Prime Minister (PM) James Marape has given his assurance to companies operating in the extractive industry that his government continues to support the mining sector. The PM when giving his keynote address at the official closing of the 2nd Geoscience, Exploration & Extraction 2024 (GEE 2024) Conference in Port Moresby city on Friday 09th August, said his government is doing this through reforms to mining policies and laws with aim to get in the right investors to do explorations and developments in the countrys mining sector. He then went on to reveal to the participants, international guests and heads of major mining companies that policies are being developed in the backroom of the government think- tank that would encourage transparency in securing the investments of true potential companies to develop the mining sector. We are looking at a transparent way of ensuring the best companies are participating in exploration as well as development of our resources, and also the mining department as well as MRA (Mineral Resources Authority), are asked to look at the possibility of putting our resources to auction. The auctioning of mineral resources is one of many approaches to assigning mineral rights to developers. Rights are sometimes assigned via informal processes such as first- come- first- serve, or other formal processes such as administrative processes. However, the advantage of an auction is that it is a competitive and transparent method of assigning rights, and maximizing revenues for developing countries. So, we are looking at this. The first- come- first- serve is the first law to go in as far as the reform we are pushing for next year (2025). He explained that this approach should put a stop to companies that do not have the capacity to do business in the resource sector from getting exploration and development licenses and environmental permits. Marape said PNG has 100million ounces of gold in the ground and only 20million ounces have been extracted. That is in addition to sufficient resources in copper and silver yet to be extracted. As such, it is vital that the right investors are engaged in exploration and development. We are seriously looking at the laws so to ensure we protect the environment in the context of resource harvest, but at the same time, we get better return on investments for our country, so as those who chose to invest in our country. PM Marape then went on to encourage more investors to invest in the mining sector, stating that PNG remains a free market economy that is governed by democracy and a very independent robust court system.

Alluvial gold mining continues to play a significant part in the country’s resource sector with its annual export revenue contributing significantly to the nation’s annual budgets; however, there negative implications that come along with it. These negativity impacts were stressed by Mr. Rodney Biri, who is a tutor for Agriculture Research at the University of Goroka in Eastern Highland province. Mr. Biri, who hails from Central Bougainville, shared his experience with PNG HAUSBUNG at the margins of the 2nd Geoscience, Exploration & Extraction 2024 (GEE 2024) Conference in Port Moresby after giving an enlightening presentation on the subject. He said alluvial mining or small-scale mining, poses a significant threat to the environment with the use of the liquid metal mercury and the methods used to extract the gold deposits. Meanwhile, Mr. Biri also thanked the Mineral Resource Authority (MRA) and its sponsors for hosting the GEE 2024, stating that it has given him the opportunity to talk on this important matter, and helped him to appreciate the other important matters as well in the resource sector. “I find it very helpful in that people come in and share their ideas. People talk about mining, and I realized that no one was talking abut the impacts of alluvial mining. I was the only who did, and it was greatly appreciated by the participants.”

Employees at the Ok Tedi Mining Limited (OTML) from the Enga province have successfully raised K80, 000 to support their affected people in Mulitaka following the landslip in the Enga province. The proceeds are from cash donations from the Engan workforce and community in Tabubil as well as a corporate dinner hosted in Tabubil that was attended by the Tabubil business communities including OTML. Speaking at the corporate dinner recently, the group’s lead, Edward Maiapu said, “Although the Mulitaka incident has garnered a lot of support from PNG and the global community, there are certain social issues in the affected three villages that the community cannot utilize the donated funds to resolve. This includes the customary obligations of compensating death to ensure peace prevails.” Seeing this need, the OTML Engan workforce decided to raise funds to address this issue to ensure the families of the deceased come to terms with the loss. Mr. Maiapu said the team plans to present the fundraising proceeds to the leaders of the three impacted villages in the coming weeks. OTML Managing Director and Chief Executive Officer Mr. Kedi Ilimbit commended the Engan workforce for taking the initiative to raise funds for a much needed and culturally important issue that emerged from the Mulitaka Disaster. “The Engan workforce have shown us that they are from the area, have done their due analysis of the impact and found an area that would be left unattended to, thus they took the lead in providing a solution for that,” Mr. Ilimbit said. “Such an initiative is to be commended and sets a precedent for us here at OTML and also across PNG to stand up and do what we can within our means to assist in any given situation.” OTML is a 100% PNG owned mine and is committed to conducting its operations in an environmentally, socially, and economically responsible manner that respects cultural heritage and human rights. OTML will be announcing its donation support to the Mulitaka Appeal soon.

