Barrick initiates World Bank conciliation proceedings with PNG Government over Porgera

PORGERA Gold Mine operator Barrick (Niugini) Limited (BNL has initiated conciliation proceedings before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) to settle its dispute with PNG arising out of the PNG Government’s decision not to extend the Porgera Special Mining Lease (SML). BNL says it exercised its legal right to apply for an extension of the Porgera Special Mining Lease in June 2017. The company alleges

Barrick says non-extension of Porgera SML a catastrophe for Landowners

PORGERA gold miner Barrick Niugini Limited (BNL), claims the PNG Government’s decision not to extend its Special Mining Lease was tantamount to nationalisation without due process and in violation of the government’s legal obligations to BNL. The company said it remained willing to discuss the issue with Prime Minister James Marape and his government in the hope of averting what it described as a catastrophic situation for the communities at

Ok Tedi Mine vows to continue operating

OPERATIONS  at the Ok Tedi mine will continue as long as it’s safe and economical to do so, says Ok Ted Mining Limited Managing Director and Chief Executive Officer Peter Graham. Mr Graham made these remarks after Papua New Guinea announced yesterday (Thursday 16th April) that it had five new COVID-19 cases, of which three were from border villages adjacent to the mine’s Bige dredging project in the Western Province.

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

Better data means better health services and treatment

THE Catholic Church Health Services (CCHS) with the support of the Papua New Guinea-Australia Partnership is improving and strengthening its reporting mechanisms on sexual and reproductive health services in the country. CCHS data helps the Government of Papua New Guinea to make informed decisions about health service delivery including access to proper treatment. A three-day workshop on effective data collection, analysis and reporting was held for 11 Catholic health officers

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

Horizon elects to terminate CEO Sheridan during PRL-21 investigation

PNG oil and gas explorer and developer Horizon Oil has decided to terminate the employment of CEO Michael Sheridan while it investigates allegations the company made a payment to a senior Government official to acquire an interest in Petroleum Retention Licence (PRL) 21 in 2011. Mr Sheridan was originally suspended on February 12, 2020, when the company elected to further investigate claims related to the PRL-21 deal. Horizon told shareholders

Horizon denies any knowledge of alleged PNG payment

AUSTRALIAN petroleum company Horizon Oil says it has no actual knowledge of any wrongdoing relating to a reported transaction to PNG officials to acquire an interest in Petroleum Retention Licence 21 (PRL 21) in the Western Province of Papua New Guinea. The company has also denied knowledge of reports that leaked documents concerning the matter have been provided to the Australian Federal Police (AFP) and the Australian Securities and Investment

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

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.