Re-opening of Porgera inching closer, Sinivit gold mine causing environmental concerns and SMEs need a billion kina. The business news in brief.

Pasca A. Credit: Twinza Oil

Mining

The Sinivit gold mine in East New Britain Province hasn’t been disposing of toxic waste safely, according to reports in The National. The Environment, Conservation and Climate Change Minister Wera Mori reportedly said that this is a ‘very dangerous situation’ because there is exposure to cyanide. Mori said that clean-up of the cyanide waste in the river system could cost between K6 million to K8 million. (The National)

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Prime Minister Marape arrives in Porgera to meet with the landowners. Marape shared this photograph on his Facebook page last week after visiting the mine.

Barrick’s President and CEO, Mark Bristow, Prime Minister Marape and the Governor of Enga Province Peter Ipatas visited Porgera last week to meet with the landowners to explain the Framework Agreement for the reopening of the Porgera gold mine. The new framework, which was signed in April, gives the State 51 per cent equity in the project and the option of buying out BNL’s 49 per cent equity after 10 years.

Bristow highlighted the importance of working together towards this new chapter. He said ‘the responsibility for ensuring the success of the new Porgera also rests on the national and provincial governments as well as you, the landowners … I have no doubt that, as owners and partners, we can and will work together to deliver the potential of this world-class asset for the benefit of all.’ (BNL)

Petroleum

Prime Minister James Marape has hinted at a way forward for the Pasca A gas project proposed by Twinza Oil. Last week, Twinza released an announcement saying it was still awaiting a response from Petroleum Minister Kerenga Kua to its April proposal for the project.

‘Pasca A is being discussed but I put the Pasca developer on notice. Let’s get together and sit at the table. If the second biggest gold miner in the world [ie Barrick Gold] can fly four times in and out during the pandemic to meet government officials … then I ask the Pasca stakeholders to sit at a round table with us,’ Marape said during an industry seminar last week.

SMEs

The President of the PNG Micro Small Medium Enterprise Council (MSME), Des Yaninen, told The National that to help the sector a budget of about K1 billion a year is needed.

‘The challenge is that when you get to budget time, it is September, October or November [and] people are fighting over a slice of the cake.’ (The National)

Agribusiness

The new Executive Director of Grow PNG, John Simango, told the Post-Courier that despite COVID-19 the organisation has developed a land access guide launched in February this year, established an Advisory Council and SME Working Group as well as conducted a household income baseline survey for the Markham District. Simango said Grow PNG had to ‘review our work strategy to ensure continued progress in our mission.’

He also said that the organisation is looking forward to work with women in the Markham Valley and that it still remains their focus to improve ‘the livelihoods of farmers in the Markham region by 20 per cent’. (Post-Courier)

Photograph of the week

Chinese State Councillor and Foreign Minister Wang Yi (right) and Soroi Eoe, PNG’s Minister for Foreign Affairs & International Trade in Guiyang, Guizhou Province. Chedit: Xinhua/Yang Wenbin

Minister for Foreign Affairs & International Trade, Soroi Eoe, and the Chinese State Councillor and Foreign Ministers Wang Yi met in China’s Guizhou Province and noted this year marks 45 years of diplomatic ties between both countries. Yi highlighted that China is willing to strengthen ties with PNG and ‘deepen joint efforts to develop the Belt Road Initiative’. (Xinhuanet)