Bougainville Copper Limited said there is interest to revive the Panguna mine, nine members of Papua New Guinea’s Parliament resigned from the People’s National Congress and rice harvesting commenced at Rangiampun. Your weekly digest of business news.

Nine members of Parliament, including the Ministers of Health, Forestry and Defence, resigned last Friday from the People’s National Congress party. Puka Temu, Douglas Tomuriesa, Solan Mirisim, John Simon, Francis Maneke, Joseph Yopyyopy, Isi Henry Leonard, Jimmy Uguro and Taboi Awi Yoto made the announcement at the Laguna Hotel in Port Moresby. (LOOP PNG)

The departures raise the possibility of an attempted vote-of-no-confidence in the O’Neill Government during the next sitting of Parliament, which starts tomorrow.

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Rice field at Rangiampum.

Rice harvesting has started at Rangiampum in Umi, Markham Valley. This is Trukai Industries Limited second commercial crop in the area and it is part of the Markham Rice Project, which is being implemented in partnership the Chingwham Rice Growers Cooperative.

‘These projects are in line with our vision of developing the Markham Valley Rice Corridor for PNG as it is strategically located for ease of access for transportation from the fields to our factory in Lae for milling, packaging and distribution,’ said Trukai’s CEO Greg Worthington Eyre. (LOOP PNG)

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The Bougainville Referendum Commission has been paid an outstanding $US2.9 million in funding for this year’s Bougainville Independence Referendum, which is scheduled to be held in mid-October. The funds were presented to Bougainville’s Finance Minister Robin Wilson. (RADIO NZ)

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Kina Bank released its 2018 annual report, which outlines its plans for 2019. These include the launch of more digital products and a focus on customer service. Kina’s Chief Executive Greg Pawson reportedly said: ‘In 2019, we will launch even more new products and services for customers. We’re looking at an online retail foreign exchange service; contactless payment options such as GooglePay—and introducing tap and go credit cards.’ (Post Courier)

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Mel Togolo, Chairman of Bougainville Copper Limited (BCL), previous operator of the Panguna Mine, which has been in a halt for almost 30 years, mentioned during BCL’s Annual General Meeting that there has been interest from ‘potential investors in working towards reviving the Panguna’. (EMTV)

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After receiving 25,000 cocoa seedlings in an effort to revive cocoa farming in Morobe, the Situm-Gobari (SiGo) Cocoa Cooperative Society has opened a nursery in Situm. PNG’s National Agriculture Research Institute supplied the seedlings last year. (The National)

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Scott Dewar, Director of the Australian Geospatial-Intelligence Organisation, and Papua New Guinea representatives led a formal hand over of enhanced geospatial IT systems to the National Mapping Bureau in Port Moresby. It’s been reported that the technology and training received will ‘enhance the capability of the National Mapping Bureau to produce geospatial products across PNG’. (Defence Connect)

Photograph of the week

Nambawan Plaza Precint opening. Credit: LOOP

The second stage of the Nambawan Plaza Precinct in Port Moresby has been officially opened. The Chairman of Nambawan Super Limited (NSL), Anthony Smare, and its CEO, Paul Sayer, opened the second stage of the K400 million investment. Members of the fund joined them.

‘Nambawan Super Plaza is a joint venture with Lamana Development, it is 90 per cent owned by Nambawan Super members, it is the best office, apartment and luxury apartment block in the country and probably the Pacific,’ said Smare.

NSL has projected a revenue stream of about K1.5 billion from the precinct in the next 30 years. (LOOP PNG)