The latest closure of the Ok Tedi mine reminds us that disruptions at major mining operations in Papua New Guinea are nothing new. While the closure is undoubtedly a setback, Business Advantage PNG’s survey of PNG’s other major mines suggests prospects for the mining sector are more positive.
Port Moresby Chamber applauds development of Northern Australia, Papua New Guinea well-placed on global LNG stage, and SP Brewery launches new brew. Your weekly digest of the latest business news.
Despite some positive developments for the mining sector in Papua New Guinea, the industry continues to face funding challenges for critical exploration activity, the PNG Chamber of Mines and Petroleum’s Greg Anderson tells Business Advantage PNG.
The President of the Australia–Papua New Guinea Business Council says his members have expressed concern to Prime Minister they are unable to source enough foreign currency.
The Wafi-Golpu gold-copper project in Morobe Province is a bright spot in an otherwise tight mining environment. The Morobe Mining Joint Venture partners believe it will be one of the world’s lowest cost gold projects, and expects production to begin in 2020.
Newcrest Mining has revealed it is aiming to ‘simplify’ operations at the Lihir and Hidden Valley gold mines in Papua New Guinea, after writing down the value of its mines in PNG, Australia and Africa by AUD$6 billion (K12.6 billion).
Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.