Frieda River mine expands into Sepik Development Project

Welcome,

The US$8 billion (K26.5 billion) Sepik Development Project at Frieda River will create ‘a new economic corridor’ in PNG’s northwest. Developer PanAust is suggesting it could give employment to about 5000 people during construction and increase Papua New Guinea’s GDP by K90 billion over 40 years.

People moves: PanAust, Mineral Resources Authority, KPMG, Ok Tedi Mining, Judicial appointments

Welcome,

Board and senior management changes at PanAust, a new Managing Director at the Mineral Resources Authority, a new Tax Partner at KPMG, Ok Tedi’s first female Mine Manager and judicial appointments for the National and Supreme Courts.

In brief: US$8 billion Frieda River feasibility study released and other business stories

Welcome,

Feasibility study for Frieda River mine in Sepik Province reveals expanded project, government accounts close this Friday and Pacific nations look to extended their exclusive economic zones. Your weekly digest of the latest business news.

In brief: Russia and PNG to set up mutual embassies, and other business news

Welcome,

Russia plans to open an embassy in Port Moresby, the Australian Prime Minister announces relaxed visa rules for Pacific nations, and Crystal Kewe, the young app developer, wins a major APEC award.

In brief: Ramu NiCo announces K4.8b expansion plans, and other business news

Welcome,

Ramu NiCo announces expansion, Kina Bank celebrates innovation award, and Frieda River Project Accord signed. A weekly digest of the latest business news.

Economic update: major projects will be crucial for Papua New Guinea’s economy

Welcome,

The fate of some major projects will be critical for the future of the Papua New Guinea economy over the next decade. In the second of a two-part series, Andrew Wilkins discusses the implications.

Frieda River MD announces ambitious rethink on project

Welcome,

The Managing Director of PanAust, Fred Hess, has announced a rethink on the company’s proposed Frieda River mine project. ‘It is no longer just a mining project’—it is a development project for the Sandaun and Sepik provinces, he told the Papua New Guinea Mining and Petroleum Conference in Port Moresby. 

In brief: Government seeking Budget support of US$500 million, and other business stories

Welcome,

Government seeking Budget support from World Bank, LNG partners seek huge savings by co-operating, Ok Tedi performing well after seven months. Your weekly digest of the latest business news.

In brief: Merger of Telikom, bmobile and DataCo under Telikom, and other business stories

Welcome,

Government plans to merge Telikom, bmobile and DataCo, Highlands Pacific Chairman says PanAust’s resignation requests amount to a takeover, and PNG LNG reports 25% increase in LNG. Your weekly digest of the latest business news.

Papua New Guinea’s Frieda River project still faces obstacles, says Managing Director Fred Hess

Welcome,

PanAust is keen to start development of the Frieda River copper gold project, Managing Director Fred Hess told the PNG Mining and Petroleum Investment Conference in Sydney. But he warns there are many obstacles to establishing a mine in such a remote region of Papua New Guinea and the decision has not yet been made to go ahead.