In brief: Kina expected to weaken, and other business news

Kina expected to weaken, Total aims for transparency, and Air Niugini defers planned flights to Shanghai. A weekly digest of the latest business news.

in briefPapua New Guinea’s successful bond issuance in late September will likely put downside pressure on the government’s fiscal position over the coming years, according to Fitch Solutions Macro Research. In their outlook for PNG they said: ‘We expect the kina to weaken against the dollar by about 3 per cent per annum over the coming decade as the currency is overvalued (evident from the persistent foreign exchange shortage) and inflation in PNG is likely to average higher than in the US’.

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French oil and gas giant Total is the latest company to make a policy statement in support of contract transparency in the extractive industries. This is the first policy statement of its kind by one of the so-called ‘super majors’—the world’s largest publicly traded oil and gas companies.

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In light of the busy APEC, the holiday and Christmas season, and expected increased demand on domestic and existing international routes, Air Niugini has decided to defer its recently announced flights to Shanghai, China. The company said it will review the introduction of its China flights at a later date.

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Port Moresby in the lead up to APEC 2018. Source: RNZ

APEC finance ministers, meeting in Port Moresby last week, said infrastructure is crucial to lifting productivity, enhancing connectivity and competitiveness, creating jobs and strengthening inclusive growth.

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The Asian Development Bank and Papua New Guinea have reportedly signed a deal to help the country respond better to the impacts of climate change. ADB country director for PNG, David Hill, said the ongoing Building Resilience to Climate Change in PNG Project was helping climate-proof infrastructure and assist the people to better prepare for, and respond to, disasters. The project will include vulnerability assessments and adaptation plans for 21 islands in Bougainville, East New Britain, Manus, Milne Bay, and Morobe.
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K92 Mining has announced Q3 2018 production of 9,549 ounces of gold and 146,315 pounds of copper from the Kainantu Gold Copper Mine.
‘We are extremely pleased with the production of almost 10,000 AuEq ozs achieved during this quarter,’ said John Lewins, K92 Chief Executive Officer and Director, in a statement, ‘especially given that underground mining production was disrupted by a Fall of Ground (“FOG”) in the incline, which resulted in over 3 weeks of underground mine production being lost during the quarter.’
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Nautilus Minerals has received a loan from Deep Sea Mining Finance Ltd of US$770,000. According to the company, the loan is being provided to fund its working capital requirements while it seeks the remaining project financing of up to approximately US$350 million required to complete the development of the Solwara 1 Project.

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High value coconut products producer, Weni and Mandol Investment, is the first micro-small to medium enterprise to receive its Hazard Analysis Critical Control Point (HACCP) certification. The standards were developed by the Kokonas Indastri Koporesen. The HACCP framework includes food safety and quality standards for all coconut products to guide all MSMEs to comply with international food safety standards.
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Indonesia’s Papua province Governor Lukas Enembe has reportedly told Madang Governor Peter Yama he saw many investment and trade opportunities between the two countries which he wants to explore immediately. During his visit, he reportedly offered to supply rice to PNG. ‘The price of rice in PNG is not very good. You send it to Thailand for packaging, back to Australia and then to PNG, which is a long process.’
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Photograph of the week

Prime Minister Peter O’Neill has paid tribute to the late Sir Mick Curtain who initially sat down with him to design the concept of the APEC Haus which was officially handed over to the government last week. Credit: Rocky Roe

 

 

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