The latest closure of the Ok Tedi mine reminds us that disruptions at major mining operations in Papua New Guinea are nothing new. While the closure is undoubtedly a setback, Business Advantage PNG’s survey of PNG’s other major mines suggests prospects for the mining sector are more positive.
Proposed Sovereign Wealth Fund reaches third reading stage, Air Niugini ‘on track’ for 50% sell-off, and second LNG plant to create 10,000 jobs. Your weekly digest of the latest business news.
Trade Minister Richard Maru has urged Australian and Papua New Guinean business leaders to look seriously at diversifying their areas of investments.
The Wafi-Golpu gold-copper project in Morobe Province is a bright spot in an otherwise tight mining environment. The Morobe Mining Joint Venture partners believe it will be one of the world’s lowest cost gold projects, and expects production to begin in 2020.
A new approach to managing PNG’s economy, Manus Island detention centre to be ‘wound down’, and PNG cricketers turning professional. Your weekly digest of the latest regional business news.
O’Neill sacks two more Cabinet ministers, Exxon expects LNG exports to start early and Ok Tedi Mining profits plunge 80%. Your weekly digest of the latest business news.
Harmony Gold has become the latest gold miner to write-down its Papua New Guinea assets, as a sharp drops in bullion prices force mining companies globally to reassess the profitability of their mines.
Newcrest Mining has revealed it is aiming to ‘simplify’ operations at the Lihir and Hidden Valley gold mines in Papua New Guinea, after writing down the value of its mines in PNG, Australia and Africa by AUD$6 billion (K12.6 billion).
Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.
Minerals sector enjoys its winnings while industrialised world struggles with debt crises.