In brief: Porgera gold mine inching closer to reopening and other business stories


Papua New Guinea’s State Negotiation Team Chairman says the Porgera mine could open in April and confirm the Team is also working on Wafi-Golpu, Air Niugini resumes in-flight catering and the Japanese Government donate funds for infrastructure projects. The news you need today.

Catering has resume on international flight, except Port Moresby-Hong Kong. Credit: Air Niugini


The PNG’s State Negotiation Team Chairman, Dairi Vele, is confident the Porgera gold mine will reopen in April this year. He reportedly said that there were a ‘couple of things to do’ before the reopening because ‘we are building a company’. He added: ‘Kumul Minerals, Barrick and the State are working really hard so we are very confident that come April, Porgera will be opened.’


Vele also spoke about the Wafi-Golpu project in Morobe Province and said the State Negotiating Team was already in discussions with the developer, Newcrest Mining. (The National)


An agreement for Wafi-Golpu is expected to be completed at the year’s first quarter, Jerry Garry, Managing Director of the Mineral Resources Authority, reportedly told The National. He said many of the items in the term sheets have been agreed to in principle but there are still some issues, particularly with the royalties.

‘The state has a National Executive Council decision at eight per cent and the company is saying no and is offering 3.5 per cent, so that’s where the negotiations are,’ he said. (The National)

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Steamships has announced its financial results ending on 31 December 2021: revenue increased 11 per cent to K564 million and underlying profits rose 14.8 per cent to K90.6 million. The company said in a statement that despite 2021 being a challenging year because of the COVID-19 pandemic, ‘prudent cost management, a dedication to customer service and cautious investment have delivered much improved results in 2021 over the prior year.’ (PNGX)


Kina Bank has also released its annual results, reporting K92.6 million net profit after tax – a 27 per cent increased in  on the previous year. The bank reported a 21 per cent increase in its loan book, with its market share in lending now standing at 14.5 per cent.

‘2021 was the start of our growth agenda. We have a strategic plan that sets out our opportunities to grow sustainable revenues and build on our digital capabilities and partnerships. Leveraging our assets and our people across financial services in the Pan pacific region, backs our vision to deliver value for all our stakeholders,’ said Kina Bank’s CEO Greg Pawson. (PNGX)


The Food and Agriculture Organisation (FAO) is ready to assist Asia-Pacific countries that seek to advance their agrifood systems through digital technologies, said the Director-General of FAO, Qu Dongyu. He added: ‘In Asia and the Pacific, there is a clear and growing movement toward innovation and digitilisation along the entire agrifood value chain.’ (Post-Courier)


Vitis Industries Limited is investing K25 million to develop grape production in its 20 hectares vineyard in Wau Bulolo District. The Vitis Grape Farm will produce not only wine but raisins and grape juice. According to the Farm Operations and Production Manager, Vsevolod Budnikov, ‘in May we will start harvesting and start producing wine. Factory will be ready in May and this year we will start producing ordinary wine. And after two years sustained.’ The company also has plans to open a second plantation in Rigo, Central Province. (Post-Courier)


The Rouna 3 hydropower station will benefit from a K15.6 million grant from the Japanese Government. The grant will be used for ‘the procurement of electrical equipment to enhance power generation’.  (The National)


The Japanese Government also donated K9.2 million for the uplift of Tokua Airport in East New Britain Province. (The National)


Air Niugini has announced the resumption of infight catering on international flights from 1 March, as announced by the Pandemic Controller, David Manning. Catering won’t be available on the Port Moresby-Hong Kong route because the Hong Kong Government still has restriction for inflight catering. Other services such as Executive Club Lounges and the Lounge at Port Moresby have reopened. In a statement Air Niugini also said that they are working hard to resume inflight movies and Paradise magazine as quickly as possible. (Air Niugini)

Gallery of the week

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Papua New Guinea’s National Day Ceremony took place last week at Al Wasi, Expo Dubai 2020, took place on 28 February. Minister Sam Basil as well as other delegates were part of the event that showcased PNG’s cultural richness and diversity.

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