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C OMMENTAR y

How Papua New Guinea Became an Oil Producer and then an LNG Producer > 10

BUSINESS

K794-M Nadzab Tomodachi International airport Inaugurated > 22

Bougainville Launches Key Planning Blueprints > 24

President Toroama: Bougainville Opens Doors to Foreign Direct Investment > 26

PM Marape Commends Outgoing australian High Commissioner Jon Philp for Exceptional Service to PNG > 30

PNG Opens Visa on arrival with Selected Countries on Reciprocal Basis > 30

PM Marape Highlights Importance in PNG-China Relations as Trade Figures Surpass K13-B > 32

4th PNG-EU Business Conference Tackles Ways Forward > 34

Maru: PNG Needs Investment in all Sectors > 38

PM Marape Welcomes Newmont Corp. to PNG > 40

Wonye Dobel Project Phase II Underway > 42

PNGEITI, JICa Sign Technical Cooperation Discussions Records to Improve Data Quality in Reports > 44

PM Marape Formally Welcomes New British High Commissioner to PNG > 46

PM Marape Concludes Fruitful US-Pacific Leaders’ Summit > 48

East asia and Pacific: Sustained Growth, Momentum Slowing –World Bank > 50

PM Marape Commends Indonesia, IMF Commitment to Sustainable Development > 52

Chamber: Partnership Key to achieving MTDP-IV > 54

Signing of the United Nations Sustainable Development Cooperation Framework (UNSDCF) 2024-2028 > 56

M INING

OTML Board approves Mine Life Extension to 2050 > 58

K92 Mining Gets US$100-M Senior Secured Loan, amended Offtake agreement with Trafigura Bolstering Balance Sheet and Future Metals Payabilities > 60

Manetai Limestone Project Progresses Towards Drilling > 62

CLP Wharf Operational and Financing Update > 64

MRa assures Panaust PNG Committed to Frieda River Lease > 68

Newmont acquires Newcrest, Creating World’s Leading Gold Mining Business > 70

PM Marape Celebrates Historic agreements for Reopening Porgera Gold Mine > 72

contents

O IL & GAS

Government announces New Regime for Oil and Gas at PNG Petroleum and Energy Conference > 74

AGRICULTURE

Pathway Formed for Cocoa Development in Central Province > 76

EU launches Forestry, Climate Change, and Biodiversity Programme in PNG > 78

Minister Maru Calls for Establishment of Kava Industry in PNG > 82

FINANCE

aDB: PNG’s Economic Outlook Improving but Challenges Remain > 84

PM Marape Welcomes New aDB Country Director Said zaidansyah > 84

Sustainable Finance Shifts from ‘Why?’ to ‘How?’ > 86

PM Marape Encourages Bank of PNG to Foster a K200-Billion Economy, Shape the Nation’s Future > 88

Inflation Remains a Concern for Importers; PGK Depreciates against USD, but PNG will Benefit in the Long-Term -- Bank South Pacific > 90

BPNG Supports FX Market as Export Flows Taper in Q3 2023 > 92

Vision Blue Resources Signs Investment agreement for US$40-M Equity Investment in Mayur’s CLP > 94

PNGX Welcomes Newmont as the Country’s First Depository Interest Listing > 94

Ok Tedi Pays Interim Dividend of K100M > 96

COMPAN y

Camp Provider Maximises Local Content > 100

PNGX Takes Further Steps to Enhance PNG’s Capital Market > 100

SGS Drives New Procurement Push in PNG to Support Growth in Resource, Energy Industries > 102

Catering Company Trains Soldiers with Vital Culinary Skills > 104

Delivering Excellence: Nabors Delivers Optimal Results in Papua New Guinea > 106

PacTow’s Marine Salvage, Emergency & Spill Response > 108

Bringing Your Business to PNG: 5 Ways to Safeguard Your Offshore Project > 110

Building a Better Future for PNG > 112

Invest in First aid Training with St John ambulance > 114

Portside Business Park Paves the Way for End-to-End Logistics Solutions > 116

PNG Chamber of Mines and Petroleum Changes Name to PNG CORE > 118

Pioneering Holistic Development and Business Innovation in Papua New Guinea > 120

Swire Shipping Releases its Sustainability Report 2022 > 122

BHP Transition to Terrain Tamer Parabolic Springs for LV Fleet > 124

EVENTS

PM Marape Confirms PNG’s Participation in 2025 Osaka World Exposition > 128

Unlock Boundless Opportunities at the 39th australia PNG Business Forum and Trade Expo > 130

How Papua new Guinea Became an oil Producer and then an LnG Producer

When we examine the ingredients required for the development of petroleum accumulations, Papua New Guinea has all that is required, though we do not necessarily know the links between all of them. But the evidence of petroleum endowment is manifest, widespread, and substantial.

