Having emerged from the ‘most challenging’ year in its 92-year history, Oil Search Ltd is now facing an escalation of COVID-19 infections in Papua New Guinea. In spite of this, shareholders at its annual general meeting were told PNG’s largest company is ‘coming through the challenges well’.
The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership.
Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.
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.
COVID-19, Porgera and politics may have monopolised the attention of the media, but 2020 brought many other challenges, unexpected changes and triumphs for business. Here’s how Business Advantage PNG reported on this extraordinary year.
The Dirio project gets commissioned, Barrick distances from Papua New Guinea’s political turmoil and state-owned enterprises reform on track. The business stories you need to kickstart your week.
In a surprise development, the Porgera gold mine looks set to re-open, ending a period of intense disagreement between Papua New Guinea’s government and Barrick Niugini, the mine’s operator.
Renegotiating terms or refinancing are proving to be the best way to deal with the shock caused by COVID-19 according to Mark Baker, Managing Director of ANZ Bank Papua New Guinea. In an exclusive interview he tells Business Advantage PNG that improving confidence is the big challenge.
The Asian Development Bank approves a multi-million kina investment in telecommunications in Papua New Guinea, Investment Promotion Authority looks to make doing business easier, and Fortescue Metal Group announces plans for hydropower projects in PNG. The business news you need to kickstart your week.
Papua New Guinea’s government has moved to effectively take over the Porgera gold mine in Enga Province by issuing a Special Mining Lease to state-owned mining company, Kumul Minerals Holdings. Legal challenges look likely.