In brief: Ok Tedi Mining commences COVID-19 vaccination program and other business stories


Ok Tedi Mining rolls out its vaccination program, landowners call for the government to move forward Wafi-Golpu and Fishing Industry Association proposes discounts on fishing days. The business news in brief.

Credit: Ok Tedi Mining


Landowners of the Wafi-Golpu gold project in Morobe Province are calling on the government to move forward the project because it has been delayed for ‘too long’. The landowners said the project would boost the economy in times of need. ‘We call on the Government and the Morobe government and stakeholders to decide on an effective way forward for the immediate start of the mine,’ Hengambu Landowners Association President John Nema is reported as saying. (The National)


Porgera landowners are reading to meet with Prime Minister Marape and the Chief Executive Officer of Barrick, Mark Bristow, this week to talk about future equity arrangements. Earlier this year, PNG and Barrick signed a landmark agreement that gave PNG 51 per cent equity in Porgera; Barrick has the other 49 per cent. (Post-Courier)


Ok Tedi Mining has commenced its COVID-19 vaccination rollout. Over 213 people have received the first dose of the AstraZeneca vaccine and 150 have registered to get vaccinated. The Managing Director and CEO of Ok Tedi, Musje Werror, received its first dose during the vaccination launch. It’s been reported that contractors, business partners, Tabubil Hospital staff and teachers have received the vaccine. (OK Tedi)


Twinza Oil is still awaiting a response from PNG’s Petroleum Minister, Kerenga Kua, to its proposed terms for the Pasca A Gas Agreement.

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‘The company remains committed to delivering Pasca A, PNG’s first offshore oil and gas project. However, it appears the 12-month long process may be stalled yet again because the State has not communicated to Twinza the agreement terms which would be acceptable,’ said Twinza Chairman and CEO, Ian Munro. ‘It is time to bring this matter to a conclusion such that the project can move forward and Twinza is on standby to execute the agreement on the Petroleum Minister’s desk.’

The company says completion of the agreement this month would allow the project to move into the front-end engineering and design phase, with a final investment decision in late 2022 and first production in 2025. It says a further delay would see production move out to 2026. (Twinza Oil)


Belgian chocolate manufacturer Meurisse Chocolate NV is using 100 percent cocoa beans from PNG farmers to produce the dark PNG chocolate brand that is 73% cocoa. Papua New Guinea’s Ambassador to Belgium and the European Union, Joshua Kalinoe, said the embassy in Brussels has been promoting PNG products, including cocoa and it is really satisfying to see that the country now has its own brand of chocolate that can be sold in the EU market. (Expo 2020 Secretariat)


The Fishing Industry Association has said that the government could generate K471 million in a year if they offered discount on fishing days under the vessel day scheme (VDS). The association has suggested to the government offering discounts to US$6000 per day.

‘Offering discount to fishing vessels linked to shore-based processing plants will see the growth of direct employment from 11,000 to 23,000 and indirect employment from 55,000 to 115,000,’ said Sylvester Pokajan, Association President and Chairman. (The National)


A new report by The Guardian suggests that although minerals, fish and timber industries in the Pacific bring jobs and revenue to the nations, there also many cases where companies have left scars, such as environmental issues or social problems. The report says that China is the dominant country in the region when it comes to resource extraction and that ‘some industries, Pacific communities see less than 12 per cent of the final value of the resources being extracted.’

The report also highlights that oil and mining in 2018 accounted for about ’90 per cent of the value of all PNG exports’, but ‘just 10 per cent of government revenue’. You can read the full report here.

Photograph of the week

Credit: Department of the Prime Minister and NEC via Facebook

Prime Minister Marape has welcomed the new Ambassador of France to Papua New Guinea, Guillaume Lemoine. During a courtesy visit by the Ambassador to the Prime Minister’s Office, the PM said: ‘The relations between our two countries have been further enhanced with a couple of high level visits from our side. The recent one was the Deputy Prime Minister and Minister for Commerce and Industry, Hon. Sam Basil’s visit to Paris, France for the signing of the agreement between the Government of PNG and Total, allowing the resumption of the Papua LNG Project after two years of negotiations.’

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