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.
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’.
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.
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.
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.
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.
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.
The Wafi-Golpu project can be ‘multi-generational’ according to Bryan Bailie, Executive Project Director of the Wafi-Golpu Joint Venture. He told the PNG Mineral and Petroleum Investment Conference in Sydney that the intention is to roll out the project in stages.
Papua New Guinea’s approach to mining and resources legislation, currently under review, will be critical to positioning the country for the next upswing in prices, claims Greg Anderson, executive director of the PNG Chamber of Mines and Petroleum.
The latest feasibility study of the proposed Wafi-Golpu copper and gold project confirms ‘a robust investment case-one which supports proceeding with the project’, says joint venture partner.