Barrick says ‘all we need is for a shareholders agreement’ to restart Porgera, Air Niugini outperforms Australian airlines, and Harmony Gold indicates Wafi-Golpu’s negotiations continue to progress. The business news you need.

The CEO of Barrick, Mark Bristow, visited Porgera in July 2022 to meet with area landowners, church and community representatives. Credit: Barrick (Niugini) Limited

Resources

The operator of the Hidden Valley mine in Morobe Province, Harmony Gold, highlighted in its annual report that the company obtained a renewal of the mining lease to support a proposed mine extension. The company, despite COVID-19 related constraints and a 14-day mill stoppage in January 2021, performed well last year. (The National)

***

The South African mining company, one of the two companies involved in the Wafi-Golpu project venture, also said in its annual report that: ‘We continue to progress the Special Mining Lease for the Tier 1 copper-gold Wafi-Golpu project. The negotiating team for the Wafi-Golpu Joint Venture continues to engage with the PNG State Negotiating Team and we hope to reach an agreement soon,’ said Peter Steenkamp, CEO. (Harmony Gold)

***

TotalEnergies announced last week the commencement of the first phase of the front-end engineering and design (FEED) studies for the Papua LNG project (Business Advantage PNG)

***

The National Forest Board has cancelled three carbon permits issued over Kamula Doso Blocks 1,2 and 3 in Western Province to Mayur Renewables. The reason, it has been reported, is that Mayur Renewables is not recognised as a forest industry participant. (The National)

***

Barrick Gold has spent over US$338 million (about K1.18 billion) in care and maintenance in the Porgera mine in Enga Province. It’s expected that the mining company will spend about US$580 million (K2.03 billion) by January if the reopening is not ramped up.

In a recent visit to PNG, the President and CEO of Barrick, Mark Bristow, told the landowners and community leaders, that ‘the immediate requirement is the signing of the shareholders agreement by Mineral Resource Enga, and agreement to the equity split at the development forum.’ (The National)

***

During his visit, Bristow also said that Barrick’s office in Port Moresby is the Head Country Office for operations in PNG and ‘will continue to be after the Shareholders Agreement, is fully executed’.

He clarified that Barrick’s recently opened office in Perth, Australia, will look at other mines throughout the Asia Pacific region. (Barrick [Niugini] Limited)

Travel

Investment

One hundred and sixty-five companies have been issued foreign enterprise certificates this year, according to Clarence Hoot, Managing Director of PNG’s Investment Promotion Authority. (The National)

National

Most of the accountants, tax agents and auditors in PNG do not meet international standards, according to the Certified Practicing Accountants of Papua New Guinea (CPAPNG). The CPAPNG will do a qualitative review of all its practitioners in the coming months.

‘There is no review done on them in terms of the application of the standards and the requirement of being an auditor,’ reportedly said Richard Kuna, CPAPNG Chairman. ‘Once they go through the qualitative review, their skill levels will be elevated and they will be forced to train their staff to the standard required.’ (Post-Courier)

Agribusiness

Trukai Industries’ Smart Farmer Program is helping small farmers transition from dryland rice farming to irrigation rice farming. Three Village Sustainability Kits were donated to three model farmers in Gabsongek Village, where they will help over 30 farmers. (LOOP PNG)

Technology

The consultation draft of the Department of ICT’s Digital Government Plan, 2023–2027 is now available. (DICT)