Injuries and deaths are a constant concern for operators in resource projects and although relying on traditional methods to prevent such risks, the introduction of new technologies have very much improved safety in mining or even petroleum projects. In today's second session of the 2nd Goescience, Exploration & Extraction Conference in Port Moresby, this topic was presented by Ok Tedi Mining Limited (OTML) expert in safety Mr. James Bu, who stressed that integrating the latest in technologies in assessment and monitoring is key to safety especially with Slope Failures, a serious risk in mining operations. On that note he said OTML is taking lead in investing in new technologies and training of engineers and geologists on the use of the technologies so to manage operations safely. "It's a change in the risk management in the mine activities, said Mr. Bu. New technologies introduced like satellite monitoring, radar methods and software advancements have helped a lot. Mr. Bu said these technologies have helped engineers and geologists make informed decisions so to prevent incidents and saving lives. He added that he continues to further work with software developers to establish an integrated system whereby all data on the monitoring of slope failures can be accessed on a one stop shop platform to better monitor, give warnings on soil movements, slope stability and potential slope failures. OTML is located in the remotest part of Western Province and operational risks are constant, hence the mining company continues to invest in safety and maintain international standards in mine safety.

Perhaps one of the important sectors in the extractive resource business in Papua New Guinea (PNG) is alluvial gold mining, it has contributed quite a lot in mining revenues over the years, but activities in this sector has gone down in the past couple of years. This was revealed by the Managing Director for Mineral Resources Authority (MRA) Mr. Jerry Gerry when giving his keynote address at the opening of the 2nd Geosciences, Exploration & Extractive Conference (GEE 2024) in Port Moresby city yesterday. Mr. Gerry, when giving an update on the overall progress of the country’s mining sector, said alluvial gold mining or small-scale mining, has declined significantly. “We’ve seen a drastic decline in the last three years,” said the MRA Managing Director. “Last year it went down to around 36, 000 ounces from over 120, 000 ounces.” According to data on a graph which he referred to on the alluvial gold mining sector, 2008 saw an increase of production from 80, 000 ounces per annum to over 120, 000 ounces per annum in 2019. Fast forward to 2023, that figure was reduced to 32, 274 ounces per annum. That is an export value of K247million. Mr. Gerry later explained that assessments are being carried out to determine the cause behind the drastic reduction of activities so to revive it. The sector itself employs over 40, 000 to 80, 000 people.

The fuel prices for this month will slightly increase for all three petroleum products across the country starting today, Thursday 8th August. The Independent Consumer and Competitions Commission (ICCC) announced that the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will increase on average throughout Papua New Guinea (PNG). These retail price increases were mainly attributed to higher oil demand in the United States (US) and the ongoing geopolitical tensions in the Middle East. The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the third quarter of 2024, the annual wholesale and retail margins for 2024, and Goods and Services Tax (GST), including the applicable exercise duties, among other parameters. After adding all the various cost components, the maximum retail price movement for fuel in Port Moresby city will see petrol increase by 10 toea from K4.51 per liter in July to k4.61 per liter in August, diesel increase by 2 toea from K4.35 per liter in July to K4.37 per liter in August, while kerosene increase by 1 toea from K4.05 per liter in July to K4.06 per liter in August. The fuel retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the third quarter of 2024, and their respective annual retail margins for this year. The ICCC also states that as part of its enforcement and compliance of fuel prices, its Investigative Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices in the country. The ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby cities. Inspection Administrators in other provinces will be supported by ICCC Agents and respective Provincial Administration in those provinces.

The 3- day 2nd Geoscience, Exploration and Extraction (GEE) Conference 2024 commences today in Port Moresby city with much to discuss on finding that fine balance between extractive resource projects and the maintaining of the environment. The GEE Conference is aimed at bringing into one room, geoscientists, engineers, NGOs, academics from Papua New Guinea (PNG) and overseas to share ideas, experiences and research findings. The general idea is to share information and utilise these data to PNG’s advantage in terms of the nation’s development, not just in the mining sector, but other sectors of the economy as well. This was further stressed by the Managing Director, Mr. Jerry Gerry when delivering the opening remarks on behalf of Prime Minister James Marape, who couldn't make it this morning due to other engagements. Mr. Gerry said geoscience intertwines with all other sectors, including environment protection. Having said that, Mr. Gerry explained that countries like Papua New Guinea (PNG) depends on the resource sector; mining and also petroleum. PNG's export revenue on resource projects makes 80% of revenue and it's something that makes a large part of the country's economy; however, he said working together to find that balance between extraction and preservation is important. He said the main concern is how a country can extract minerals at a sustainable manner, and this can be achieved through proper research by institutions and stakeholders in sustainable extraction. "Our involvement in geoscience is a calling to understanding all resources across planet earth," said Mr. Gerry. "How can we innovate; how can we extract responsibility?" He said new techniques are required, and the focus is now more on greener methods to extracting responsibility, and minimizing harm in the environment calls for the need to discuss further on this matter. As such, he encouraged all participants in the conference to have dialogue, share ideas, research findings so to put out there the suggestions and recommendations going forward. The Conference's theme is "Research & Innovation in Geoscience, Extraction & Extraction for Sustainability", and will run from the 7th to the 9th of August.

