Prime Minister O’Neill to respect court’s decision, Bougainville Copper assesses draft mining bill, and Papua Mining raises exploration funds. Your weekly digest of the latest business news.

Papua New Guinea Prime Minister Peter O’Neill says he will respect National Court’s decision to allow the police to pursue an arrest warrant against him. Last month, the Royal Papua New Guinea Constabulary issued a warrant for the arrest of O’Neill after he was accused of being involved in allegedly fraudulent government payments to a local law firm, Paul Paraka Lawyers.

* * *

Bougainville Copper Limited (BCL) believes a draft mining bill, which outlines transferring of powers from the Papua New Guinea Government to the Autonomous Bougainville Government, could ‘adversely impact’ the mining rights held by the company.

* * *

Autonomous Bougainville Government advisor Anthony Regan says other than mining, there are limited opportunities for the region to grow its economy as it considers independence.

At a lecture on issues around Bougainville ahead of its independence referendum, Regan explained that as Bougainville moves into this critical phase, there will be a need for considerable help from the international community.

* * *

Papua Mining plc has raised £737,840 (US$1.27 million) for exploration of its gold and copper assets in New Britain in Papua New Guinea following an offer for subscription.

The raising follows a report last week that Papua Mining had uncovered ‘very significant gold results’ during a sampling program on an exploration lease which straddles the provincial boundary of West New Britain and East New Britain.

* * *

Community organisations and experts on national affairs have welcomed the Papua New Guinea government’s announcement that it would abolish Special Agricultural Business Leases.

* * *

The Asian Development Bank will provide US$2 million to help identify and ease constraints on international trade in the Pacific. The money is from Japan’s Fund for Poverty Reduction.

* * *

The International Union for Conservation of Nature (IUCN) is offering US$9 million in grants to help non-government organisations fund projects in Papua New Guinea, Solomon Islands and Vanuatu. The IUCN wants to fund work that will protect biodiversity in the region.

* * *

An independent expert’s report into the proposed merger between Horizon Oil Ltd and ROC Oil Ltd has affirmed that the deal is in the best interests of shareholders. The report was commissioned by Horizon Oil.

* * *

Australia’s Commissioners Gold Ltd has entered into an agreement to acquire an interest in exploration licences in Enga Province of Papua New Guinea.

* * *

The Papua New Guinea National Fisheries Authority has signed an agreement with the East New Britain provincial government for fisheries development and management in the province.

Under the agreement, the parties plan to conserve, manage and develop sustainable use of fisheries in coastal waters.

* * *

NGIP Agmark’s shipping arm generated revenue growth of more than 27% in 2013 on the back of greater availability of ships and good volumes of cargo on various routes, the company said in its annual report.