Paul Barker, Executive Director of industry think-tank the Papua New Guinea Institute of National Affairs, provides his personal take on PNG’s economic journey since independence.
Panguna mine
The Autonomous Bougainville Government now has majority control of Bougainville Copper Limited (BCL) and the Panguna mine after the PNG government formally handed over its share in June. In this interview with Business Advantage PNG, BCL CEO Johnny Auna shares key milestones for the multi-billion dollar redevelopment of the historic copper mine.
The Panguna Mine Landowner Clan Chiefs and the Autonomous Bougainville Government (ABG) agree to create a new entity to redevelop the Panguna mine, Telstra’s acquisition of Digicel PNG on track, and Papua New Guinea launches its National Employment Policy. The business news you need today.
Foreign exchange pressures continue to escalate, the Executive Director of the Institute of National Affairs talks about the ‘restorative effect’ reopening Porgera could have, and Oil Search back on track.
President Ishmael Toroama says Bougainville is not ‘colluding’ with third parties to reopen Panguna, new project to increase regional and international trade in the Pacific, and potential date for the launch of ISEZ’s project program.
A joint communique issued earlier this month by Papua New Guinea’s Prime Minister James Marape and new Bougainville President Ishmael Toroama has committed them to moderated ‘joint consultations’ over the autonomous region’s desired independence. It has again brought focus on the future of the island’s massive Panguna copper and gold mine.
The World Bank has released a new report, which provides a bullish assessment on economic growth in Papua New Guinea. But it says the country’s dependence on natural resources is not generating sufficient jobs to absorb its growing population.
The chairman of Bougainville Copper Limited (BCL), Sir Mel Togolo, has confirmed the company is talking to prospective partners about reopening the mine. But he is unwilling to put a date on when it might reopen.
New World Bank report predicts 5% GDP growth for Papua New Guinea in 2019, consumer protection in financial services, and Bloomberg puts a value on Panguna mine. Your weekly digest of the latest business news.
Perth-based explorer Kalia Ltd has begun geological surveys on its two licence areas, after winning exploration licences under the new Bougainville Mining Act. Managing Director Terry Larkan tells Business Advantage PNG that, while the licence areas’ resources are unknown, the licences have ‘the right address’.
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