Papua New Guinea stands to benefit from stronger gold prices for the reminder of this year and going into 2025. That is the announcement from Kina Bank when stating in its latest economic report that the continued record gold prices will have positive implications for PNG’s gold export proceeds. When releasing its September 2024 Economic Update, Kina Bank Managing Director and CEO Greg Pawson said that gold prices reached record historical highs of US$2, 600 per ounce in September, and that trend is likely to continue given the uncertainties around the global economic outlook, in particular with the looming U.S…
Author: Emmanuel MAIPE
The law-and-order situation in the Porgera Valley and issues along the road at the landslip areas of Mulitaka in Enga province continues to affect the mining operations at New Porgera Limited (NPL). Just last week on Thursday 17th October, NPL issued a notice announcing that the Porgera mine has stood down operations due to recent violence in the Mulitaka area and illegal roadblocks along the Highlands Highway. Since the announcement, there has been nothing further from NPL on the status of the Porgera mine for almost a week now, meaning that the mine operations have stopped for this long. This…
NIUSKY Pacific Limited turns another chapter in its story with the launching of two significant documents aimed at taking the state-owned entity to new heights in its services to ensuring safe skies in Papua New Guinea (PNG). Launched today at the APEC Haus in Port Moresby city, are the NiuSky Pacific 2025- 2027 Corporate Plan and the Strategic Direction witnessed by NiuSky staff, the board and management and invited guests including the Minister for Aviation and Transport and MP for Namanatanai, Walter Schnaubelt. NiuSky Pacific Board Chairman, Mr. Robin Kembo’ nga Kawat said the launching today is a milestone achievement…
The national flag carrier, Air Niugini, has just added a new aircraft to its fleet of Q400 aircrafts to improve its services in the domestic route, all thanks to funding support from the National Government. Just over the weekend on Saturday 19th October, Air Niugini welcomed its 4th Q400 to Port Moresby city as part of the airline’s fleet transition program. The acquisition of this aircraft, PXT was fully funded by the National Government through the Public Investment Program (PIP) with the support of Kumul Consolidated Holdings (KCH). The aircraft costs about 7 million US dollars. There was water salute…
The new TISA Bank is ready to open its doors to customers come next week Monday following its official launching last night in Port Moresby city witnessed by staff, dignitaries and the TISA board and management. TISA Bank Chief Executive Officer (CEO) Mr. Sumit Pakharel said the Waigani branch in Port Moresby city will open on Monday 21st October, marking the start of operations for the newest homegrown bank in Papua New Guinea. “After this branch, we will open the Lae, Mt Hagen, Kokopo branches and then the other centers,” he said. TISA has over 85, 000 members and the…
Today in Port Moresby city saw 230 participants, mostly women, graduate with certificates from a new training program provided by the SME Corporation (SMEC). This new training program called “Invest and Grow Money”, which runs for two weeks, aims to equip participants with the right skills and knowledge to start up their small business and then provide funding support for the participants through a soft loan, and later supporting them through further trainings to help their businesses grow. The Acting Manager Capacity Building, Mr. Bill Reuben said that initially the SMEC only provides training to participants from the SME sector…
A team from the Ok Tedi Development Foundation (OTDF) from Western province had the opportunity to learn about cocoa beans processing in a recent visit to the Huon Gulf district of Morobe province. Small holder cocoa farmers from the Huon Gulf District hosted the OTDF Board and Executive members to share ideas for community development by showcasing their cocoa drying facility. The visit saw the Nasuapum Cooperative Center showcase the village’s cocoa drier facility funded by Wafi-Golpu Joint Venture (WGJV). The visit was arranged by Mr. David Masani Community Affairs Manager for WGJV Project. Nasuapum Cocoa Cooperative Chairlady and Apollo…
Over ten business houses in the New Ireland province are now in the glaring eyes of the country’s consumer watchdog for price gouging. That watchdog, the Independent Consumer and Competitions Commission (ICCC), issued a statement on this matter just recently stating that it will prosecute eleven (11) shops in the province for increasing their prices above 10 percent (10%) without prior approval from ICCC. During ICCC’s nationwide price measure exercise carried out in the province recently, it was recorded that 11 shops in Kavieng and Namatanai districts were found to have increased prices of certain goods listed in schedule 1…
Prime Minister (PM) James Marape met with the New Zealand High Commissioner to Papua New Guinea (PNG) on yesterday where he proclaimed that NZ continues to be very consistent partner the country’s development. Prime Minister Marape described New Zealand as “steady and reliable” in its partnership with PNG during his meeting with the New Zealand High Commissioner, H.E Peter Zwart. The bilateral meeting saw the two leaders discuss common issues of mutual interest between the two countries, New Zealand’s involvement in community development projects throughout the country, ongoing technical support to the revitalization of the Papua New Guinea public service,…
Indonesia’s President elect, Prabowo Subianto, while on his first State Visit to Papua New Guinea (PNG) in August, extended his invitation to Prime Minister (PM) James Marape for his inauguration, of which Marape accepted and will attend this weekend. Marape will represent the government and people of PNG at the inauguration of H.E. Prabowo Subianto as the eighth President of the Republic of Indonesia, scheduled for this Sunday, October 20, 2024, at the Senayan Parliament Complex in Jakarta. President-elect Subianto will be inaugurated alongside Vice President elect H.E. Gibran Rakabuming Raka, the son of outgoing President H.E. Joko Widodo. The…