Papua LNG project to put PNG as fifth-ranking exporter, Abel proposes joint coastguard patrols, and one kina chocolate bar on sale locally. Your weekly digest of the latest business news.

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Deputy Prime Minister, Charles Abel, has proposed a joint PNG-Australia coastguard policing initiative to curb sea piracy and drug and arms smuggling, according to Radio NZ. The call follows news last November that Australia was assisting in the redevelopment of the Lobrum naval base on Manus Island with the possibility of having vessels and personnel based there.

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The MRA’s Jerry Garry

The US$5 billion (K16.7 billion) Wafi-Golpu gold and copper project in Morobe Province has been shut down, following opposition to the memorandum of understanding which was signed between the State and the developer Wafi-Golpu Joint Venture in Port Moresby last December. WGJV Executive Project Director, Bryan Bailie, told the Post Courier that all non-essential personnel have been evacuated, and activities at the exploration site are currently suspended. The new Mineral Resources Authority Managing Director, Jerry Garry, has appealed to the landowners to understand the nature of MoUs, and likened it to an action plan rather than a legally binding agreement.Papua New Guinea’s national superannuation agency, NASFUND, says its chief investment officer was arrested for doing his job – enquiring into one of the companies it had invested in.

Papua New Guinea’s national superannuation agency, NASFUND, says its Chief Investment Officer was arrested for doing his job-enquiring into one of the companies it had invested in. Radio NZ Pacific reports charges of conspiracy to defraud against David Brown were dismissed by the Waigani District Court last Friday. Brown had requested some information on the previous year’s audited accounts from the trustee of Pacific Balanced Fund and the following week the National Fraud and Anti-Corrpution Directorate arrested and charged him. The company said it welcomed Mr Brown’s exoneration and is now reviewing its involvement with Pacific Balanced Fund.

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The amount of foreign exchange that was turned over last December was in excess of K4 billion, according to Westpac Bank. The bank reportedly said this allowed further substantial progress to be made in clearing outstanding foreign exchange orders. Westpac quoted the Bank of PNG saying that most orders are now served between one and two months. The bank also reported that the Kina declined by 4.1 per cent against the US dollar in 2018, but appreciated 6.4 per cent against the Australian dollar.

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A senior Bougainville government official says that more delays to funding will have far-reaching implications on the province’s ability to achieve a quality outcome in the referendum vote. Electoral Commissioner, George Manu, has told RNZ Pacific only US$145,000 has been received of more than US$11,125,000 promised by the national government.

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The Edai Town developer hopes to build another 200 houses this year, according to Director Kym Yong. He told The National that 200 houses, with a value of K80m, have already been built. He claimed Edai Town, outside Port Moresby, will eventually house 2,000 families.

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Food manufacturer, Paradise Foods, has relaunched its successful Queen Emma chocolate brand, including a new ‘Kina bar’ that will sell for K1 in retail outlets. CEO Michael Shields says chocolate is a luxury item in PNG, but with a price tag of K1, the snack bar will introduce a taste of real PNG cocoa to Papua New Guineans.

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The National Capital District Commission has ordered that the building housing the Department of Petroleum and Energy in Port Moresby should close immediately, saying that it is ‘unfit for human dwelling’.

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What’s happened to Nautilus Minerals? The Economist recently cast its eye over its plight: ‘After listing on the Toronto stock exchange in 2006 Nautilus Minerals became the public face of a daring new industry: deep-sea mining … Investors were convinced; Nautilus’s shares doubled from their initial price of CAN$2 in a few months. Today a Nautilus share is worth just a few Canadian cents.’ Last month, the company made two announcements: regarding new loan funding and a new production support vessel.

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Photograph of the week

Virgin Orbit say Guam is the ideal location to launch its new small satellites from the underside of a 747. Small satellites are ‘the rage’ these days, Virgin’s William Pomerantz says. ‘Anywhere between the size of a loaf of bread to the size of a household refrigerator.’