O’Neill not interested in buying Rio Tinto’s 53% of Bougainville Copper Limited, central bank governor warns government to restrain spending, and kina falls against most currencies in September quarter. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says the Government has no interest in owning the Panguna Copper Mine on Bougainville. He also reiterated that the decision to re-open Panguna mine—closed since 1989—will be up to the landowners and the people of Bougainville. His comments follow an ABC report quoting Bougainville’s President, John Momis, that the national government wanted to buy Rio Tinto’s 53% shareholding in Bougainville Copper Ltd.

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Bank of PNG Governor Loi M Bakani

The Governor of the Bank of PNG, Loi Bakani, has warned the government to exercise spending restraint because commodity prices will remain depressed this year. Releasing the bank’s September quarterly economic bulletin, he noted a 22.4% decline in the average price of all mineral exports.

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The Kina depreciated against most major currencies during the September quarter of 2015, according to the Bank of PNG. It depreciated against the US dollar by 2.9% to US$0.3583, the pound sterling by 4.1% £0.2311, the euro by 3.6% to €0.3222, and the yen by 2.2% to ¥43.8034. However, it appreciated against the Australian dollar by 0.4% to AUD$0.3580.

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Law and order is a major impediment to developing tourism in PNG, according to the deputy governor of Bank of Papua New Guinea, Benny Popoitai. He was speaking at the opening of the K4 million Kalibobo Apartments at the Madang Resort, Madang.

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Prime Minster Peter O’Neill says he hopes PNG’s new trade office in Taipei will foster Taiwan’s appetite for LNG, and encourage Taiwan’s technical expertise to boost PNG’s agriculture and fisheries sectors.

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PNG’s trade volume with China reached more than US$2.1 billion (K6.17 billion) in 2015, according to Chinese Ambassador to Papua New Guinea, Ruiyou Li.

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Hoskins Airport. Credit: ADB

The newly upgraded Hoskins Airport in West New Britain has been officially opened.

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Philippine Airlines has begun a tri-weekly service to Port Moresby, using an Airbus 320. The new Manila-to-Moresby service will cater mostly to Filipino overseas workers, with an estimated 30,000 Filipinos based in PNG.

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Air Niugini has paid a dividend of K20 million to Kumul Consolidated Holdings (formerly the Independent Public Business Corporation).

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Perth-based Cott Oil and Gas has sold its 40% share of the undeveloped offshore Pandora gas discovery in the Gulf of Papua to Singapore-based Twinza Oil for A$8 million.

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Nautilus Minerals says it has signed a deal to sell ore from the undersea deposits it intends mining in the Bismarck Sea to China’s Tongling Nonferrous Metals group. First delivery expected in the first half of 2018.

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The services of about 33 foreign advisors seconded to the Papua New Guinea government have officially been terminated.

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Trans Wonderland’s Larry Andagli

Landowner company Trans Wonderland has paid a dividend of K2 million to its 28 shareholders for 2014 and Managing Director Larry Andagali says another K2 million payment for 2015 has been approved for payment. He predicts a tough year ahead for the transport company.

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Millenium Water Limited Managing Director Achilles Peni says the company will be producing 500mls and 1000mls bottled water during 2016, with the aim of to becoming ‘the leader in bottled water, production and supply in the country’.

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A locally-owned lodge has officially opened in Kokopo, East New Britain, bringing to 46 guesthouses, hotels and resorts in the province. The No.1 Lodge is a subsidiary of the No.1 Hire Car Group of Companies.

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And, finally, the late British rock singer, David Bowie will be remembered for his music and style, but he was also an innovator in finance, namely Bowie Bonds. In 1997, he sold 10 years’ worth of the royalties for music he’d produced between 1969 and 1990 for 7.9% interest p.a. Predicting an end to copyright, he reasoned artists should take advantage of the ability to control the distribution of their music, and make some money off it.