The Panguna Mine Landowner Clan Chiefs and the Autonomous Bougainville Government (ABG) agree to create a new entity to redevelop the Panguna mine, Telstra’s acquisition of Digicel PNG on track, and Papua New Guinea launches its National Employment Policy. The business news you need today.

President Ishmael Toroama [centre] and clan leaders. Credit: ABG

Mining

The ABG and the landowners signed a Post Summit Resolution on 4 May and have agreed to reopen the Panguna mine. They have also agreed to ‘establish a completely new local Bougainville entity to develop the mine’. The Panguna Mine Landowners and the ABG on behalf of the people of Bougainville will own the new entity. President Ishmael Toroama said: ‘Today as we stand on the threshold of creating a new future for Bougainville where we are finally on the path to independence I stand here to thank the landowners of Panguna in making a strong decision on the fate of the mine.’ (ABG)

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An agreement on equity and royalty shares is yet to be reached for the Wafi-Golpu project in Morobe Province. The Managing Director for the Mineral Resources Authority, Jerry Garry, reportedly said: ‘We are still waiting on a few fiscal agreements and settlements.

‘Sometime this week, negotiations will recommence and hopefully we can agree on the equity and royalty shares issues.

‘While negotiations are in progress, we have to protect the details so I cannot disclose anything but it will come to light when the parties reach an agreement.’ (The National)

SMEs

The United Nations Capital Development Fund (UNCDF) and the UN Develop Program (UNDP) have launched a Rapid Finance Facility to support women entrepreneurs. The project is set to work with financial service providers to promote financial products to help women entrepreneurs. Local partners for this program include Emstret Holdings, PNGX, Westpac PNG, AgBook Agri-business Training and Advisory, and Tok Stret Consulting. (LOOP PNG)

Fisheries

Last week during a meeting between the National Fisheries Authority (NFA) and the Japan International Cooperation Agency (JICA) future coastal fisheries hub developments were discussed. It’s been reported that the NFA said that ‘Manus has been identified as one of the most suitable provinces to host the concept.’  So far the NFA and JICA have co-founded the markets at Wewak, Madang and Alotau under the rehabilitation of town markets and fisheries facilities program. (LOOP PNG)

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In April, the NFA participated in what’s been deemed as the ‘world’s biggest seafood trade fair’, the Seafood Expo Global/Seafood Processing Global, in Barcelona, Spain. During the expo, visitors could learn more about PNG’s fisheries sector, its systems and technologies as well as its sustainable practices.

Telecommunications

The sale of Digicel PNG to Australian telco Telstra will be finalised by the end of May, reportedly said Treasurer Ian Ling-Stuckey. The Treasurer said that ‘key regulatory steps’ for the sale have been completed and that the final clearance from NICTA is expected shortly. (Post-Courier)

National

Last week, PNG’s National Employment Policy was launched. The National Employment Policy 2021-2031 provides the framework to promote the development of the labour industry. (Department of Labour & Industrial Relations)

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DHL Express PNG has increased its freight charges by 5.9 per cent. The company’s Country Manager, Cameron Taylor, said when announcing the increase that price adjustments take into consideration inflation and currency. ‘The measures are being regularly updated by nationals and international authorities on each of the more than 220 countries and territories that DHL Express serves.’ (Post-Courier)

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Fifteen goods, including rice, fresh fruit, COVID 19 Rapid Antigen Test kits, as well as medical and health services, have been listed by Pandemic Controller Commissioner David Manning in a recently published price control measure. Under the new measure, the prices of goods listed ‘shall not increase, at wholesale or retail, in excess of 10 per cent’ for 90 days from 9 May. Read more.