Over K300million of dividend was finally paid out by Ok Tedi Mining Limited (OTML) to its shareholders recently to close of another year of business for the mining company. OTML said it paid out a final dividend payment of K350million to its shareholders on 28th December 2023, bringing the total dividend to K450million for the year. The Company had declared an initial interim dividend payment of K100million on 26th October citing a positive outlook for a final dividend payment in December 2023. OTML Board Chairman, Jeffrey Innes, thanked employees, contract partners and the mine impacted communities for their support throughout…
Author: Emmanuel MAIPE
The Minister for International Trade and Investment has told his officers and staff of the Department of International Trade and Investment (DITI) that 2024 will be the year of implementation of everything that they have laid the ground works for this year. Speaking at a recent DITI event in the city of Port Moresby, Minister Richard Maru said one of the main things on the agenda is the Special Economic Zone (SEZ) projects. He said the Ministry of International Trade and Investment (MITI), which is still quite new, was created to be the primary driver of economic growth in Papua…
In an effort to get more from the country’s Fisheries Sector, the Ministry of International Trade and Investment (MITI) has pushed for imposing a tax on all unprocessed fish caught in Papua New Guinea (PNG) waters by fishing companies and shipped overseas. Minister for International Trade and Investment, Richard Maru said the good news is that the government supports this initiative by the Ministry. “Through our initiative, we brought parliament to pass a law that by the first of July next year (2024), this country will for the first time introduce a 20% tax on all the fish brought out…
The three national Parliamentary Members of the Gulf province are expected to have an urgent meeting with the prime minister today to go over their issues that they have raised regarding the Social Mapping and Landowner Identification Study (SMLIS) conducted for the Papua LNG (PLNG) Project. The Gulf Governor, Chris Haiveta, said this meet up was already agreed upon last week in another meeting with Prime Minister (PM) James Marape, to hear their side of the story regarding matters relating to no proper identification of landowners of the project areas and other matters. This meeting today with the PM comes…
The Porgera Mine in the Enga province has finally reopened for business following its commissioning after over three years of its closure of operations. The New Porgera Limited (NPL) announce that this was achieved yesterday, Friday 22nd December under the Porgera Project Commencement Agreement (PPCA), marking the start of “New Porgera” and the resumption of operations at the Porgera gold mine, which has been in care and maintenance since April 2020. The historic agreement reached between the Marape Government and leading global mining companies, Barrick and Zijin Mining, in April 2021 provides for greater ownership and economic benefits for Papua…
In a move that would see the landowners of the Papua LNG (PLNG) in the Gulf province benefit from the spin- off businesses from the country’s second major LNG project, saw the landowner groups launch their first ever landowner umbrella company. Called the Gulf Papua Umbrella Joint Venture (GPUJV) Limited, it is the lead Landowner Company (Lanco) for six landowner groups, which are also represented by six companies under this Umbrella Company. Speaking at the official launching today in Port Moresby, the Member for Kikori and Minister for Provincial and Local Level Government Affairs, Soroi Eoe said the Lancos consist…
The Kikori District Development Authority (KDDA) in the Gulf province, in its efforts to cut down on the cost of vehicle hires for its administrative duties, has opted to purchase new vehicles for its district offices. The KDDA recently purchased two new four-wheeled vehicles capable of handling the bush conditions in the district to get officers around to perform their duties. The two new vehicle purchased were specifically for the Treasury Team and the District Administrator. The district’s Acting Finance Manager, Ms. Helen Kavo thanked the KDDA Board for capturing the vehicles in the DDA’s assets registry budget component for…
Local businesses in the Micro, Small and Medium Enterprise (MSME) sector will continue to be supported and represented at the government level into to the future, through the MSME Council of Papua New Guinea (PNG). That was the assurance from the Founder of the MSME Council, Mr. James Gore, at a recent Council event held in the city of Port Moresby this month. Mr. Gore said the Council plays an important role as the link between the government and the micro and small businesses in terms of policy and support for the MSME sector. He said prior to the establishment…
The construction work on a new Level 4 District Hospital for the Yangoru- Sausia District in the East Sepik province is expected to start next year. This was announced just recently by the Member for Yangoru-Saussia and Minister for International Trade and Investment, Richard Maru, following a visit by the Provincial Health Authority (PHA) Chief Executive Officer (CEO), Mr. Matthew Kaluvia and his management team to see the proposed site. The first phase of the construction of the Level 4 District Hospital will commence after designs are completed and tenders are called and awarded by the East Sepik Provincial Health…
PNG Power Limited (PPL) has given its assurance to its customers throughout the country that electricity services will not be affected this festive season as people celebrated Christmas and New Year. The Acting Chief Executive Officer of the State-owned power company, Mr. Nehemaiah Naris in a statement said that all their operations teams throughout the country are working this holiday season to ensure that the power supply is maintained and that any unplanned outages that occur will be attended to as quickly and safely as possible and restored within a short turnaround time. “Christmas is a time for all families…