Oil abounds in Papua New Guinea. We know this from the oil seeps first identified by gold prospectors in 1911 along the Vailala River in the Gulf Province, to the seeps in the Nipa Valley in the Southern Highlandsused traditionally as body paint and as a kerosene substitute, and sold in the local market, and from the Matapau oil seeps in the Wewak Basin of the East Sepik, which hosted Papua New Guinea’s first oil production preWorld War Two, or the greenish-yellow oil that oozes out of the ground at Wonia, south of the Fly River in the vast Western Province. There is nothing quite like the presence of oil to excite oilmen, and that is what Papua New Guinea has done for over a hundred years.

The commercial oil accumulations and seeps found in the Papuan Ba -

EDITOR’S NOTE: Michael McWalter, former Director, Petroleum Division and Adviser to the Government of Papua New Guinea and erstwhile petroleum adviser to the Governments of Ghana, Liberia, Cambodia, Sao Tome, and South Sudan comments on the evolution of Papua New Guinea’s oil and gas industry and how Papua New Guinea has fostered the industry into some of its largest investments in LNG production.

Michael McWalter is a certified petroleum geologist and technical specialist in upstream petroleum industry regulation, administration, and institutional development.

sin before 1992 have been attributed to Jurassic sources, with peak generation occurring in the Late Cretaceous prior to the formation of the existing structures. However, in 1992, an oil seep was discovered at Lufa in the Eastern Highlands after a series of earthquakes. This oil is geochemically very different to all the other oils found in the Papuan Basin. It was found to the north and east of the present oil discoveries that occur within the western

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Papuan Basin and it is indicative of an undiscovered Tertiary source rock, which is currently at or near peak generation. However, most of this likely source rock in the north may be covered by overthrusted allochthonous terrain, and this play remains to be properly explored. There is no doubt that we have plenty of structure as evidenced by the surface topography and terrains, whale-back mountains and the overall formidable geography of the island

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Graphic Designer : Bogtong Wangga

Figure 1: Oil seeps throughout Papua New Guinea indicate the widespread generation of oil.

of New Guinea. The mainland of Papua New Guinea has been formed by interaction between the Australian Plate in the southwest, and the Pacific Plate in the northeast. Between these two major crustal elements: the platform, and the oceanic crust and island arcs, lays a highly-deformed mobile belt. It is arguably one of the most tectonically complex regions of the world and is host to an abundance of the known tectonic processes: including the opening and closing of ocean basins, terrane accretion, ophiolite obduction, subduction reversal, and ultrahigh-pressure rock exhumation.

For the oil man, the evidence of extensional systems of late Triassic and Palaeocene age, an extensive Mesozoic passive margin, abundant Palaeogene shelf sedimentation, and Miocene carbonate deposition, all overwritten by late Miocene- Pliocene collision - which produced the present day Papuan Fold and Thrust Belt, and Papuan Foreland provide the essential structural ingredients and key sediments within which oil and gas may accumulate.

The late Jurassic/early Cretaceous sands form excellent reservoirs, such as the Toro Sandstone and Digimu Sandstone, as do the vuggy Miocene carbonate reefs. The Pliocene Orubadi and Upper Cretaceous Ieru Formations provide reasonable seals, though the faulting of these units due to the continued compression and reactivation of deep-seated faults means that their sealing integrity is not always assured.

Having all the ingredients of a petroleum system is a great starting point for our business, but that same geography that arises from the geological history has made onshore Papua New Guinea a formidable place in which to explore for oil and gas.

