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Best practices and transparency are essential, says Fishing Industry Association

Marcelo Hidalgo, the Fishing Industry Association’s (FIA PNG) director of sustainability, said that despite a difficult couple of years, Papua New Guinea’s fishing industry was able to maintain demand. He said even though the pandemic resulted in increased logistical costs and prices, the industry’s best sustainable and accountable practices kept them in business. “The only reason we still have a market is because of our best practices that are clearly

Inflation may hit seven per cent and persist into next year

According to Robert Maxwell, the chief executive officer of International Container Services Inc South Pacific, Papua New Guinea is forecast to reach 6-7% inflation this year. He said that several consulting and banking entities agreed, and the cost of living would continue to rise this year. This would mean higher costs of living for PNG citizens. Chris Anders, president of the Goroka Chamber of Commerce and Industry, has also warned

KMHL managing director explains the new Porgera company

The managing director of Kumul Mineral Holdings Ltd (KMHL), Dr John Kuwimb, recently discussed the new Porgera company, which will be incorporated after Mineral Resources Enga (MRE) signs the shareholders’ agreement. “The company will have eight directors – four from Barrick Niugini Ltd and four from PNG,” Dr Kuwimb explained. “The next agreement is the Mining Development Contract, after which we can have the development forum. The operatorship agreement is

Next government to be formed in East Sepik – the potential ‘economic powerhouse’

Speaking in Maprik recently, Prime Minister James Marape described East Sepik as a potential ‘economic powerhouse’ for Papua New Guinea. Because of this potential, and also to honour the memory of Sir Michael Somare, the Marape announced the next government would be formed in the region. The prime minister was joined by the Governor of East Sepik, Allan Bird, Angoram MP Salio Waipo, the Minister of Agriculture and Livestock and

Global rise in crude oil price puts Puma under foreign exchange pressure

According to Puma Energy country manager Hulala Tokome, the company is feeling growing pressure due to the rise in global crude oil prices. The higher prices have led to an increase in foreign exchange requirements as Puma imports more supplies into Papua New Guinea. Given that oil prices are likely to continue rising, Mr Tokome said his company would keep working with the Bank of Papua New Guinea and other

Mining companies must provide information to new MRA data centre

Mineral Resources Authority (MRA) managing director Jerry Garry has said all mining and exploration companies in Papua New Guinea will be legally required to provide information to the State through the MRA’s new data centre. Mr Garry said the MRA was developing a data centre at their head office. This would allow for more up-to-date information on the level of mineral resources, such as copper and gold, produced by the

Ok Tedi’s shift to high-grade ore will take a year

According to Ok Tedi Mining Ltd (OTLM) managing director and chief executive officer, Musje Werror, and the board chairman, Roger Higgins, the company’s shift from lower grade to higher grade ore resources will be completed within the next 12 months. They said that they had hoped OTML would have completed the transition by the end of 2022, but the pandemic’s impact on the movement in the mine has resulted in

PNG Ports to rehabilitate six ports with help from local contractors

The PNG Ports Corporation Ltd (PNG Ports) recently received AU$589 million (around K1.5 billion) in funding from the Australian Infrastructure Financing Facility for the Pacific (AIFFP). The money will be used to rehabilitate six ports – Lae, Daru, Kimbe, Kavieng, Lorengau, and Oro Bay. It will also go toward developing a Highlands inland freight hub. PNG Ports already operates 15 maritime ports in the country. Fego Kiniafa, the company’s Chief

Building Procurement that Benefits PNG

It is readily accepted that prefabricated and modular building systems are better suited to Papua New Guinea than conventional modes of building.  This is especially so for remotely located resource sector projects such as camps, but also for housing developments and large civil infrastructure projects including hospitals, schools, and government offices.  There are several prefabricated and modular building providers in PNG, however they differ in the extent to which they