In brief: Papua LNG project to put Papua New Guinea as leading LNG exporter, and other business stories

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Forex turnover more than K4b in October, call for joint PNG-Australia coastguard initiative, and one kina chocolate bar on sale locally. Your weekly digest of the latest business news.

MOU signed for Wafi-Golpu copper-gold mine in Papua New Guinea

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Developers Newcrest Mining and Harmony Gold have signed a memorandum of understanding with the Papua New Guinea Government for the development of the Wafi-Golpu copper-gold mine in PNG’s Morobe Province. While the MOU indicates negotiations are proceeding well, there is still plenty of work to be done before the project gets a green light from government, local communities and investors.

Electrification Partnership beginning of new era for PNG Power

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Carolyn Blacklock, the acting Managing Director of PNG Power, says the money that will come from the Papua New Guinea Electrification Partnership established at APEC will greatly assist the roll out of electricity. She says PNG Power has sharply increased the number of connections it is making and is aiming to concentrate on hydropower.

O’Neill to announce preliminary agreements for Papua LNG and Wafi-Golpu to coincide with APEC Leaders Meeting

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The Prime Minister Peter O’Neill has announced that Heads of Agreements will be signed for the Wafi-Golpu mine and Papua LNG project, to coincide with the APEC Leaders Week. In a pep to talk to business last week, he emphasised the benefits of hosting APEC 2018.

Prime Minister gives upbeat take on Papua New Guinea’s economy

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The Prime Minister, Peter O’Neill, speaking at Business Advantage
 Papua New Guinea Investment Conference in Brisbane, said the mid-year assessment of the economy was better than anticipated. He said the growing investment interest in the Pacific from China, Australia and the United States is ‘healthy’.

Papua New Guinea’s mining sector concerned about revised Mining Act

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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.

What can Papua New Guinea business look forward to in 2018?

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As Papua New Guinea business gets back to work, Business Advantage PNG’s Andrew Wilkins looks at some of the issues coming up in 2018. With APEC coming to Port Moresby and a second LNG project in the offing, this is a year when PNG is going to be the subject of international attention.

In brief: Details of US$500m Credit Suisse loan to Papua New Guinea revealed, and other business stories

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Treasury Minister outlines details of US$500 million loan deal, World Bank commends 2018 Budget, crucial meeting over the future of BCL’s exploration licence. Your weekly digest of the latest business news.  

PM O’Neill calls for greater intervention to strengthen Papua New Guinea industry

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The Prime Minister Peter O’Neill has outlined a plan of greater government involvement in Papua New Guinea’s industrial development. In a speech to the Australia Papua New Guinea Business Forum & Trade Expo in Port Moresby O’Neill described the need both to broaden the industry base and to move some industries up the value chain.

Sticking points in Mining Act yet to be resolved, says Mining Minister Byron Chan

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The Minister for Mining, Byron Chan, says that the amendments to Papua New Guinea’s Mining Act are ‘complete’. But he tells Business Advantage PNG that there are some contentious issues.