In brief: Government seeks more revenue from fishing, and other business stories

Government to seek more revenue from fishing, three provinces to be granted autonomous status and the Government claims the right to acquire land for the Highlands Highway construction work. Your weekly digest of the latest business news.

Ok Tedi has moved from ‘death row’ to a ‘sweet spot’, says CEO

The Chief Executive of copper and gold producer Ok Tedi Mining, Peter Graham, believes the Papua New Guinean company will enjoy a ‘sweet spot’ in the next few years. He says efficiency gains have substantially improved the mine’s competitiveness.

In brief: Oil Search says there is ‘distribution’ problem with payouts, and other business news

Oil Search acknowledges problems with payouts, Frabelle denies shut down and the ICCC starts legal proceedings against Steamships. Your weekly digest of the latest business news.

Ok Tedi likely to have extended mine life, says CEO

The Chief Executive of Papua New Guinea’s Ok Tedi mine, Peter Graham, tells Business Advantage PNG that the company is now in the top quartile of global copper producers. He says revised company estimates indicate the mine—for many years one of PNG’s major sources of foreign exchange—should have a longer life. The company responsible for PNG’s largest operational mine is considering the […]

In brief: Asian Development Bank downgrades Papua New Guinea’s growth outlook, and other business stories

Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.

In brief: Papua New Guinea forex pressure to ease by the end of April says BSP CEO, and other business stories

Ok Tedi’s cashflow plus new loan to ease foreign exchange situation, feasibility study to look at water pipeline from Highlands to Queensland, and illegal fishing in Pacific costs US$660 million a year. Your weekly digest of the latest business news.

In brief: Ok Tedi mine reopens and other Papua New Guinea business stories

Ok Tedi mine reopens after drought causes suspension, Kumul Petroleum renegotiates UBS loan for Oil Search shares and Steamships announces 11% profit increase. Your weekly digest of the latest business news.

Resources sector needs legislation that will position it for the future: Chamber

Papua New Guinea’s approach to mining and resources legislation, currently under review, will be critical to positioning the country for the next upswing in prices, claims Greg Anderson, executive director of the PNG Chamber of Mines and Petroleum.

In brief: Call for Papua New Guinea government and industry to weather low commodity prices, and other business stories

Oil Search leader says PNG ‘well placed’ to manage low commodity price regime, Ok Tedi expected to be profitable, and BSP reports 5 per cent profit increase. Your weekly digest of the latest business news. PNG is well placed to weather the current low world oil price environment, but the Government and industry need to […]

Papua New Guinea participates in a global transparency initiative for the resources industries

Papua New Guinea has participated in its first report to the Extractive Industries Transparency Initiative (EITI), which is a global effort to improve transparency in resource rich countries to help them avoid the so-called ‘resource curse’.