Power workers give management another week to respond to pay claims, the People’s Micro Bank to get a full banking licence, Sime Darby withdraws from takeover talks with NBPOL. Your weekly digest of the latest business news.
Rio Tinto
The Bougainville parliament has just passed an interim mining act, paving the way for its troubled Panguna copper mine to re-open. Even though the new act removes the automatic renewal of its lease to continue, Bougainville Copper Limited is still the preferred mine operator, as Kevin McQuillan reports.
Cabinet to ban SABLs, Telikom prepares for transition to becoming a retailer, and a possible eight-year delay in upgrading Lae airport. Your weekly digest of the latest business news.
PanAust Managing Director stepping down, new board members at Rio Tonto and IndoChine and other senior appointments.
O’Neill sacks two more Cabinet ministers, Exxon expects LNG exports to start early and Ok Tedi Mining profits plunge 80%. Your weekly digest of the latest business news.
After a troubled history, the gold mine at Mount Kare in Enga Province was now back on track, Stephen Promnitz, Chief Executive Officer of Indochine Mining, told delegates at the Papua New Guinea Advantage 2103 investment summit this week.
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.
A small nation with vast reserves of natural resources… sustained and stellar GDP growth despite a challenging operating environment… tension between foreign investors and those in the local population who believe their birthright is being sold off too cheaply… a copper and gold mine large enough to contribute a third of the nation’s GDP.
Ross Garnaut resigns from Ok Tedi