Papua New Guinea has been likened to the European Alps where the snow has been removed and the land covered with dense rain forest. The mountains of Papua New Guinea rise up to more than 4,500 metres above sea level and they are the subject of continued uplift. So, when continuous heavy rainfall amounting to as much as 10,000 millimetres per year in some places is dropped on the land, it is no small wonder that vast deltas and wetlands border much of the

mainland.

Into this mix, were placed a strange and wide variety of amphibians, distinct and beautiful Birds of Paradise, one of the world’s greatest variety of insects and the most exotic Australasian fauna. And in some latter-day development, modern man who produced the first polished-stone axes some 15,000 years ago became frozen in isolated, early Neolithic, rival communities throughout the mainland and it surrounding islands.

Figure 3: The rugged spine of the island of New Guinea and the adjacent swamps and deltas make access for petroleum development most challenging.

Figure 4: HMS Basilik (on left)

Figure 5: Captain John Moresby

Figure 2: Tectonic structure of Papua New Guinea

With land bridges gone after the last glacial period, only limited seagoing migration occurred along the coastal areas and life for most communities remained isolated for millennia.

Papua New Guinea was never conquered, though many navigators came to its shores from both Western and Eastern ports. No settlements were established and many adventurers were repelled by the local people. It was not until 1973, that Captain John Moresby of the Her Majesty’s Ship Basilik, which was conducting hydrographic surveys along the Papuan coast, found a navigable gap in the reef in front of a beautiful nature harbour. He named that harbour after his father, Admiral Sir Fairfax Moresby, calling it Fairfax Harbour - upon the shores of which Port Moresby was established. In 1883, the Government of Queensland annexed the territory for the British Empire. Oddly, the United Kingdom Government refused to ratify the annexation, but in 1884, a Protectorate was proclaimed over the territory, then called British New Guinea and on 18th March 1902, the Territory was placed under the authority of the Commonwealth of Australia. Resolutions of acceptance were passed by the Commonwealth Parliament, who accepted the territory under the name of Papua.

The new territory enticed adventurers and explorers and it was two gold prospectors, McGowan and Swanson, who in 1911 discovered the oil seeps along the lower reaches of the Vailala River. The Australian Government, aware of the success of the Anglo-Persian Oil Company (later called British Petroleum) in what we now call Iran, commissioned a report and engaged them to conduct exclusive oil exploration for the Government until 1929. This proactive approach perhaps endures to this day. Oil Search Ltd of Queensland joined the foray in 1929 becoming incorporated in Papua. Shell started exploring in 1936 and in 1938 Oil Search joined together with Anglo-Persian and Stanvac (Standard Oil of New York and Vacuum Oil which were later to become Mobil) to form the Australasian Petroleum Company which undertook epic and episodic exploration campaigns for decades searching for oil. Indeed, one

well was spudded prior to World War

Two, suspended for the duration of the War and only plugged and abandoned after the War.

For years, Oil Search raised money from gentlemen who wished to have a wager on finding oil in Papua by the sale of rights issues, but alas the discovery of commercially viable quantities of petroleum would remain elusive for decades more.

There were nevertheless enormous challenges to access those lands that were seen to be prospective for hydrocarbon accumulations, not the least of which was the formidable geography and the associated paucity of transportation infrastructure, but also the fiercely held manner of

customary landownership of those lands. Customary or traditional land ownership was not of such concern (indeed, it was neglected) during the pre-Independence years when the territories of Papua and New Guinea were jointly administered by the Australian Government.

In the pre-Independence days, perhaps subdued by the cadre of Australian sometimes philanthropic patrol officers (or kiaps) who were administrators, police, judges and juryall in one, the traditional landowners provided little resistance to the oil companies in accessing lands for oil exploration operations. This was to change radically once the value of that access to privately-owned land

Figure 6: Flag of the Territory of New Guinea

Figure 7: Flag of the Territory of Papua

Figure 8: Flag of the Independent State of Papua New Guinea

under customary title was to be realised in the post-Independence years, and especially so, once oil production commenced.

Papua New Guinea had been the subject of enormous exploration investment in many episodes over many decades, but it was only in 1986 some eleven years after Independence that oil was discovered in commercially producible quantities near Lake Kutubu in the Southern Highlands.

