Barrick executives visit Papua New Guinea for talks about a Special Mining Lease for Porgera, PNG welcomes back cruise ships, and Department of Trade and Investment to become a ‘one-stop shop’ for foreign investments. Your business news in a nutshell.

Mining Minister Sir Ano Pala and Porgera MP Maso Karipe at the Security Forum at Aumbi Lodge, Porgera Valley. Credit: Barrick Niugini Limited

Mining

Barrick’s Mark Bristow arrives in PNG. Credit: Barrick

Mark Bristow, Barrick Gold‘s Chief Executive, has been in PNG this week for the inaugural board meeting of New Porgera Limited, the new entity created under the New Porgera Shareholders Agreement to re-open and run the Porgera gold mine.

Bristow said the new company will be applying for a Special Mining Lease in coming weeks ‘once certain conditions are fulfilled’.

According to a release, Bristow and Barrick executives are also expected to meet with Prime Minister James Marape and the State Negotiation Team. (Barrick)

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Mining company Harmony Gold is set to acquire the low-risk Eva copper project in Central Queensland, Australia for US$170 million plus a contingent payment of up to US$60 million.

Chief Executive Officer, Peter Steenkamp said: ‘Acquiring Eva Copper is strategically important to our growth … It opens a new copper-gold frontier for Harmony within a highly attractive Australian mining area, supplementing our 50 per cent interest in the Tier 1 copper-gold Wafi Golpu project.’  (Harmony Gold)

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K92 Mining has announced strong results for the third quarter of 2022. John Lewins, Chief Executive Officer and Director of the company, said that ore mined increased 37 per cent from the same quarter in 2021. Lewins suggested that the fourth quarter is expected to be ‘also strong’ and positioned to reach the annual production guidance of 115,000 to 140,000 ounces of gold equivalent. The company also expects to increase its exploration activities. (K92 Mining)

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Mayur Resources has raised an additional AUD$4 million in a capital raising. According to a statement from newly-appointed Executive Chairman Craig Ransley, the ‘primary focus’ of funds will be construction of the Orokolo Bay Mineral Sands Project and the Central Cement and Lime Project in PNG. Construction for both is set to start in the first quarter of 2023. (Mayur Resources)

Tourism

Cruise ships are returning to PNG. The first, P&O’s Pacific Encounter arrived in Alotau, Milne Bay Province, last Friday. P&O has confirmed that 14 cruise ships are expected to arrive in PNG before the end of 2022. (Post-Courier)

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Solomon Airlines is expected to increase the number of flights between Honiara and Port Moresby at the end of October. (Solomon Airlines)

Investment

Prime Minister Marape has said that the Department of Trade and Investment will be a ‘one-stop shop’ for large foreign investments in the country, including mining and petroleum. He said in a statement: ‘We are having Department of International Trade and Investment as a ‘one-stop shop’ ministry and agency to facilitate all large-scale foreign investments in our country.

‘This will take away the problem of you having run around looking for departments.

‘Your job is to put forward your proposal to Minister Maru and his job is to ensure that this is ticked off.’ (PMNEC)

Finance

Last week, state-owned Kumul Consolidated Holdings Limited (KCHL) received capital market licences from the Securities Commission, allowing it to act in the areas of trusteeship, funds management, dealing in securities, investment advising and advice on corporate finance. (Post-Courier)

Infrastructure

Australia’s Consul-General in Lae Mark Fox said in a breakfast meeting that Australia is investing over K1 billion in Morobe’s road and port infrastructure, with K56 million towards the maintenance of the Wau Highway and about K690 million to support sections one and two of the trans-national highway. ‘That’s from the Nine Mile junction, through to the Bulolo turnoff, and then on to Poiyu junction in Aseki,’ said Fox.

‘This is a key priority of the PNG government as part of the Connect PNG strategy, and in time will connect Lae to Port Moresby.’ (The National)