Research by the Fraser Institute shows that Papua New Guinea rates ahead of several Australian states for attractiveness for mining investment. Gavin Wendt, Founding Director of resource analyst Minelife, says statements from Kumul Mineral Holdings’ Chairman Peter Graham that it will invest in upcoming projects are also a positive for foreign investors.
There is growing concern in Papua New Guinea’s mining industry that changes to the Mining Act will discourage investment in the sector. The Executive Director of the PNG Chamber of Mines and Petroleum, Professor Albert Mellam, has said the mining sector is ‘strongly opposed’ to the revised Act.
Rise in foreign exchange reserves expected, K1.3 billion required annually for road maintenance work, and Ramu nickel project to have 35 year life. Your weekly digest of the latest business news.
Competition concerns prompt Total to build separate LNG pipeline, NICTA chief admits PNG has no cyber attack defence mechanisms, and BCL to step up community engagement. Your weekly digest of the latest business news.
A new Executive Director at the Papua New Guinea Chamber of Mines and Petroleum, the new Finnish Ambassador, new acting Chief Executive Officer at Telikom PNG, and new Acting Secretary at DLIR.
Mineral deposits are becoming increasingly difficult to develop and the mining industry is looking to the Papua New Guinean Government to deliver flexible policies that will benefit a maturing industry, Nautilus Minerals Chief Executive Officer, Mike Johnston tells Business Advantage PNG.
Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.
Times are undoubtedly tough in Papua New Guinea’s mining and petroleum sector, but as the industry prepares for its biennial conference in Sydney in December, the PNG Chamber of Mines and Petroleum’s Greg Anderson tells Business Advantage PNG there are still ‘bright stars’ to get excited about.
Competition Commission concerned about possible monopoly in gas sector, O’Neill to issue statement on government shareholding in BCL and ANZ Bank CEO says there may be a need for a Supplementary Budget. Your weekly digest of the latest business news.
Global and domestic factors have combined to slow Papua New Guinea’s economy. However, as Andrew Wilkins discovers, the Pacific nation’s business leaders are still confident about its future prospects.