This discovery at the Iagifu 2-X well underpinned the Kutubu Oil Development Project, which started oil production in June 1992. It also

In the years after the Kutubu discovery, Papua New Guinea became the subject of great investment interest as many major oil and gas companies scrambled to get Petroleum Prospecting Licences and as many as two dozen new field wildcat wells were drilled per year. However, in the subsequent search for more oil fields, mainly gas was found, which would require much more work to develop. Some additional oil discoveries were, however, made at Gobe and Moran, but alas most of the new

discovery wells found natural gas, although that gas was for the most part reasonably rich in natural gas liquids. It rapidly became apparent that the gas endowment was about ten times that of the oil, and with that realisation, exploration waned through the 1990s.

The Kutubu project went ahead beginning production of crude oil in June 1992, and it reached a maximum daily production rate of just short of 150,000 barrels per day in 1993. In 1998, the Gobe oil fields and the Moran oil field commenced production. Gobe reached a peak production in 1998 at 34,000 barrels of oil per day, whilst Moran reached 23,000 barrels per day in 2006. These fields helped to keep overall Papua New Guinea production above 55,000 barrels per day up to 2000, but it declined steadily to 40,000 barrels per day by 2010. The peak production at the Kutubu field was achieved when crude oil prices were relative stable at around US$ 20 per barrel, but as the oil fields of Papua New Guinea went into decline during the first decade of the new millennium, the world realised extraordinary crude oil prices. Prices surged over

an eight-year period from about US$ 25 per barrel to US$ 145 per barrel on 3rd July 2008, only to fall back to US$ 44 per barrel by 15 Dec 2018, and then surge again back to over US$ 100 per barrel by the end of 2008! For a while, PAPUA NEW GUINEA was making excellent revenues from its crude oil production notwithstanding that the production rate was only slightly more than a quarter of its peak production, because the price was for a while more than four times the price of the early years of oil production. This roller-coaster of crude oil prices has persisted into the 21st century. This price volatility really tested the petroleum regime of the Papua New Guinea Government. Due to its prevalence of petroleum income taxes rather than regressive fiscal devices like royalty, it enabled the Government to capture a fair share of the windfalls of higher profits arising from the elevated crude oil price, and yet enable production to continue with reduced taxation when profits were diminished by low crude prices. Indeed, Papua New Guinea regime has always recognised the significant capital costs of exploration in Papua Page 20 >

Price History of Oil & Gas Benchmarks in U.S. Dollars

October 2023 Update

New Guinea and has shied away from regressive fiscal terms. The original regime was comprised of a petroleum income tax at 50%, with a 2% royalty paid on wellhead value plus a 22.5% State participating interest in any project paid for on the basis of pro rata sunk costs. The regime also had an Additional Profits Tax set to trigger at the rate of 26% - an impossible rate by today’s standards, but a realistic one for the high interest rates that prevailed in the 1980s. Overall, the regime aimed to provide a net 66.6% take to the Government and 33.3% net take to the investors.

The regime was based on extensive consultations between the oil companies and the Government and an underlying White Paper on Petroleum Policy and Legislation formally presented to the Parliament of Papua New Guinea in 1976. It was a fair deal for a frontier area with enormous physical challenges and tantalising signs of oil and gas. Further, the licensing system was a transparent

and well-managed system based on a comprehensive law – the Petroleum Act of 1977. Distinct and well-defined processes for applications for licences, grants of licences and the performance of licensees were established. Moreover, to supplement the Act, it was policy that before the drilling of the first well in each and every Petroleum Prospecting Licence, the licensees were required to negotiate and agree a Petroleum Agreement with the State which provided inter alia for the provision of a 22.5% equity interest in each development project ensuing from the licence, and for any other matters which needed to be agreed between the State and the licensee.

