The Morobe government to revisit Hidden Valley agreement, PNG DataCo still repairing the cables broken in the September earthquake and the Investment Promotion Authority to get a new online registry before the year ends. Your business news in summary.

Wafi-Golpu is a joint venture between Newcrest Mining Limited and Harmony Gold Mining Company Limited. Credit: Wafi-Golpu Joint Venture

Infrastructure

DataCo has suggested the Kumul Submarine Cable Network, specifically the Port Moresby to Madang express link, will be restored this coming Saturday (12 November). The company is still working to fully restore the cables damage caused by the September earthquake. (The National)

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Four PNG Power engineers have completed their Certificates in Remote Drone Pilot. They are the first in the company to be certified as drone pilots and will now be able to assist the PNG Power with regular aerial inspections of powerlines. (Post-Courier)

Investment

The Investment Promotion Authority new online registry is expected to go live in December. Once the registry is live, it will help ease complaints such as the turnaround time on account top-ups, registry of companies and annual returns. (The National)

Mining

Chief Executive and Managing Director of Ok Tedi Mining, Musje Werror said that Ok Tedi mine is looking at extending the mine life beyond 2032. He said there were still resources on the ground.

‘We still have resources, about 200 million tonnes of it, and that will still be in the ground post 2032. That can take us well into 2040s and even 2050s,’ he said. (The National)

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The Morobe government is planning to revisit the memorandum of agreement between Harmony Gold Mining and stakeholders for the Hidden Valley mine, according to Morobe Governor Luther Wenge.

Harmony is one of the stakeholders in the Wafi-Golpu project. The other is Newcrest Mining. Wenge reportedly said he’ll be backing the signing of the Wafi-Golpu Special Mining Lease next month (December).

‘Wafi-Golpu is a priority now but Harmony is very much aware that we will be revisiting the Hidden Valley agreement,’ he said. (The National)

Finance

BSP Financial Group recorded net profit after tax of K671.5 million for the third quarter of 2022, ending 30 September, according to an investor presentation made by its CEO, Robin Fleming, late last month.

This was down just 3.9 per cent on the corresponding period in 2021, in spite of an Additional Company Tax payment of K190 million made during the quarter. This payment is being held in escrow pending the outcome BSP’s legal challenge against the tax.

Without the tax payment, BSP’s profit would have been up 23.3 per cent on Q3 of 2021. (BSP)

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Post PNG has relaunched Western Union services, following central bank approval.

‘We are starting off with 10 sites here in Port Moresby and main centres and we will roll out to the other centres,’ said Chief Executive Officer, Justin Worinu. (Post-Courier)

International

Ishmael Laksakau has been elected as the 13^th Prime Minister of Vanuatu. The Parliament vote was unopposed. He received 50 votes, with two invalids. (RNZ)