Nadzab Airport in Lae reopens after ‘unexpected’ shut-down, PNGX get reconfirmation to operate as stock market, and spike in coffee prices benefits 2000 farmers in Morobe Province. The business news you need.

Nadzab Airport redesign. Credit: National Airports Corporation via Facebook

Aviation

Mining

Newcrest Mining has highlighted its financial contribution to PNG. In the financial year 2022, the company paid K2.1 billion to PNG suppliers, K553 million to Lihirian vendors and has provided ‘approximately US$487 million to the national foreign exchange balance through the acquisition of K1.711 billion of currency.’ (Post-Courier)

Fisheries

About K2.1 billion are lost every year through illegal finishing, said National Fisheries Authority (NFA) Managing Director, Justin Ilakini. He also said that the NFA is working together with New Zealand and the Australian Defence Force to patrol PNG waters. (Post-Courier)

Intellectual property

Steven Kilanda, Executive Director of the National Cultural Commission, says that the trading of traditional artefacts will be monitored closely by the Commission and the Investment Promotion Authority to protect the rightful owners of the designs and ensure ‘their work and knowledge is passed onto the next generation.’ (The National)

Finance

The Securities Commission of Papua New Guinea (SCPNG) has given a reconfirmation of approval to the PNG National Stock Exchange (PNGX) to operate a stock market.  The Chairman of PNGX, David Lawrence, said: ‘We thank SCPNG for issuing the new approval [which] provides PNGX with certainty to continue to operate the market.’ (The National)

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BSP Financial Group has re-filed an application to the Supreme Court under Section 18(1) of the Constitution to declare the Additional Company Tax as ‘unconstitutional and invalid’. (BSP)

Agribusiness

An increment in coffee prices has benefited a local coffee association in Morobe Province. The 2000 coffee farmers in the Hamtai Coffee Group Limited sold in August 278 bags of coffee for over K245,000, each bag was sold at K15.50 per kilogram. ‘Over the last 40 years since coffee was introduced in Menyamya, we have not seen any buyers buying coffee at such prices. This is the first time,’ said a coffee association representative. (Post-Courier)

Telecommunications

The National has reported that Vodafone PNG has announced its intention to partner with Members of Parliament to deliver communication services to their provincial and districts administrations. The move is a collaboration to try establish ‘telecommunication towers in areas seen fit by the MP and the introduction of state-of-the-art ICT (information and communications technology) service options to government administrations, school facilities and other public service establishments like police posts and health centres,’ Festus Maiginap, Government Affairs Manager, said. (The National)