Newcrest unveils its 2019 results and comments on Wafi-Golpu, Kingston Resources to increase exploration at Misima and the Investment Promotion Authority revisits K1,000 penalty. Your business digest of business news.

Work on Misima. Source: Kingston Resources

The delays in the grant of a Special Mining Lease for the Wafi-Golpu copper-gold project have led Newcrest Mining and Harmony Gold to revise their planned work and reduce the scale of the general operation site, community programs, environmental monitoring and engineering activities to alleviate costs. In its 2018/19 Full Year Financial Results, Newcrest said:

‘The PNG Government continues to signal its support for the projects and the WGJV is well placed to resume discussions with the PNG Government give the constructive progress already made on the various agreements required for completion of the permitting process and the grant of a Special Mining Lease. It is difficult to estimate the duration of this delay and the market will be advised when discussions recommence.’ (Newcrest)

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Kingston Resources has announced it has raised a AU$3.1 million (K7.04 million) in a placement on the Australian Securities Exchange (ASX). The money raised will be used to increase exploration activities at its Misima Gold Project, Milne Bay Province. (Kingston Resources)

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It’s been reported that the Investment Promotion Authority (IPA) is discussing lowering the K1,000 penalty fee for business that don’t provide annual returns. ‘We decided to apply to K1,000 penalty fee irrespective of how big or small the companies are, everything is standard. But we are revisiting that rule,’ said Clarence Hoot, IPA’s Managing Director. (The National)

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

Newcrest Mining Limited has revealed its results for the 2019 financial year. The company had an underlying profit of US$561 million (K1.9 billion), which is 22 per cent higher than the one achieved the previous year. It’s been reported that this is Newcrest’s ‘biggest annual profit result since 2012’. (CommSec)

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Australia will shut down Manus Island’s refugee processing centres in late November. The closure comes after six years of controversies and also brings to an end Paladin’s contract. (Financial Review)

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PUMA Energy’s Country Manager, Jim Collings, reportedly said that Papua New Guinea has about 80 days of stock capacity, meaning the country has enough ‘crude or finished petroleum products in tanks around the country’.

Puma has invested in storage facilities and the Napa Napa refinery outside Port Moresby, which has helped to achieve this stock capacity. ‘This puts the country in a very strong position for energy supply and superior position to some of our close neighbours such as Australia and New Zealand, where their supply security is less than half this,’ he said. (The National)

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Bmobile has announced that its five-year partnership agreement in Papua New Guinea and the Solomon Islands with Vodafone has terminated. (The National)

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Trukai’s General Manager Andrew Grace cuts the ribbon to open the upgraded road.

Trukai Industries has donated over K200,000 to repair two roads in Lae: Mataram and Montoro Streets. The repair and maintenance work on the first has been completed while the second is still under construction and expected to be finalised in six weeks.  ‘The newly upgraded concrete road will enable smooth flow of traffic, reduce dust and means we can carry more containers in one truck load and that in turn reduces our environmental footprints,’ said Andrew Grace, Trukai’s General Manager Supply Chain and Customer Services. (Trukai Industries Ltd)

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Two Papua New Guinean cocoa samples have been selected out of 223 cocoa samples from 55 countries to participate in the 2019 International Cocoa Awards that will be celebrated at the Salon du Chocolat in Paris, France, from 30 October to 3 November 2019. The samples came from Solita Cocoa Farm in Karimui District, and Charis Cluster Group in Poro village. (Cocoa Awards)

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The Papua New Guinea Defence Force has announced that it will be setting up a new Forward Operating Base (FOB) in Hela Province. (The National)

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GALEO South Pacific Limited Group is planning to extend its forestry business into mining projects in Madang Province, the greater Momase region and Bougainville. (Post-Courier)

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A Facebook ban proposed by the Tongan government has caused concern among local businesses. The ban is one of several proposals that a working group, which was established in response to the abuse King Tupou VI, has received on social media, recommended to the government. (RNZ)

Photograph of the week

Russian news channel RT has apologised after labelling New Zealand as Japan and Papua New Guinea as South Korea. The error came in a segment produced by RT’s US bureau about potential missile bases in Japan, South Korea and Australia. Now, that’s reassuring!