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Finance

Ok Tedi declares 2019 Full Year Profit After Tax of K754 million

FOLLOWING the Ok Tedi Mining Limited Annual General Meeting held on 22 May 2020, Chairman Sir Moi Avei KBE announced that the Company had recorded a 2019 Profit After Tax of K754 million (US$222 million). This was an increase of K289 million or 61% compared to the previous year. “The Company distributed PGK 400 million in dividends during 2019 while investing a further PGK 408 million in the strategically important

World Bank Commits to Papua New Guinea’s Fight Against COVID-19

THE World Bank has approved an emergency US$20 million (approximately PGK70m) project for Papua New Guinea (PNG) to provide rapid support the country’s COVID-19 (coronavirus) pandemic response. The emergency support will fund rapid health support for PNG focused on protecting health workers and others in the response effort, helping PNG health authorities quickly scale-up testing capacity, and strengthening public education to combat the spread of the virus. The project, funded

PNG project delays raise concerns from global and local financiers

GLOBAL and local financial experts have expressed concerns at the state of Papua New Guinea’s economy in the face of continued delays to a number of world-class resource projects. The mood has darkened further with the PNG Government’s decision to walk away from negotiations on the P’nyang development, a key piece the proposed expansion of the country’s LNG industry. There have also been delays in negotiations for the giant Wafi-Golpu

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

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.

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

Chamber says major new resource projects set to make a key contribution to revenue in 2019

THE PNG Chamber of Mines and Petroleum has welcomed the 2019 Budget which has passed in the National Parliament of Papua New Guinea. Deputy Prime Minister and Treasurer Hon. Charles Abel last week presented his 2019 Budget, outlining the framework and agenda for the government’s financial priorities over the next year. The Chamber congratulated the government and Treasurer’s commitment to fiscal stability and its focus on ensuring global competitiveness and

PNG and OECD agree on tax inspectors partnership

THE Organisation for Economic Co-operation and Development (OECD) and Papua New Guinea’s Internal Revenue Commission have agreed to gear up efforts to tackle tax base erosion and profit shifting by multinational enterprises in PNG, through participation in the OECD/UNDP Tax Inspectors Without Borders initiative. This project sends tax experts to developing countries to work with local officials on audits of large companies, resulting in over US$400 million of additional tax revenues worldwide to

Nautilus receives additional loan under secured loan facility 

SUBSEA mining proponent Nautilus Minerals Inc. has received a US$770,000 loan from Deep Sea Mining Finance Ltd under a previously announced loan agreement between the company, two of its subsidiaries and the lender which provides for a secured structured credit facility of up to US$34 million. Pursuant to the Loan Agreement, Nautilus has issued to the Lender an additional 3,307,560 warrants of the company in connection with the US$770,000 loan.

APEC Ministers highlight the importance of security of tenure and stability 
of investment terms

The PNG Chamber of Mines and Petroleum has welcomed the release of the official Statement of the 6th Meeting of the APEC Ministers Responsible for Mining Meeting, following the Ministers’ meeting in Port Moresby on August 23. In the statement, the APEC Ministers said that “sound regulatory and fiscal frameworks are essential to encourage investment in mining, as are security of tenure to investors and stability of investment terms, as