When the Kutubu project was launched in 1990 and an application for a Petroleum Development Licence was made, the fiscal terms were well-defined, procedures for development were in place and the petroleum agreement was pre-negotiated. Not only was the regime

ready, but the Government had been steadily building up its technical capacity to manage and regulate the petroleum industry. The Petroleum Resources Assessment Group had been established in 1982 with an initial staff of two officers within the Geological Survey, and in 1987 the Petroleum Branch was inaugurated with eleven officers. Then, with Technical Assistance from the World Bank between 1995 and 2000, the integrated Petroleum Division was inaugurated in 1993 with some 29 officers and the Division grew to over 60 by 2004. Papua New Guinea was rising to the challenge of building the capacity of the Government. Far too many Governments neglect to invest in their side of the petroleum business and then through institutional weakness become prey to politically contrived notions, rather than technically and commercially driven sound plans and policies. (TO BE CONTINUED)

Figure 10: The roller coaster of crude oil prices and natural gas prices became more erratic in the last couple of decades (after Ryder Scott)

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K794-M nadzab tomodachi International Airport Inaugurated

Prime Minister James Marape celebrated the unveiling of the remarkable K794-million Nadzab Tomodachi International Airport on 2 October 2023, underscoring the enduring bond between Japan and Papua New Guinea.

This project was made possible through a K692-million soft loan extended by the Japan International Cooperation Agency (JICA), with the Papua New Guinea Government contributing the remaining funds.

The contract for this transformative project was signed in November 2019 shortly after PM Marape took office and was one of the first for the Pangu Pati. Despite encountering challenges such as the onset of the COVID-19 pandemic, the Nadzab Airport Redevelopment Project persevered.

PM Marape made these remarks before a gathering of thousands of attendees, including from the surrounding villages, who converged upon Nadzab on Monday, October 2, 2023, to witness this historic occasion.

The event was graced by the presence of Japan’s Vice-Minister for Foreign Affairs Hon. Iwao Horri, Ambassador to Papua New Guinea H.E. Nobuyuki Watanabe, and esteemed Japanese delegates.

Accompanying PM Marape were Deputy Prime Minister and Lae MP Hon. John Rosso, Civil Aviation Minister Hon. Walter Schnaubelt, Morobe Governor Hon. Luther Wenge, along with several other dignitaries, ministers, and Members of Parliament.

Mr. Marape emphasised the significance of the airport, stating: “The Nadzab Tomodachi International Airport reflects the bond of shared history, the present friendship between Japan and Papua New Guinea, as well as the collective future that lies ahead of us.”

He recounted that the conception of the Nadzab Tomodachi International Airport project dates to 2005 when the late Prime

Ministers Shinzo Abe of Japan and Sir Michael Somare of Papua New Guinea met. PM Marape also acknowledged the visionary Governor Wenge for his pivotal role in initiating the idea of an international airport in Nadzab.

Highlighting the vital economic contribution of regions like Morobe, the Highlands, Momase, and the New Guinea Islands, which account for over 70 percent of the Gross Domestic Product (GDP), Prime Minister Marape declared: “I want to announce that this will be our second international gateway, after Jackson International Airport in Port Moresby, as far as air travel is concerned. We have established state-of-the-art facilities to accommodate international flights to and from Nadzab Tomodachi International Airport.”

PM Marape expressed his vision for the airport, stating: “There must be flights from Nadzab to Japan carrying tuna and agricultural produce, tourists, students, and businesspeople, as well as bringing back Japanese tourists and businesspeople. In Japanese, ‘Tomodachi’ means ‘friends’ who support each other, and this is precisely what the new Nadzab

Tomaodachi International Airport represents.”

“I want Japan, a global economic superpower, to know that it has its ‘Tomodachi’ here in Papua New Guinea. My government is committed to establishing a cold storage facility in Nadzab to store fresh fish for export directly to Japan. We aspire to be your significant partner.”

PM Marape also urged Air Niugini and the National Airports Corporation (NAC) to ensure regular flights from Nadzab to Australian cities like Brisbane or Cairns. “This will facilitate travelers from the Highlands, Momase, and New Guinea Islands to fly directly to Australia, bypassing the need to go through Port Moresby,” he emphasised.

This momentous occasion marks a new chapter in the friendship between Japan and Papua New Guinea, fostering economic cooperation and strengthening the bonds between the two nations, the Prime Minister said. The Nadzab Tomodachi International Airport stands as a testament to their enduring partnership and shared commitment to a prosperous future.

