More details about the potential of the Elk-Antelope LNG Project emerge, 108 companies apply for exemptions to minimum wage increase, and social media fundraising underway to buy Bougainville cocoa. Your weekly digest of the latest business news.

InterOil CEO Michael Hession says the Elk-Antelope LNG Project will support ‘at least a two-train project’. At a media conference last week, the project partners (Total, National Petroleum Company, and InterOil) said the US$20 billion (K50 billion) project will take at least five years to build with construction due to start within 14 months and the first LNG export due in late 2020 or early 2021. An arbitration hearing over the InterOil/Total deal begins at the end of November—see full story.

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InterOil’s Michael Hession

The Secretary for Labour and Industrial Relations, George Vaso, says he has received 108 applications for exemptions from the rise in the minimum wage, effective from last July. He says only some employers have paid the rate while the rest are yet to pay.

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The final designs of the Pacific Marine Industrial Zone project in Madang Province will be presented to the National Executive Council by next March, according to Trade Commerce and Industry Minister Richard Maru. The PNG Government is aiming to have the billion kina project delivered in the coming 12 months.

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PNG’s Prime Minister Peter O’Neill.

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Curtain Brothers and Aspen Medical (pictured right) yesterday launched a new medical centre at Harbour City in Port Moresby.

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Coppermoly Ltd chairman Michael Howard says the Australian-based explorer will continue to focus its efforts on raising capital to advance its properties in Papua New Guinea. Once funds have been raised the company’s immediate plans will be concentrated on the Mt Nakru project on New Britain Island, it was explained at the company’s annual general meeting.

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Civil engineering company Shamrock Civil has been selected to upgrade key road and bridge links to markets and services on Manus Island. The A$16 million project is part of the Australian government’s assistance package for Manus. The High Commission says works are expected to be completed by December 2015 and will include job opportunities for Manusians and PNG citizens.

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European Union concerns in regards to fishing activities in Papua New Guinea waters are being addressed, according to the National Fisheries Authority. The EU’s concerns centre on traceability, conservation and illegal unreported and unregulated fishing activities in PNG waters.

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An artist’s impression of the Cassowary Hotel

Steamships and the Ok Tedi Development Foundation have signed an agreement to building a new upmarket hotel in Kiunga, Western Province. Construction will start early 2015. The Cassowary Hotel will have 45 rooms together with a meeting room, restaurant, bar and shop.

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A new hospitality training facility has opened in Port Moresby. The Australia Pacific Technical College, in conjunction with TAFE Queensland and Coral Sea Hotels, will offer trade level qualifications in commercial cookery, commercial catering, bakery, patisserie and hospitality operations.

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PNG-owned company, ACES Ventures, has won the contract to upgrade and seal a 9.2km portion of the Ramu Highway in Madang Province. It will cost K973,390.20 and take 12 months to complete.

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Economic forecaster BIS Shrapnel expects a 40% fall in Australian mining investment over the next four years to be the biggest on record. Despite this, the mining sector overall is still expected to grow by about 33 per cent in the next five years, as a result of a recent investment boom which peaked at A$93 billion last financial year.

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Solomon Islands MPs meet in Honiara this week to form a new government. Independent candidates were the biggest winners, securing 32 seats in the 50-seat parliament. Gordon Darcy Lilo, who was prime minister from 2011, lost his seat.

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James Rutana, Bougainville cocoa grower

And finally, a NZ chocolate manufacturer is using Kickstarter to raise funds to buy one tonne of Bougainville cocoa, which they intend transport by boat to Wellington. The Wellington Chocolate Voyage project involves upgrading a farming community, improve drying sheds and growing a high-quality crop of unique Criollo varietal cocoa.