How to deal with resource sector volatility in Papua New Guinea

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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.

Bougainville Copper Limited committed to reopening the Panguna mine

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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.

In Brief: World Bank report predicts 5 per cent GDP growth for Papua New Guinea and other business stories

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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 exploration company Kalia Ltd wins first gold and copper exploration licence under new Bougainville Mining Act

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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’.

In brief: Tuna fishing rebate changes favour on-shore processors, and other business stories

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New fishing rebate scheme favours on-shore processors, coffee producer says poor roads in Western Highlands devalues coffee, and Lae laments loss of Alan McLay. Your weekly digest of the latest business news. Trade Minister, Wera Mori, says a threat by foreign fishing firms to close their processing facilities, after the government ended the rebate on […]

What is stopping Papua New Guinea’s Panguna mine from re-opening?

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The government of Bougainville wants to put the operation of the giant Panguna copper mine out to international tender as soon as possible, President John Momis tells Business Advantage PNG. But key considerations, including the exploration licence, the equity structure, landowner rights and dividends and the rehabilitation of the mine must be decided first.

In brief: O’Neill says Papua New Guinea government has no interest in owning Panguna mine, and other business stories

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O’Neill not interested in buying Rio Tinto’s 53% of Bougainville Copper Limited, central bank governor warns government to restrain spending, and kina falls against most currencies in September quarter. Your weekly digest of the latest business news.

In brief: mini-budget on the way for Papua New Guinea, and other business stories

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PNG Government likely to prepare mini-budget, Pacific Assurance Group urges Bank of PNG to lift restrictions, and Lihir mine temporarily ceases operations. Your weekly digest of the latest business news.

In brief: National Petroleum Company prepares to raise investment billions, and other business stories

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National Petroleum Company to appoint a specialist debt-raising adviser for new oil and gas projects, Treasury says public debt above 35% limit and anti-corruption hotline more successful than expected. Your weekly digest of the latest business news.

What’s on the agenda for Papua New Guinea business in 2014?

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The coming year looks promising for Papua New Guinea business, with the giant PNG LNG project due to commence gas exports, and further investments looking likely. Meanwhile, eyes are on the O’Neill Government to see how it can improve the operating environment for business. Business Advantage PNG looks ahead to consider what 2014 may bring.