Mayur’s Central Lime and Cement project receives Special Economic Zone status, Porgera mine announcement coming on 16 September and COVID cases increase in Papua New Guinea. The business news you need today.

Limestone Cliffs at Kido, Central Cement and Lime Project. Credit: Mayur Resources

National

Clarence Hoot, Managing Director of the Investment Promotion Authority, last week told the 2021 Business Advantage Papua New Guinea Investment Conference that a revised list of activities reserved for PNG-owned businesses had been submitted for Cabinet approval. Prime Minister James Marape is expected to reveal the list on 16 September as part of the Independence Day Celebrations, he said.

***

Rising COVID-19 cases have forced Eastern Highlands authorities to cancel the Goroka Show. In the first two weeks of September the province has registered 24 new COVID cases and four deaths. Deputy Controller of the National Pandemic Response Dr Daoni Esorom thanked the provincial government for cancelling the show as it could have a ‘super spreader event’. He said in a statement: ‘mass gatherings are a great recipe for Delta variant. I appeal to everyone to avoid mass gatherings as much as they can, but if they cannot afford to, they should ensure they are wearing masks, hand sanitising and physical distancing as they move around these gatherings.’

***

There are calls to urgently establish a business travel bubble between Australia and Papua New Guinea, as companies raise concerns over the economic strain of international border closures, reports the ABC. (ABC)

Retail

In its half year results, City Pharmacy Limited (CPL) recorded a profit before tax of K6.8 million, an 8.1 per cent drop in comparison with the same period last year. Stan Joyce, Chairman of CPL, reportedly said the first half of 2021 had been challenging and that the group has ‘exercised financial prudence and tightened operating costs’. He said: ‘The group achieved a revenue of K275.5 million, a 3.9 per cent drop, in comparison to the first six months of 2020.’ (CPL)

Infrastructure

The company Hebou Construction has signed a contract with PNG Ports Corporation Limited for the complete rehabilitation of the Motukea International terminal area. The cost of the project is K56 million. (Post-Courier)

***

A 3km road outside Popondetta will be built as part of the Oil Palm Industry Corporation (OPIC) rehabilitation program. The road will help support 10 smallholder oil palm farmers. OPIC General Secretary Kepton Pupita said that once the road is open, the 20 hectares could generate about K4 million in exporting earnings. (The National)

***

A new 36-month Internet Service Provider contract has been signed between the National Housing Corporation and Telikom PNG. The latter will now be the communication provider for the state-owned entity. (Post-Courier)

Resources

The Australia-listed company Mayur Resources has been granted 10-year special economic zone (SEZ) status for its Central Cement and Lime Project located across Kido and Rea rea. The SEZ covers the same area as the mining lease previously granted. The SEZ status gives Mayur benefits such as tax relief, import tariff exemptions and other concessions. (Mayur Resurces)

***

Prime Minister Marape said last week in Parliament that he intends to deliver further announcements regarding the operations of the Porgera mine in his independence address. He reportedly said that preparations are ‘underway for the mine to be operated by a new joint venture that will be owned by Barrick Niugini Ltd and state agency Kumul Petroleum Holdings Ltd.’ (LOOP PNG)