Newcrest Mining sells its Hidden Valley stake to Harmony Gold, group marketing of coffee exports to South Korea and an agreement to ban harmful fisheries subsidies. Your weekly digest of the latest business news
Newcrest Mining has announced the sale of its half share in the Hidden Valley joint venture to its partner Harmony Gold. Harmony will now assume all liabilities and expenses related to the joint venture and mine, including rehabilitation costs and remediation obligations.
According to the Financial Times, Newcrest made a US$10 million (K31 million) loss on the sale. A Newcrest spokesperson said the company ‘remains committed to PNG as evidenced by our ongoing investment in the Lihir Gold Mine in New Ireland Province, PNG’s largest gold mine.’
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Two groups of coffee farmers have made history by being the first in Jiwaka Province and the Highlands region to export their coffee directly overseas for a higher price under group marketing, reports the Post-Courier. A container full of 320 bags of parchment coffee has been loaded at Kosem Coffee Ltd’s premises at Banz station ready for shipment to South Korea via Lae.
Coffee Industry Corporation CEO Charles Dambui says the farmers will receive K5.50 or more per kilogram of parchment, compared with a roadside price of less than K4 per kg.
PNG Prime Minister Peter O’Neill in Townsville with Queensland MP Bob Katter
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Travel to the North Queensland city of Townsville looks likely to become easier, with confirmation that Air Niugini is looking to commence flights as soon as market conditions allow. Initially, it is expected passengers will transit through Cairns to and from Port Moresby.
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City Pharmacy (CPL) has reported K260 million revenue earnings for the first half of the 2016 financial year, compared with K218 million in 2015. The increase included K60 million from Hardware Haus, which was not included in last year’s figures. However, CPL says overall revenues were down nine per cent (K184 million compared to K202 million), resulting in a net loss before tax of K16 million compared with a profit of K3.04 million in 2015.
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Foreign Minister Rimbink Pato.
PNG and seven other countries are embarking on a new first-of-its-kind international agreement under the World Trade Organisation to ban harmful fisheries subsidies, the Post Courier reports. Minister for Foreign Affairs and Immigration Rimbink Pato reportedly said that harmful fisheries subsidies contribute to overfishing, overcapacity and illegal unregulated and unreported fishing in both domestic and international waters.
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PNG Air has recorded a K22.6 million loss before abnormal items and tax, the Post Courier reports. The directors reportedly said that the company is going through a transition phase with the introduction of its brand new ATR aircraft, saying the airline is yet to acquire enough scale to maximise the benefits of the new aircraft. The arrival of the fourth new ATR aircraft means greater options for travellers, says the airline’s Chief Commercial Officer, Paul Abbot.
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The annual Tourism Week starts this week, running from September 21-27 in Port Moresby. Events incude a marketing training and workshop, national conference, an expo and the PNG Tourism Industry Association (TIA) annual general meeting.
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The National Fisheries Authority’s John Kasu. Credit: Niugini Black Bass Research
The National Fisheries Authority has paid nearly K30 million in the form of dividend and support to the National Government, according to Managing Director, John Kasu. He says the NFA revenue is about K180 million a year.
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South Pacific (SP) Breweries has won a Gold Quality Award at Belgium’s Monde International Quality Institute World Selection 2016 competition.
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Justice Ambeng Kandakasi has told the Pacific Judicial Conference in Port Moresby that the number of cases referred to and resolved by mediation in PNG is steadily increasing, The National reports. He reportedly said the increase was due to some judges consistently requiring parties to use mediation and Alternative Dispute Resolutions to resolve their disputes.
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A fresh look for Buka. Credit: Bougainville24
And finally, the capital of Bougainville, Buka, is ‘improving aesthetically’, after drainage works, and new road sealing cleared away dusty and muddy parts of town, in a project valued at K9.7 million. The streets are also reportedly a lot cleaner, with those caught spitting betel nut penalised with a K20 on spot fine. And road junctions now have flower gardens.
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How is this any different than what is happening now?? I already transit through Cairns or POM to go to/from Townsville???
Travel to the North Queensland city of Townsville looks likely to become easier, with confirmation that Air Niugini is looking to commence flights as soon as market conditions allow. Initially, it is expected passengers will transit through Cairns to and from Port Moresby.