Prime Minister Marape opening the Nadzab Tomodachi International airport with Japan’s Vice-Minister for Foreign affairs Hon. Iwao Horri, ambassador to Papua New Guinea H.E. Nobuyuki Watanabe, and JICa Representative to Papua New Guinea. - PM’S OFFICE MEDIa

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Bougainville Launches Key Planning Blueprints

The Bougainville Vision 2052 and the Bougainville Integrated Strategic Development Plan 2023-2027 represents a shared, home-grown vision that sets the course for Bougainville’s socio-economic and political prosperity over the next three decades.

the Autonomous Bou gainville Government officially launched two significant strategic plans at Toni va in the Kieta District in Central Bougainville.

ABG President Ishmael Tororama officiated this program and delivered his keynote address to an audience of ABG political leaders, senior public servants from the headquarter and districts, community government representatives from North, Central and South Bougainville, and the public.

So much work has been put into these two plans by our hardworking team in the government in capturing the true essence of our vision for a new Bougainville.”

President Toroama stated that the long-term plans were an extension of his Government’s Six Point Strategy and focuses on holistic development that will build Bougainville’s capacity through human resource development, encourage proper development of our natural resources and addressing social issues like education and healthcare.

“By taking a holistic approach, integrated approach to planning, we can ensure that our efforts are targeted, effective and sustainable,” he said.

“Another important benefit of strategic planning is that it helps us to allocate resources effectively. It is essential that we prioritize our spending and invest in areas that will have the greatest impact.”

The formulation of the plans was driven by the Bougainville Strategic Research and Planning Secretariat together with the Directorate of Strategic Planning and Policy, taking on a consultative and research approach to ensure the long terms plans for Bougainville were comprehensive, all-inclusive, and genuinely reflected the true aspirations of Bougainville.

“Formulating these two important plans took two years of research and consultations.

President Toroama called on the Bougainville Public Service as the Government’s implementing machinery to play an integral role in ensuring Bougainville achieves its goals through:

• Economic development by creating a conducive environ ment for economic growth, job opportunities, alleviate poverty, increase investments through for eign investments and promoting local entrepreneurship.

• Social development to address issues such as inequality, education, healthcare, and basic living standards for our citizens and improving law and order.

• Political development ensur ing a vibrant democracy by im proving our governance systems and promoting accountability and transparency.

• Environmental sustainability is an important aspect of devel opment for a developing nation to be such as Bougainville. We have a lot of natural resources with the potential for development. We must strive to protect the environ ment and conserve our resources.

• Technological advancement is essential for Bougainville to be a part of the global commu nity. We must seek to modernize technology on Bougainville to increase efficiency and competitiveness at the global level.

President toroama: Bougainville opens Doors to Foreign Direct Investment

the Autonomous Bougainville Government is opening its doors to foreign direct investment from developed nations such as Australia, New Zealand, Japan, China, the United States, and European nations, President Ishmael Toroama said in a statement on 31 October.

“The government recently declared Bougainville open for business, but this is a specific call to these nations who have contributed to the development and peace of Bougainville in the last 20 years since the cessation of the Bougainville Civil War,” Hon. Toroama said.

He said the governments of Australia, New Zealand, Japan, China, the United States, and “other important development partners have played a significant role in infrastructure development in Bougainville.”

“However, I would like to see this support become focused on supporting economic investment in Bougainville,” he added.

“My government believes that foreign direct investments will increase economic growth in Bougainville, improve social welfare for our people, and foster stronger ties with the international community,” the President said.

The Autonomous Bougainville Government is currently transforming Bougainville economically and politically “through our aspirations for independence and sovereignty,” Hon. Toroama said.

It is time Bougainville looks at fostering relationships with the nations he mentioned “that will benefit us through economic investments and provide much-needed infrastructure development in Bougainville.”

“As Bougainville looks towards the future, these are the very nations we will establish diplomatic relations with as an independent sovereign nation by enhancing peace and stability in the region and promoting mutual under -

standing and cooperation on various issues,” he said.

The ABG looks forward to working with potential partners to advance the common interests and values of Bougainville and the world, the President said.

“The ABG is committed to ensuring that any investment is made in a transparent, account able, and sustainable manner, respecting the rights and interests of the people of Bougainville,” he said.

