In brief: Mining lease transferred to New Porgera and other business stories


Barrick Niugini and Kumul Mineral Holdings transfer Porgera special mining lease to New Porgera, Nadzab Airport expected to be completed by August and Geopacific Resources completes capital raising. Your business news in brief.

Launching of the Edevu Hydropower Reservoir Impoundment at Edevu in Koiari. Credit: Prime Minister Office


Barrick Niugini and Kumul Mineral Holdings have transferred the special mining lease covering the Porgera gold mine (SML11) to New Porgera.

Now that New Porgera has the document, it can apply for a new special mining lease for the mine.

Kumul Mineral Holdings’ Chairman, Dr Ila Temu, reportedly said that the new mining lease application ‘will go in sometime next week’. He hopes that, given the urgency to reopen the Porgera mine, the new lease will be ready in about two months’ time. (The National)


Geopacific Resources, the Australian miner seeking to develop the Woodlark gold mine in Milne Bay Province, has completed a AUD$6 million (K14 million) capital raising.
‘The company will now focus on delivery of the Phase 1 2023 Work Program. This initial review stage will allow Geopacific to further define the optimal development path for Woodlark,’ said Chairman Andrew Bantock. (Geopacific Resources)
Coppermoly Ltd has sold its Copper Quest PNG subsidiary to Ever Leap Services Limited. Copper Quest holds all Coppermoly’s exploration licences in West New Britain. (Coppermoly)


Nambawan Super Limited achieved a net profit of K144 million for the 2022 financial year, with member accounts being credited by 1.6 per cent interest. The superannuation fund’s Net Asset Value grew by K170million to K8.99 billion.

‘NSL’s reduced profits for 2022, can be attributed primarily to the valuation losses of our off-shore and local investments which totalled K248 million. That is nearly a 3 per cent reduction in crediting rate terms,’ said Chairman Reg Monagi in a statement. (Nambawan Super)

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Last Friday, Prime Minister James Marape launched the Edevu Hydropower Reservoir Impoundment at Edevu in Koiari, Central Province.

The reservoir is a stepping stone towards the commencement of the K770 million Edevu Hydropower Project, a partnership between the Chinese investor PNG Hydro Development Ltd (K650 million) and the PNG Government (K120 million). (LOOP PNG)


The K750 million redevelopment of Nadzab Airport in Lae, Morobe Province, looks likely to be completed by August, with an official launch being planned for 16 September to coincide with PNG’s independence anniversary.

The project, it has been suggested, in now 80 to 90 per cent complete. (Post-Courier)


The Japanese word ‘tomodachi’ (friendship) will be added to the airport’s name, which will be renamed as the Nadzab Tomodachi International Airport.

The word highlights the friendship between Japan and PNG, and the support received from the Japan International Cooperation Agency for Nadzab’s redevelopment. (LOOP PNG)


As of 18 April, Air Niugini has resumed its Fokker jet services to Kagamuga Airport in Western Highlands Province. From 19 August, the airline will operate up to four daily Fokker jet services between Port Moresby and Mt Hagen. (Air Niugini)


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