Barrick’s CEO addresses delays in the reopening of Porgera mine, rice farming potentially back on the table after a visit from a Filipino delegation, PNG LNG’s contribution to the State, Santos’s FY result. Your business news in brief.

Mark Bristow in Porgera Valley during a recent visit to PNG. Credit: Barrick Niugini Limited

Real estate

Steamships’ three-storey @345 building in Port Moresby has been awarded the Excellence in Design for Greater Efficiencies (EDGE) certification following an environmentally-friendly retrofit which reduced the building’s carbon footprint.  

‘It marks the first time any commercial, retail, or residential building has been awarded such an accreditation in PNG,’ said Steamships Managing Director, Rupert Bray. @345 houses Steamships’ corporate head office, Pacific Palms Property and Coral Sea Hotels.  

Resources

Prime Minister James Marape has talked about the delays in the Pasca A project in Gulf Province. He is reported as saying that the Twinza Oil project has been held because the company has got ‘regulatory issues with the Department of Petroleum, as custodian of regulatory matters.’  

The PM suggested there will be a review and encouraged all foreign investors to follow all license requirements. (The National) 

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In a recent visit to the country, Barrick Gold Chief Executive Officer, Mark Bristow, urged all parties involved to complete the process needed to reopen the Porgera mine by the end of the first quarter of the year.

Bristow said in a release that delaying the restart of the mine is ‘not in any stakeholder’s interest’. He added: ‘It would be remiss of us to ignore the impact that the mine closure has had on the residents of Porgera Valley, local and national businesses, and the country’s economy as a whole. Barrick is ready to start the process of reopening the mine. What is needed is equal urgency on the part of all other parties to resolve the remaining issues.’ (Barrick Niugini Limited) 

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After eight years of production, the State has received K16.5 billion from the PNG LNG project. This includes K7.5 billion to Kumul Petroleum, K1.3 billion to the Mineral Resources Development Corporation, K6.2 billion in tax payments and K1.5 billion divided between royalty and development levy payments. (Post-Courier)

Agribusiness

After a visit to PNG, Emmanuel Pinol, former Agriculture Secretary for the Philippines and Head of the Philippines delegation that visited the country, said that Filipino rice investors would consider building a rice farming training facility in Gabadi, Kairuku, Central Province.

‘Once the model rice milling project is established, we will look at building a rice farming training centre,’ said Pinol. (The National)

Aviation

The Rural Airstrip Agencies Database is now live and can be accessed to see which rural airstrips are in use or being rehabilitated. It was launched last week at the signing of the renewed partnership between the Rural Airstrip Agency and the PNG Government. (LOOP PNG)