The issuance of banking licenses by the Bank of Papua New Guinea (BPNG) to two new commercial banks in the country on Monday 05th August, marks a significant step forward in efforts to improving the banking sector. BPNG’s Governor, Ms. Elizabeth Genia when making PNG banking history in approving and granting two commercial banking licenses to TISA Bank Limited and Credit Bank PNG, made it clear that this was indented to give more choice in banking services to the people. “The granting of the licenses confirmed that each applicant had satisfied the rigorous assessment process conducted by BPNG over a two-year period to ensure they met the high standards required to operate a commercial bank in PNG,” said Ms. Genia. “In meeting these standards, both TISA Bank Ltd and Credit Bank PNG demonstrated robust business plans, strong financial standing, and clear commitments to providing high standards of customer service.” “The addition of two new participants to the commercial banking sector is positive news for PNG and supports BPNG’s aim of developing a strong and vigorous financial system,” she said. She added that BPNG will continue to provide its support and guidance to both TIS Bank Limited and Credit Bank PNG through its supervisory and regulatory oversight, as it does with all commercial banks. She then went on to explain that for banks to retain their banking licenses, all commercial banks in PNG are required to comply on an ongoing basis with the Banks and Financial Institutions Act 2000, regulations, directives and prudential standards issued by BPNG from time to time. “As licensed commercial banks, TISA Bank Limited and Credit Bank PNG will also have the opportunity to contribute to banking industry development discussions, such as conducted through the National Payments Council.” Meanwhile, one of these two financial institutions that was granted its new banking license- Credit Corporation (PNG) Limited, has already come under fire after prematurely announcing its new commercial bank license issued by BPNG. This has resulted in the PNGX Markets Limited or the country’s stock exchange and trade, putting a temporary trading halt on its securities as of Friday 2nd August in accordance with PNGX Listing Rule 26.6.2, so to prevent disorderly market conditions and ensure that all market participants have access to complete and accurate information. The other financial institution recipient of this new commercial banking license, TISA, also pitched in calling for the immediate termination of the Chief Executive Officer of Credit Corporation following his premature announcement of the granting of a banking license, which TISA said constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules.

The National Youth Development Authority (NYDA) and The Voice Inc. (TVI) have officially joined forces to enhance youth development initiatives across Papua New Guinea (PNG). This was made possible on Friday 2nd August when TVI and the NYDA signed a Memorandum of Understanding (MOU) at the NYDA office in Port Moresby, marking a major step forward in fostering collaboration and achieving impactful results for all youths in the country. This partnership using with NYDA’s extensive network of partner organizations, aims to bridge the gap between the government and various implementers, embodying the principle of "going far together, not fast alone”. During the ceremony, the Director General of NYDA and representatives from The Voice Inc. formally signed the MOU, recognizing TVI’s 17 years of dedication to youth development. TVI was also welcomed to participate in Local Level Government (LLG), district, and provincial youth development councils. This collaboration is aimed at also supporting NYDA in achieving national youth policy goals. Speaking on behalf of NYDA, the Director General Mr. Joe Itaki, applauded the step taken by both organizations to sign an MOU, stating that the partnership is a testament to a shared commitment to youth development. Also present at the signing was TVI Executive Director, Maliwai Sasingian who thanked NYDA for the opportunity to further collaborate through the MOU. "We are honoured to formalize our collaboration with NYDA. This MOU signifies our dedication to supporting and leading youth-led initiatives across the country”, Sasingian said.

