Managing Director

Ilimbit was selected after a rigorous evaluation of candidates and an international search campaign. Previously, he worked at OTML from 1995 to 2004 and held various positions, starting as a graduate mechanical engineer.

After leaving OTML, he worked in senior and managerial positions at several mines in Australia. Ilimbit returned to OTML in 2015 and has since worked in Mine Maintenance, Processing, Asset Management, and Operations & Community Support, holding the position of Acting CEO currently.

Managing Director, Augustine Mano said that the Community Infrastructure Trust Fund (CITF) will focus on delivering clean water, improved health and education services, and lifting agriculture production.

He said: “Your Future Generation Funds will also be invested wisely, so when the Ok Tedi Mine closes down in 10 years’ time, you have a sustainable flow of income from investments to support you into the future.

Managing Director, Alan Milne, said this in response to questions from the media about any potential strike action taken by staff during the peak period of operations.

Air Niugini and the union body representing staff, the National Airline Employees Association (NAEA), have recently made headlines regarding negotiations on terms and conditions of staff.

The issue in focus relates to the ‘Industrial Awards’ or Employment Terms and Conditions of NAEA Members.

Managing Director, Alan Milne, said the airline will be focusing on its domestic product as it aims to become more competitive.

During his presentation to the POM Chamber of Commerce, he revealed that loss-making routes would be suspended.

He announced that Townsville, Denpasar, Shanghai and Tokyo flights were affected by this.

This follows the previous announcement by Prime Minister Peter O’Neill in Parliament recently.

Responding to questions from this newsroom, Mano said there was no sale but offers were made.

“Currently there is no sale as announced by PM,” said Mano.

“There are a couple of very good offers which management is looking at but ultimately the decision to approve the sale will be the shareholders who will decide, based on their expectations and aspiration,” said Mano.

National Airports Corporation Managing Director, Richard Yopo, in a statement said it will be temporarily closed as part of the restricted zone for APEC.

The general public is advised to use the domestic airport carpark during this period.

The VIP transit facility, built next to Air Niugini cargo, will also be restricted.

APEC routes in the city will include the Tokarara June Valley road, Independence Drive, Somare Drive and Lawes Road. These roads may be locked down thirty minutes before the motorcade convoy and open straight after for public use.

Speaking at the launching of the Boera Primary School teachers’ accommodation on 23^rd October, Mano said they will start the process of opening the accounts so that landowners from the segments can elect their directors.

This will enable the flow of benefits – such as royalties – to them.

Mark Baker, Managing Director ANZ PNG said: “This marks an important milestone in the history of local financial markets, setting a strong precedent for future issuances in Papua New Guinea.”

It is an important phase in the evolution of an emerging economy and will go a long way in establishing PNG’s identity in global financial markets.

Oil Search Limited reported a net profit after tax for the first half of the year, at US$79 million; that over K260 million.

Managing Director Peter Botten said the half year results was credible achievement considering the challenges of the February earthquake in the vicinity of the company operations in the Highlands region.

“The first results were the most challenging in Oil Search operation history because of the earthquake. Given that US$79.2 million profit was made in the first half represents credible achievement.”

The country has received K14 billion in revenue, with K3.9 billion paid to the state and landowner entities in royalties, development levies and equity payments.

Managing Director, Peter Botten, said landowner benefits of K708 million is held in trust waiting for the completion of landowner identification process.

Botten also said of the 15 licences covering PNG LNG Project areas, 12 are either receiving (Plant Site LOs) or close to receiving benefits. Three are held up by the courts.