Study into limestone production in Simbu, PNG Power CEO reinstated and enquiry into coastal shipping costs. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says K28 million has been set aside for a feasibility study into converting Simbu Province’s vast limestone resource into cement. He says it’s important a credible development partner be found.

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PNG Power’s John Tang

Suspended PNG Power Ltd chief executive John Tangit has been reinstated by the board of directors and will resume duties next Monday. Board chairman Larry Andagali said Tangit had acted within the system and not benefited in any way from the allegations on over-payments and double payments. Andagali said an independent investigation into the procurement, payment and finance management processes will continue and the board will act on its advice.

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A new Immigration and Citizenship Services Authority office has opened at Tokua Airport, which will allow Immigration officials to issue single-entry tourist or business visas to travellers entering East New Britain directly from overseas. The opening follows last year’s announcement that the province should become the country’s international tourism hub.

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The Civil Aviation Safety Authority has suspended Travel Air flights into Buka Airport indefinitely. The ban follows the airline’s alleged ignoring of a notice to airlines advising the closure of Buka Airport last week due to a landowner dispute.

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The Independent Public Business Corporation has engaged consultants to conduct an analysis of domestic coastal shipping costs, ahead of deciding on appropriate cost cutting measures. But Managing Director Wasantha Kumarasiri says any measures will only affect costs between Lae and Port Moresby.

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CBD from Touaguba Hill. Credit: Toksave of Germany.

The Korea government has pledged assistance to rebuild Port Moresby’s central business district. Public Enterprises and State Investments Minister Ben Micah says the government plans to relocate the city’s main wharf and turn ‘Town’ and Fairfax Harbour into a world class recreational and business centre.

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The PNG mobile phone market is uncompetitive because of Digicel’s dominance, according to the National Information and Communications Technology Authority (NICTA). NICTA looked at the domestic inter-network mobile roaming services and access to facilities, including transmission towers.

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Members of the Lae Chamber of Commerce and Industries are concerned about the poor services they are getting from city authorities, including inconsistent rubbish collections, broken streetlights, poor roads and pavements, and a dirty foreshore. Chamber president Alan McLay says services have ground to a halt because of a dispute over who is the city manager.

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Yandera location. Credit; Marengo Mining.

Marengo Mining has secured a US$ 3 million (K7.7million) loan from its major shareholder, Sentient Executive, a US-based private equity firm. The money will be used to develop its flagship Yandera copper-gold project, 95 kilometres southwest of the northern seaport of Madang.

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Crater Gold Mining reports ‘excellent’ initial high grade gold results from its High Grade Zone Project drilling programme at Crater Mountain on Fergusson Island, Milne Bay Province. In his latest quarterly report, Managing Director Greg Starr says he believes that in its first year of operation, the company can produce 10,000 ounces of gold.

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Mineral Resources Authority managing director Philip Samar says he hopes to hand down a decision on Kula Gold’s Woodlark gold project in Milne Bay within the next two months.

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Decades after phosphate mining all but destroyed the island of Banabas in Kiribati, a coconut oil company is achieving undreamt of success, producing  coconut oil destined for the booming international market. This year, its income expected to top A$3 million (K 7.7 million).

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Iowane Bale, mill manager of the Koro biofuel mill holds a sample of the filtered oil. Credit: UNDP

Finally, villagers on Fiji’s remote Koro Island are using coconut trees and their copra making skills to produce enough power to make the island energy independent all year round. Biodiesel retails at FJ$2.45 per litre , compared to FJ2.80 per litre for normal diesel. For the 283 residents of Nacamaki village, regular access to electricity for four to five hours a night allows the 73 homes to own and operate appliances like a television, mobile phones, an iron and for some, even a washing machine.