The PNGX Markets Limited or the country’s stock exchange and trade, has put a temporary trading halt on the securities of Credit Corporation (PNG) Limited (PNG X Code: CCP) following the granting of a banking license to its subsidiary, Credit Corporation Finance Limited by the Bank of Papua New Guinea (BPNG). In response to this, the Securities Commission of Papua New Guinea (SCPNG) issued a statement acknowledging this temporary halt that was put in place on Friday 2nd August. The SCPNG stated that this was done in accordance with PNGX Listing Rule 26.6.2 so to prevent disorderly market conditions and ensure that all market participants have access to complete and accurate information. SCPNG’s Acting Executive Chairman, Mr. James Joshua said SCPNG supports PNGX’s decision to maintain the halt until CCP makes an official market announcement concerning the banking license. “Pursuant to section 13(6) of the Capital Markets Act 2015, the Commission is hereby reviewing the documents and law leading to the decision of PNGX to place a temporary trading halt on the securities of Credit Corporation (PNG) Limited, but the Commission is of the tentative view that PNGX’s decision is necessary,” he stated. He added that SCPNG is committed to upholding the integrity of PNG’s Capital Markets. “We remind all listed entities of their obligations under continuous disclosure rules, and any breach of these obligations may result in penalties under Section 443 of the Capital Market Act 2025.” The SCPNG will continue to monitor the situation and will take appropriate action if necessary to ensure transparency and fairness in the market. Meantime, the Teachers Savings & Loans Society Limited or TISA is calling for the immediate termination of Mr. Danny Robinson, the Chief Executive Officer (CEO) of Credit Corporation following his premature announcement of the granting of a banking license. This is because this very action constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules, resulting in the indefinite suspension of trading of Credit Corporation shares. TISA stated that the Board of Directors of Credit Corporation must also be held accountable for the actions of their CEO, stating that it is imperative that the Board demonstrates full accountability and take necessary steps to restore the trust and confidence of shareholders and stakeholders.

Wednesday 10th of January or ‘Black Wednesday’ was perhaps one of the darkest times in the country’s history when police protested over pay- cuts by standing down from performing their constitutional duties, which then led to riots and lootings of shops in Port Moresby city and parts of the country. On that unfortunate day, a lot of business houses ranging from small shops to major supermarkets and warehouses were damaged, some of them even burnt down to the ground by the looters. On that day, one local entrepreneur was also hit when looters ransacked and destroyed shops. Mr. Jive Smaré, who owns the Jive Market online platform was hit and lost a considerable amount of money on Black Wednesday, but all that could change for him and his company JYVX Limited, with the recent support from the National Government in the form of over K98, 000 from the business relief package meant for supporting business houses affected by riots and looting. Speaking to PNG HAUSBUNG, Mr. Smaré shared his story with us on what had happened and where he is now. “I am a software developer and one of the software we developed was Jive Market and we put into a lot of stores and people sell easipay and credits through this system,” said Mr. Smaré. However, on the days leading to Wednesday 10th January, most of the shops were yet to pay them for the use of their system and when the lootings started, they lost all the payments as well during that time. “So, we got wiped out, not just here (Pot Moresby) but other places at the same time, and then it spiralled as well. Everyday we try to keep it going, it was suddenly falling behind and then it just went out.” He said the funding assistance will specifically go towards wage and salaries support for his staff members which he said start off at fifteen to sixteen members, but now down to just six staff members. “So, we basically closed our operations temporarily while we try to figure out how to get back on our feet, but this will really help,” Mr. Smaré said when appreciating the funding support from the National Government. Mr. Smaré was on hand to receive the government cheque along with the CPL Group yesterday, Sunday 04th August at the newly opened Stop & Shop retail outlet at Rainbow, Port Moresby. The cheque was presented by the Chief Secretary to the Government, Mr. Ivan Pomaleu. One cheque of funding support was presented to the CPL Group and the other to Mr. Smaré.

The Teachers Savings & Loans Society Limited or TISA is urgently calling for the immediate termination of Danny Robinson, the Chief Executive Officer (CEO) of Credit Corporation. According to statement released by TISA this afternoon, the call was made following his premature announcement of the granting of a banking license, because this very action constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules, resulting in the indefinite suspension of trading of Credit Corporation shares. “Danny Robinson's actions were premature, immature, and reflect a level of desperation and incompetence that is unacceptable for the leader of a publicly traded company,” TISA management said in the statement. “His unauthorized announcement has severely impacted shareholder value and disrupted capital markets trade.” TISA asserts that the Board of Directors of Credit Corporation must also be held accountable for the actions of their CEO. It is imperative that the Board demonstrates full accountability and takes necessary steps to restore the trust and confidence of shareholders and stakeholders. TISA is committed to ensuring the integrity and stability of the financial markets. “We emphasize the importance of adhering to regulatory frameworks and maintaining transparent governance practices to safeguard shareholder interests and uphold market integrity.”