Conditions tough in Papua New Guinea’s construction industry but hopes are rising

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Papua New Guinea’s construction industry continues to face challenges, says Frank McQuoid, Chairman of manufacturer Steel Industries. But others say it is on the edge of a boom that will extend beyond the resource sector. David James examines both sides of the story.

Papua New Guinea’s National Court puts Wafi-Golpu negotiations on hold pending hearing

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Discussions between Papua New Guinea government agencies and the developers of the US$9 billion Wafi-Golpu copper-gold project have been put on hold by the country’s National Court while it considers an application for leave for a judicial review. Meanwhile, work under the project’s exploration licence continues. 

Bank of Papua New Guinea urges tougher stance on new resources projects

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The March Monetary Policy Statement from the Bank of Papua New Guinea has urged the government to rethink the way it negotiates concessions and tax exemptions with new resources projects. Taking a strong position, it points to how previous agreements have been a factor in foreign exchange shortages and adverse trends in government finances.

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.