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…
Author: Emmanuel MAIPE
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…
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…
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…
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…
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…
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…
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”.…
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…
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,…