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Finance

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

Nautilus enters into US$34 million loan facility with major shareholders

SUBSEA mining proponent Nautilus Minerals Inc.has entered into a loan agreement with Deep Sea Mining Finance Ltd formalising a previously disclosed secured structured credit facility of up to US$34 million. The company, and its wholly-owned subsidiaries Nautilus Minerals Niugini Limited (NMN) and Nautilus Minerals Pacific Pty Ltd, entered into the loan agreement with Deep Sea Mining Finance, pursuant to which the company may continue to receive secured loans from the

Subsea miner Nautilus issues funding warning

Subsea mining proponent Nautilus Minerals has issued a number of warnings regarding its funding requirements for its offshore PNG project. In its latest update, the Canadian company reported that it is discussions with a number of parties about potential financial support as it has a some significant payment requirements looking by year end in order to maintain the development of the Solwara 1 Project. The company aid it requires significant

Kumul confirms Oil Search interest divesture

PNG’s national petroleum company Kumul Petroleum Holdings Limited (KPHL) has confirmed it has divested its 9.8% stake in the country’s biggest oil and gas reserve holder, Oil Search Limited. The divestment was executed by unwinding the equity collar loan with J.P. Morgan Securities and UBS AG Australia Branch. While KPHL has ceased to have any interest in Oil Search shares it continues to be responsible for managing the State’s 16.77%