K92 Mining announces high-grade mineralisation in Judd vein deposit, SP Brewery new product launch, and Twinza Oil still waiting on final agreement for Pasca A. The business news you need today.

SPB Managing Director, Ed Weggemans [right] during the launch of SP Brewery’s new non-alcoholic beer.

New products

SP Brewery has launched a non-alcoholic lager beer, Heineken 0.0. The company’s Marketing Manager, Sergey Penchev, reportedly said the new product ‘tastes like beer but it is alcohol-free and it acts as a substitute for soft drinks’. (Post-Courier)

Resources

Twinza Oil announced in a statement that, despite its continued efforts, it has not been able to meet with PNG’s State Negotiating Team (SNT) to resolve outstanding issues around the Pasca A offshore gas project.

Twinza’s CEO, Ian Munro, said: ‘Twinza remains hopeful that both parties can honour the terms and agreement on the 6 July 2021 and that we can move immediately into the FEED phase of the project … With a supportive Government, we look forward to delivering PNG’s first offshore oil and gas production in 2025.’ (Twinza Oil)

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Responding to the statement, Prime Minister Marape is quoted as saying: ‘I’m running short of patience [with Twinza],’ adding ‘I can go to the Petroleum Advisory Board next week, if they keep us running around like this.

‘I want Twinza to get it correct: if they are serious about this project, the SNT is ready any time. One of the Twinza guys should jump on a plane, get into Port Moresby, and talk to us face-to-face if they feel that their local executives don’t have the mandate to make final calls.’ (The National)

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Judd vein system, close of drilling samples. Credit: K92

K92 Mining has announced positive drilling results for the Judd vein system at the Kainantu gold mine.

Chief Executive Officer and Director of K92, John Lewins, said in a statement: ‘From these latest results, we now plan to allocate half of the underground drill rigs to Judd by the end of October … The Judd Vein system has a known strike length of +2.5km and four known veins, and we believe we have only scratched the surface so far.’ (Globe News Wire)

Finance

Kina Bank ATM. Credit: Kina

Kina Bank has reported an unaudited statutory net profit after tax of K39.8 million for the first half of 2021, representing 36 per cent growth compared to the same period last year. (Business Advantage PNG)

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The Securities Commission of Papua New Guinea and Papua New Guinea’s National Stock Exchange, PNGX Markets Limited, have signed a Memorandum of Understanding that ‘aims to promote cooperation between the Securities Commission and PNGX to facilitate the efficient discharge of their respective roles and responsibilities.’ With this MOU both entities will work together to ensure public statements about listed companies aren’t made during trading hours and, when unavoidable, follow clear protocols.

‘It’s fundamental that regulatory governance systems are established to ensure a fair and orderly market,’ said Robert Salmon-Minak, Acting Executive Chairman of the Securities Commission. (Post-Courier)

Fisheries

The Treasury Department and the National Fisheries Authority (NFA) are putting together the development design and financial strategy for the Pacific Maritime Industrial Zone in Madang Province, which is set to be re-developed as a regional fish processing hub. The Chairman of the NFA, Ango Wangatau, reportedly said that the opening the PMIZ could mean adding more than 30,000 new jobs and could generate about K3 million to K4 million. (Post-Courier)

Hospitality

The Lae International Hotel has implemented a COVID-19 ‘no jab-no job’ policy. Its General Manager, Jason Anderson, reportedly told The National that the policy was a business decision, as the hospitality industry deals directly with people 24 hours a day.

‘[We] believe we must take all measures possible to ensure we are providing the safest environment for all. And by having 100 per cent of our staff vaccinated will help in a long way to achieving this goal.’ (The National)