status as a regional aviation hub.
Sovereign wealth funds, private equity and ‘mega-families’ are showing a growing interest in investing in large resource projects, according to Graham Smith, Global Leader Mining M&A at KPMG Corporate Finance in Australia. The PNG Mining and Petroleum Investment conference was told that investment, debt and equity markets are showing signs of improvement.
The Wafi-Golpu project can be ‘multi-generational’ according to Bryan Bailie, Executive Project Director of the Wafi-Golpu Joint Venture. He told the PNG Mineral and Petroleum Investment Conference in Sydney that the intention is to roll out the project in stages.