Posts From Colin Hay

Mayur on track for Gulf Province coal project

MAYUR Resources has completed the first phase of its resource upgrade and extension drilling programme at the Depot Creek Coal Project in Papua New Guinea’s Gulf Province. The programme included the completion of 45 shallow backpack rig holes reaching depths of up to 9m to test and confirm seam continuity across the deposit. The field work also included the collection of 14 channel samples at various out cropping seams. Managing

Geopacific milestone with start of Woodlark Gold project construction

THE next chapter in the historic story of gold mining on Woodlark Island has reached a key milestone with Geopacific Resources Limited commencing construction at the 1.6 million ounce Woodlark Gold Project in Papua New Guinea. This first phase of development, which follows a recent successful A$40 million capital raising, is designed to facilitate project execution in preparation for the construction of the process plant and the completion of project

Bougainvilleans show powerful support for independence

THE Bougainville Referendum Commission has revealed that approximately 98% of voters in the recent referendum have voted for independence from PNG The Commission report found that: Number of votes for Greater Autonomy: 3,043 Number of votes for Independence: 176,928 Number of Votes counted: 181,067 Number of informal ballot papers: 1,096 “We thank the two governments of Papua New Guinea and the Autonomous Region of Bougainville, and the people of the

Major milestone for PNG domestic power with launch of Niupower Gas Plant

PNG Prime Minister James Marape and a string of high-powered PNG dignitaries were on hand to cut the ribbon to mark the launch of the NiuPower Gas Plant near Port Moresby. The PM was joined by Oil Search managing director, Peter Botten and Kumul Petroleum Holdings managing director, Wapu Sonk for the ribbon cutting ceremony. NiuPower is a joint venture by Oil Search Limited and Kumul Petroleum Holdings. NiuPower is

PM welcomes Japanese investment in PNG petroleum sector

PNG Prime Minister James Marape says Papua New Guinea welcomes any investments in the petroleum sector during a meeting with representatives of Japanese investor, LNG Japan Corporation, in Port Moresby. LNG Japan is studying feasibility of potential LNG-to-power projects in PNG, leveraging its long experiences in the LNG industry, including a small-scale domestic LNG sea transportation project in Indonesia. It is also looking at producing methanol as a raw material

PNG Stock Exchange enters MoU with SPX on market development

PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange and the South Pacific Stock Exchange (SPX) have signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX chairperson, David Lawrence and SPX chairperson, Dr Nur Bano Ali. Mr Lawrence said the opportunities for harmonisation presented by PNGX and SPX

Frontier plans fieldwork over three gold prospects at Tolukuma

FRONTIER Resources Limited has announced an aggressive upcoming fieldwork on the historic Tolukuma tenement. The conpany’s plans include geological mapping, soil rock and trench sampling to determine the extents of near mine prospects at the Saki, Kimono North and Kunda North gold vein systems. First gold was originally poured at Tolukuma in December 1995 by Dome Resources. Durban Roodepoort Deep Ltd (DP), subsequent owners and operators of Tolukuma Gold mines

ADB invests US$10 Million in Kina Securities

THE Asian Development Bank (ADB) has made a US$10 million equity investment into Kina Securities Limited (KSL), a fast-growing financial services company in Papua New Guinea. The investment will help to increase the availability of sustainable financial services and support inclusive growth in the Pacific island country. KSL is one of four banks operating in PNG, where an estimated 70% of the population does not have a formal bank account.

Chamber welcomes positive Government commitment on resource laws

THE PNG Chamber of Mines and Petroleum has welcomed the Government’s announcement to consult the industry on the review of major resource laws of Papua New Guinea. The Chamber responded to the positive news at the conclusion of the three-day PNG Mining and Petroleum Conference in Port Moresby following Prime Minister James Marape’s keynote address on Tuesday that his Government will consult the industry on the review of key legislations

Rabaul tour operators pitch ideas to cruise passengers

CRUISE passengers docked in Rabaul, East New Britain Province, have been interviewed about potential tours and excursions as part of efforts to strengthen local tourism. Supported by the Australian Government in partnership with Carnival Australia and The Difference Incubator, YuMi Tourism Partners is an initiative being rolled out across the South Pacific region to assist tourism entrepreneurs build their business models to fit the needs of customers. Michael Mihajlov from