An extension project at Lae Port reaches a conclusion, PanAust feasibility study at Frieda River on target, National Executive Council endorses PNG Sovereign Wealth Fund. Your weekly digest of the latest business news.

PNG Ports Corporation Ltd says the berth 3 extension project at Lae Port, the country’s largest and busiest port, has been completed. The new port facility at Lae will be used for berthing of construction cargo vessels for the mining industry.

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PanAust Ltd is targeting the completion of a feasibility study at the Frieda River copper-gold project on the border of the Sandaun and East Sepik provinces by November 2015, the company announced in its September quarterly report.

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The National Executive Council has endorsed the establishment of the Papua New Guinea Sovereign Wealth Fund (PNG SWF) under organic law. Prime Minister Peter O’Neill says cabinet both endorsed the fund and approves a certificate of compliance issued by the first legislative counsel.

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Newcrest Mining’s Lihir mine

Newcrest Mining Ltd Chief Executive Officer Sandeep Biswas, speaking at the company’s annual general meeting, says he is focussed on turning around the operational performance of the Lihir gold mine in New Ireland province.

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The Papua New Guinea national identity card system project has been rolled out during a workshop in Port Moresby held by the National Consultative division. The system will provide basic population counts daily, monthly and annually for the purposes of policy planning and monitoring.

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Indochine Mining Ltd reports that it is in the process of mobilising plant to develop an underground exploration audit at the Mt Kare project in Enga Province.

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Researchers warn that the state of Papua New Guinea’s health system will get worse under the country’s free healthcare policy. The research detailed that many clinics do not receive government subsidies and depend entirely on patient fees to survive.

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Marengo Mining Ltd plans to implement a three stage exploration program aimed at helping the company obtain ‘new and better resources’ at the Yandera copper project in Madang province over the next three years.

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The Pacific Financial Inclusion Program is hoping to improve access to banking and financial services in Papua New Guinea’s Highlands. The €6 million (US$7.5 million) project, funded by the European Union, aims to add one million Pacific Islanders to the financial sector by 2019.

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

A report by energy researcher Wood Mackenzie states that supply of liquefied natural gas (LNG) from Asia-Pacific to the northern hemisphere during its upcoming winter months will be 3 million tonnes higher than in the same season a year ago due to the PNG LNG project.

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A total of 226 Australian projects worth about $1 billion have taken place in Fiji in the past six years, creating about 1000 jobs through the 99 implemented projects, says Fijian Prime Minister Frank Bainimarama.

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Canada’s TVI Pacific Inc has assembled a project advisory group consisting of independent mining exploration and project assessment experts to evaluate new opportunities in Pacific nations such as Papua New Guinea.