Loading

Posts From PNG Resources

Chamber says PNG employment and rebound in growth thanks to mining & petroleum

The PNG Chamber of Mines and Petroleum has welcomed a report by the World Bank that has forecasted that new large-scale resource projects could boost Papua New Guinea’s real Gross Domestic Product (GDP) to five percent this year. The World Bank recently released its February 2019 edition of the PNG Economic Update which outlined PNG’s economic situation and medium-term development prospects. The report stated that the country’s medium-term economic outlook

Woodmac says oil and gas exploration’s back in the black – and keen to stay there

AFTER a difficult few years, the exploration sector is back in the black – and keen to stay there. New studies from international industry anlysts Wood Mackenzie shows that explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year. “We are seeing a long-overdue recovery in the sector. Last year conventional exploration returns hit 13% – the highest calculated in more than a decade. As 2018’s

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

Nautilus receives additional loan under secured loan facility

SUBSEA mining proponent Nautilus Minerals Inc. has announced that the company has received a loan from Deep Sea Mining Finance Ltd for US$500,000 under a previously announced loan agreement. Pursuant to the Loan Agreement, provides for a secured structured credit facility of up to US$34 million, Nautilus has issued to the Lender an additional 2,147,766 warrants of the company in connection with the US$500,000 loan. To date Nautilus has issued

K92 Mining receives positive news for US$13.6 million Kainantu expansion

CANADIAN miner K92 Mining Inc. has received  positive results of the Preliminary Economic Assessment (PEA) update for a proposed US$13.6 million expansion of the Kanaintu gold mine in PNG. The PEA found that mining production and plant processing capacity could be increased to 400,000 tonnes per annum over a period of approximately 12 months; The expanded plant would treat 4.9 million tonnes averaging 9.0 g/t Au. 20 g/t Ag and

PNG mining and petroleum conference attracts unprecedented international attendance

THE recently staged 15th Papua New Guinea Mining and Petroleum Investment Conference in Sydney attracted unprecedented international interest as the country is on the cusp of its biggest ever investment surge in new mining and petroleum projects, according to the PNG Chamber of Mines and Petroleum. The Chamber’s Executive Director, Dr Albert Mellam, said in a statement today that the conference organised by the Chamber attracted delegates from 20 countries

PNG Government signs Wafi-Golpu MoU

THE development of the world class Wafi-Golpu copper-gold project in Morobe has taken a major step forward with the signing of a Memorandum of Understanding (MOU) between the Wafi-Golpu Joint Venture (WGJV) and the PNG Government. Leading international miner Newcrest Mining and its WGJV partner Harmony Gold said the MOU is an affirmation of the parties’ intent to proceed with the Wafi-Golpu Project, subject to finalisation of the permitting process

LNG vessel rescues castaway off PNG coast

LEADING LNG vessel owner Mitsui O.S.K. Lines, Ltd. (MOL) reports that one of its vessels has rescued a castaway off the PNG coastline. MOL’s president and CEO Junichiro Ikeda revealed today that on November 26, the MOL-operated LNG carrier LNG Fukurokuju safely rescued a castaway 330km off New Ireland. Releasing details of the rescue, the company said that: At 16:30on November 26, the LNG Fukurokuju, while underway northeast of New

World class Frieda River project moves a big step closer to development

LONG time PNG miner and explorer Highlands Pacific believes the Frieda River copper/gold project has moved an important step closer to development following the completion of a new Feasibility Study. Highlands Pacific reported that is has now received the feasibility study ffrom the project manager PanAust Limited, which contains a major turn around in options for Frieda River, one of the largest undeveloped copper and gold deposits in the world