Over 25 billion kina of mining investments over next decade expected, and New Britain Palm Oil hit by kina’s value. Your weekly digest of the latest business news.

At the Sydney PNG Mining and Petroleum Investment Conference, Mining Minister Byron Chan said PNG expects to see about five mining development projects with a combined capital investment expected to exceed $US 10 billion ( K25 billion) within the next decade.

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New Britain Palm Oil Chief executive officer Nick Thompson says fourth quarter results will be hit by the decision of the Bank of Papua New Guinea to increase the value of the PNG kina by about 18%, which has increased unit cost of production per tonne of oil by 8.8%.

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Train 1at the massive PNG LNG gas plant north-west of Port Moresby. Credit: ExxonMobil

The Asian Development Bank (ADB) has forecast that Papua New Guinea will lead the way as economies in the Pacific grow by more than 13% in 2015. In its December Pacific Economic Monitor report, the ADB says PNG’s gross domestic product will grow by 21 per cent next year, largely on the back of its gas industry.

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Police in Lae are continuing to investigate the ransacking of Nadzab airport by dozens of armed men in the early hours of December 1. About 30 men with guns and machetes held security guards and passengers, waiting for a flight to Port Moresby, captive while looting food and office equipment.

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National Fisheries Authority Managing Director John Kasu, speaking at a conference in Samoa, says Papua New Guinea is aiming to transform more benefits of its tuna resources to coastal inshore and inland fisheries, as well as the bulk of the population living in rural areas.

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Indochine Mining Ltd, which is advancing the Mt Kare gold project in Papua New Guinea, has reported that its subsidiary Summit Development Ltd has been served with additional summons documents relating to land rights in areas covered by the Land Investigation Study (LIS) at the project.

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Underwater exploration. Courtesy: Nautilus

Nautilus Minerals says US$113 million (K290m) which had been placed into escrow in May will be released to the company on 11 December, after the the sale of 15% of its Solwara 1 offshore project to the PNG government’s nominee, Eda Kopa (Petromin).

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The Director General of the Forum Fisheries Agency James Movick, has accused Japan, South Korea, China and Taiwan of submitting false catch reports. He wants this week’s meeting of the Western and Central Pacific Fisheries Commission to limit future quotas if these countries don’t provide accurate data. Pacific nations are also pushing for catch limits of the prized bigeye tuna, used in sashimi.

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Kula Gold Ltd says it has completed a $6.5 million equity raising, leaving the company debt free and funded to advance the Woodlark Island gold project.

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Monian Ltd, the largest shareholder in Kina Asset Management Ltd (KAML), has been approved by shareholders to lift its stake in the PNG company from 19.9% to 25%. Monian has grown its interest in KAML from 5% as the company has expanded.

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Deputy Prime Minister Leo Dion, addressing Trade Ministers of Melanesian Spearhead Groups, says PNG is committed to greater integration and more trade and investment with MSG members.

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Fiji’s tourism industry at Nadi is set to receive a boost with the development of a four-star property at Smugglers Cove on Wailoaloa Beach. The multi-million dollar development, which will provide an alternative to the popular Denarau Island, will take 13 months to construct and offer apartment suite accommodation to visitors.

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High jumper Roe Tauno competes at the PNG Games in Lae

The BSP 6th PNG Games, held in Lae for two weeks in November, concluded last weekend with hosts, Morobe Province, narrowly leading the medal tally from Central Province and National Capital District on 45. Chairman Phil Franklin told Business Advantage PNG that the event was a huge success for Lae, saying the PNG Games continue to become ‘bigger and better’.