Canadian company K92 Mining gets lease extension, PNG DataCo announces cables damaged after the September earthquake have been repaired and Kina Bank changes plans because of the raise in corporate tax. Your business news, curated and summarised.

The South Pacific International Container Terminal has been equipped with two STS cranes. Credit: ICTSI

Trade

The feasibility study for the Free Trade Zone with China is set to begin next year, explained Minister for International Trade and Investment Richard Maru.

‘This study has been in the pipeline for some time and finally, with the grant funding of K1 million from the Budget 2023 to the National Trade Office, the study will begin in the New Year,’ said Maru. (The National)

Finance

After the Budget announcement of a raise in corporate tax for PNG’s commercial banks from 30 per cent to 45 per cent, Kina Bank has said that it is cancelling its expansion plans. The tax is expected to start in January 2023.

Kina Bank’s Chief Executive Officer, Greg Pawson, reportedly said: ‘To put into perspective, it is an additional tax of K40 million for Kina based on our 2023 forecast. That is a 50 per cent increase and K40 million that we will now be forced to not invest in future growth. The additional tax is a disincentive for us to invest and grow.’ (The National)

Mining & Resources

From 2023, the PNG Chamber of Mines and Petroleum will be known as the PNG Chamber of Resources and Energy, announced the Chamber’s President Anthony Smare earlier this week during the 16th PNG Mining and Petroleum Investment Conference in Sydney. (Business Advantage PNG)

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Sir Ano Pala, Mining Minister announces the extension of the mining lease for Kainantu with John Lewins, CEO of K92 Mining. Credit: BAI

During the same conference, Mining Minister Sir Ano Pala, announced the 10-year extension of K92 Mining’s mining lease for Kainantu mine.

Telecommunications

After weeks of repairs, the submarine cable break in Madang are being fully restored, PNG DataCo announced to its clients in a press release.

‘Our engineers are now rerouting traffic from Port Moresby to Madang via PPC-1 and Lae-Highlands traffic via fibre cable networks to Madang and then distributed to Guam and Sydney respectively.

‘Service quality in the Highlands, Mamose and New Guinea Islands should now be back to normal.’ (PNG DataCo)

Ports

Two ship-to-shore cranes have arrived at the Lae Tidal Basin on Tuesday confirmed South Pacific International Container Terminal, a subsidiary of port operator, ICTSI. The cranes are part of ICTSI group’s ongoing program to ‘strengthen and enhance overall operational safety’.

Robert Maxwell, ICTSI South Pacific CEO, said: ‘ICTSI is very proud to have delivered another major milestone in Papua New Guinea after delivering the country’s very first quay cranes at our SPICT facility. With improved productivity, the Port of Lae will soon become an important transshipment hub for the Pacific islands region.’ (ICTSI)

Power

A Memorandum of Understanding between the United Stated Agency for International Development Papua New Guinea Electrification Partnership (USAID-PEP) Activity and the Kundiawa Gembolg DDA will see both agencies collaborate to identify potential mini-grid projects in the Kundiawa-Gembolg district, Chimbu Province. (Post-Courier)

SMEs

PNG Fashion & Design Week has partnered with the Women’s Micro Bank to launch a Credit Guarantee Scheme specifically designed for small and medium business in the fashion design industry. This is the first known credit scheme in PNG for cultural and creative industries. (Post-Courier)