Newmont makes commitment to PNG

Palmer was speaking in Sydney, Australia, at the 17th PNG Resources and Energy Investment Conference.

“We view the mineral-rich nation of Papua New Guinea as an attractive investment destination and we are here to stay for the long term. Ours is a multi-decade, multi-generational commitment.”

He told the over 800 delegates that as Newmont works towards its future in PNG, there are five immediate priorities the company is committed to.

These are:

Marape launches Gold Bullion Policy

Prime Minister James Marape said this last Friday (May 12, 2023) when launching the comprehensive policy in front of a fullhouse crowd in Port Moresby.

Marape was accompanied by Acting Minister for Commerce and Industry, Soroi Eoe, whose department was responsible for drawing up the policy.

The Prime Minister assured the small-scale mining operators that the policy was not intended to disrupt or undermine their operations, but provide opportunities for greater benefits

Resource law amendments expected this year

Prime Minister, James Marape, says resource laws will be amended over the next two years to build a solid foundation for the economy.

Prime Minister Marape said some of the policy fundamentals will be put in place, and legislative amendments and laws passed over the next two years before the 2022 National Elections.

Marape said amendments to resource laws will be brought before Parliament.

Current reviews include the Oil & Gast Act and the Mining Act.

Electricity generation for mining operations overdue

Mining Minister Johnson Tuke said this during a meeting with Era Resources Inc (ERI) and Global Operations officials on Monday.

The officials include ERI director Sir Rabbie Namaliu and vice-president for Global Operations, Andre Wessels.

“Previous governments have always been focused on the transmission side of electricity and not power generation and therefore it’s pretty tough now to address the current power generation issues that are in the country, not only in the mining sector but in other areas as well,” Tuke said.

PNGEITI: Contracts still remain confidential

Section 163 of the Mining Act, Section 51 of the Mineral Resource Authority Act and Section 159 of the Oil and Gas Act protect the confidentiality of these contracts.

Without Legislative amendment at this stage, agreements could only be made public with the approval of both the company and the Department of Petroleum and Energy, or the Mineral Resources Authority.

Civil Society organisations have called to have this changed in the interest of greater transparency.

I acted as a man to get work - until I was accused of rape

Pili Hussein grew up in a large family in Tanzania. The daughter of a livestock keeper who had many large farms, Pili's father had six wives and she was one of 38 children. Although she was well looked after, in many ways, she doesn't look back on her upbringing fondly.

"My father treated me like a boy and I was given livestock to take care of - I didn't like that life at all," she says.

But her marriage was even more unhappy, and at the age of 31 Pili ran away from her abusive husband.

PNGEITI Report set for release

The report was set for publication at the end of last year, however it was delayed due to some key revenue and production data not being made available on time.

Head of the National Secretariat Lucas Alkan said the independent auditor (Ernst & Young) is now finalising the outstanding data obtained from a couple of key reporting entities.

“The independent auditor has collated the financial data and reconciled any discrepancies arising from the figures provided by government agencies and companies,” said Alkan.

Exploration continues despite trying market

However, Gold Mountain Limited is one which is strategically operating against this bleak backdrop and is experiencing encouraging results.

In an interview with Business Advantage PNG, Gold Mountain managing director, Tony Teng, says market conditions have made operations ‘incredibly challenging’.

“One of the biggest challenges for a small company like Gold Mountain is raising capital for mining projects, especially during the exploration phase,” he says.

Projects to bring in billions

The figure was revealed during the launching of the ‘The Report: Papua New Guinea 2016’ by the Oxford Business Group (OBG).

OBG Chief Executive Officer, Andrew Jeffreys, says PNG has a relatively easy task of differentiating itself as a destination of choice for energy majors and commodity investors, given irs unique hydrcarbomn and mining potential.

He said delivery of large scale projects creates an enormous buzz in international media and tends to attract smaller investors.

Kumul Petroleum Academy receives K4.5m

The funding was presented today by PNG’s national oil and gas company Kumul Petroleum Holdings Limited (KPHL).

The Kumul Petroleum Academy initiative is funded by the KPHL’s participation in South Pacific Employment Institution (SPEI).

A total of 32 trainees will have an opportunity to be trained at the centre situated at the world class state of the art training facility built at a cost of K53m at Idubada near Port Moresby.