Ramu Nico Mine resumes operations, Chile’s president cancels the 2019 APEC Leader’s Week, and Bank South Pacific releases its third quarter results. Your weekly digest of business news.

After a 2-day visit to the Ramu Nico Mine in Madang Province, the Mineral Resource Authority (MRA) has given approval for the mine to resume operations. Ramu Nico has permanently locked the flood gates so no water can flow into the ocean and has received further advice from MRA to build adequate safety walls ‘to contain slurry for entering the environment’. (EMTV)

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Chile’s President Sebastian Piñera, Chair of APEC Chile 2019, announced last week that APEC Leader’s Week won’t be held in his country this year. The APEC Secretariat has supported the decision. Piñera declared a state of emergency in Chile on 18 October after weeks of protests – street marches and violent protests are still seen in the streets of Chile’s capital, Santiago. The next APEC meeting will be in Malaysia in 2020. During the announcement, President Piñera also cancelled the COP25, the United Nation’s annual climate conference, which would have taken place in December. (APEC)

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Bank South Pacific (BSP) released its third quarter (Q3) results last week and reported an after-tax profit of K212 million for the period. BSP’s total profit after tax to date is K647 million. Group Chief Executive Office Robin Fleming reportedly said growth is expected to flatten in the final quarter of 2019 and in 2020. (Post-Courier)

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During a meeting with Chinese investors in Port Moresby, Chey Scovell, Chief Executive at the PNG Manufacturers Council, said that PNG needs to prepare its human resources and transition from 250,000 formal jobs to over one million formal sector jobs. Scovell said the country is on ‘the verge of the fifth wave of investment’.

‘China is undeniably at the forefront of at least every economic sector and it is important that we all welcome and embrace this next wave of institutional investors from China,’ he said. (The National)

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The Women’s Micro Bank (WMB) has received a K830,000 loan from the United National Capital Development Fund. It will be used for on-lending to women entrepreneurs through the Mama Bank Access Points, kiosk-type structures that WMB implemented to allow customers to perform basic transaction such as savings, deposit and withdrawals through biometric technology. This is the first loan of its type in PNG. (Pacific Financial Inclusion Programme)

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Two million kina has been allocated to help small to medium enterprises (SMEs) in Moresby North-East District. John Kaupa, the local MP, said: ‘When our people are involved in business activities that generate income, they will not do illegal activities. They will take pride in their business venture and they will prosper.’ Port Moresby’s Governor Powes Parkop has vouched to contribute with another K2 million to this initiative. (The National)

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After meeting with World Bank and International Monetary Fund representatives in Washington DC, the Solomon Island’s Finance Minister, Harry Huma, said he is seeking US$10 million in ‘direct budget support’ from the World Bank. (RNZ)

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Downtown Port Moresby, with the new Noble Centre under construction.

The construction of the K400 million Noble Centre is running behind schedule due to delays in the shipment of materials. The developer, China Railway Construction Engineer Group (PNG) Real State Company, is planning to work through Christmas and aims to complete the development by April 2020. (The National)

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To better assist cocoa farmers, the Cocoa Board of PNG has started to partner with private companies. During an update on the industry, Boto Gaupu, the board’s Chief Executive, said that since the program started, they have managed to support almost 12,000 tons of cocoa. He also mentioned that several agreements are in the pipeline including Newcrest, NKW, Sasereme Logging and Manam Restoration Authority. (Post-Courier)

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Barrick (Niugini) Limited and the Wabag District Development Authority (DDA) have signed a Memorandum of Understanding (MoU). BNL has agreed to provide fuel for the next six months for the machinery being used to establish the Wabag-Maramuni road. The road will link Maramuni to Enga’s capital Wabag. (Post-Courier)

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Photograph of the week

DigicelPNG/Facebook

Digicel was recognised as the Best Operator in an Emerging Market for its work in PNG during the World Communications Awards. The award ceremony took place on 31 October in London.

About the award, Digicel Group CEO, Jean-Yves Charlier, said: ‘The work we do across the globe to bring the benefits of digital connectivity to as many people as possible is truly transformational – and that is particularly true in terms of Papua New Guinea. As a uniquely challenging market, we are working to bridge the digital divide in PNG and to help create a world where no one gets left behind. I couldn’t be prouder of the PNG team.’