Panguna mine

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.

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.

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.

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.

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.

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.

Bougainville leaders are considering lifting the moratorium on mineral exploration which has been in place since the 1970s, in case the Panguna gold and copper mine does not re-open.

The President of Bougainville, John Momis, wants work on restarting the giant Panguna gold and copper mine later this year, and says the former leader of the Bougainville Revolutionary Army, Sam Kuona, now supports re-opening the mine. In this exclusive interview with Business Advantage PNG, he outlines the steps now needed to restart operations.

The newly-appointed head of the Bougainville landowners group is cautiously optimistic that work to re-open the giant Panguna copper and gold mine could begin within two years.

Minerals sector enjoys its winnings while industrialised world struggles with debt crises.