Australian miner with links to Bougainville landowners bids to restart Panguna, research into boosting tourism in East New Britain and Milne Bay, and ABAC prepares paper on life after mining projects. Your weekly digest of the latest business news.

Australian mining company RTG has told the Australian Securities Exchange  it has formed a joint venture with the Special Mining Lease Osikaiyang Landowners Association and Central Exploration to re-open Bougainville’s Panguna mine. The Association owns the land at the mine site, although Bougainville Copper Ltd, owned by the Bougainville government and landowners, holds the lease. RTG says the proposal is ‘ultimately conditional upon the support of the Autonomous Bougainville Government and others’. But Bougainville President John Momis told RNZI  ‘their intention is to get the support of the landowners and the ABG and as a speculator go and find a developer’. RTG Mining is listed in both Toronto and Australia and is ‘focused’ on mining in the Philippines.

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The International Finance Corporation (IFC) and the Tourism Promotion Authority will undertake market research to help the government develop tourism and realise the sector’s potential over the next 10 years. The study will provide specific market research and recommendations for East New Britain and Milne Bay. Euromonitor International has been contracted to conduct the research over the next five months.

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The Business Council’s David Toua.

The APEC Business Advisory Council (ABAC) is preparing a policy paper, which is intended to help in the creation of a sustainable future for communities involved in the extractive industries. Co-chairman David Toua says there has been discussion of this among the ABAC member countries. ‘This policy is all about creating sustainable a future for disintegrated communities surrounding extractive industries after its life,’ he told The National.

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Pacific Energy Aviation Limited (PEAL) has applied to the Independent Consumer and Competition Commission to buy PNG Ground Services Limited, a wholly-owned subsidiary of PNG Air. It provides refueling services to all PNG Air’s fleet at Jacksons, Gurney, Daru and Lihir airports. PEAL owns and operates the joint underground hydrant installation (JUHI) at Jackson International Airport, which services both domestic and international aviation requirements.

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Anitua-owned landowner companies Raibus and National Catering Services have signed a K1 million agreement to provide catering services to the Madang-based Ramu NiCo mining sites.

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The Institute of Directors is calling on new directors and existing directors of small to medium enterprises (SMEs), regulated entities, state-owned enterprises, landowner companies and government statutory authorities to participate in its training courses. A  two-day course covers corporate governance, the roles and responsibilities of directors, effective boards, understanding financial statements, strategy and planning and risk mitigation.

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Rabbie Namaliu. Source: Kina Securities

Kina Asset Management (KAML) performed strongly in 2016, delivering a net investment return of 14.7 per cent and a net profit of K6.15 million, exceeding the K4.74 million earned in  2015. Chairman, Sir Rabbie Namaliu, said the results were outstanding given that this was at the back of sluggish conditions for the global economy and a generally weak PNG economy. He said there has been good equity market performance in 2017, ‘with an investment gain of K3.4 million for the five months to 31 May 2017, representing a 5.9 per cent return.’

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Pacific Trade Invest New Zealand has praised a Memorandum of Understanding between the Solomon Islands Timber Processors and Exporters Association and the NZ Imported Tropical Timber Group.

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A strike by 70 workers at the SLN nickel plant in New Caledonia has begun to hit production. The company is incurring monthly losses in excess of US$22 million, reports RNZI. SLN has been run at a loss for the past five years due to a global slump in the nickel price. The deficit last year reportedly amounted to US$160 million.

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And finally, contrary to popular depictions, being likeable can have its benefits in business, reports the BBC. Entrepreneurs with better social skills are more likely to be successful and workers who are well liked are better at getting their way at work. A study by the University of Massachusetts found that internal auditors who were well liked and provided an organised argument were more likely to have managers agree with their proposals, even if managers would otherwise tend to disagree with the auditors’ position if they had not met them.