PM Marape commends outgoing Australian High commissioner Jon Philp for exceptional service to PnG

Prime Minister Hon. James Marape, on Wednesday, November 8, 2023, expressed his heartfelt appreciation to outgoing Australian High Commissioner H.E. Jon Philp for his immensely productive four-year tenure in Papua New Guinea. Mr. Philp, who began his eventful tour of duty in early 2020, marked the conclusion of a tenure that has significantly contributed to the strengthening of bilateral ties between Australia and Papua New Guinea.

During his tenure, Mr. Philp demonstrated remarkable commitment by visiting all 22 provinces of Papua New Guinea and presiding over the inauguration of numerous projects of national significance. His efforts have been pivotal in cultivating stronger diplomatic relations between the two nations.

Prime Minister Marape said, “Australia-Papua New Guinea relations have greatly flourished over the past four years, thanks to Mr. Philp’s stewardship, a contribution for which the nation is profoundly grateful. This includes substantial

Australian support to our national budget.

“For the first time in the 48 years since Papua New Guinea gained its independence from Australia, an Australian Government and Prime Minister have addressed all outstanding issues between our countries. Australian Prime Minister, Hon. Anthony Albanese, visited Papua New Guinea in January, addressing our Parliament and paying respects at the burial site of Sir Michael Somare in Wewak. This was followed by the highly successful 29th Australia–Papua New Guinea Ministerial Forum held in Canberra in February.

“Papua New Guinea extends its deep appreciation to the Australian Government for its support of our aspiration to become the 18th team in the Australian NRL. All of these milestones and more have been achieved during Mr. Philp’s tenure as the Australian High Commissioner.”

Prime Minister Marape affirmed that the enduring relationship between Australia and Papua New Guinea remains remarkably

strong and unique. He expressed confidence that this partnership will continue to thrive in the future. In closing, he extended a warm invitation to Mr. Philp, assuring him that he will always have a home in Papua New Guinea and is welcome to return at any time.

PnG opens Visa on Arrival with selected countries on Reciprocal Basis

Passport holders from selected countries only can now access Visa on Arrival (VoA) at an authorized port of entry in Papua New Guinea, the Chief Migration Officer, Stanis Hulahau has announced.

Based on the bilateral visa exemption agreements on reciprocal basis, the passport holders from Japan, State of Israel, Republic of Indonesia, People’s Republic of China, and all Member States of the Melanesian Spearhead Group (MSG) countries can access visa on arrival at Jackson’s international airport in Port Moresby.

PNG has also signed bilateral visa agreements with the Republic of India and the Republic of Korea and awaits ratification by Parliament before these agreements can enter into force.

“I am pleased that the Government of Papua New Guinea is eventually opening up the VOA facility to selected countries that we have bilateral reciprocal arrangements with and soon we would be considering other countries who are eligible under the similar arrangements,” said the Chief Migration Officer.

Diplomatic and Official or Service passport holders from Japan, State of Israel, Republic of Indonesia, and People’s Republic of China are eligible for VOA for either 30 or 60 days per visit.

Mr Hulahau said the VOA is not applicable to Diplomats and Officials who are officially engaged for a long term contract but only for those who visits for short-term engagements.

Ordinary passport holders from Israel can

get a 60 days single or multiple entry visa on arrival for short stay for business or tourism purposes. Chinese tourists who holds ordinary passports and travels under registered and organized tour groups are eligible for a 30 days single entry visitor visa at no cost.

Mr Hulahau said the Papua New Guinea government is reciprocating the same treatment to passport holders from countries who are offering the same to PNG Passport holders (either Diplomatic, Official or Standard).

The VOA facility has been forcefully suspended in 2019 following the Coronavirus pandemic that forced the government to impose strict entry requirements. However, ICSA reopened the facility early this year to Member States of the MSG and is now further extending it to Japan, Israel, India, Indonesia, China and Korea.

Prime Minister Marape farewells High Commissioner Philp. - PM’s Office Media

PM Marape Highlights Importance in PnG- china Relations as trade Figures surpass K13-B

trade between Papua New Guinea and China has surpassed K13 billion, with a surplus in the country’s favour as PNG continues to export more to China than import from the Asian superpower.

This clearly demonstrates the huge significance in maintaining and expanding the existing bilateral relationship with China as the superpower continues to provide the needed markets for Papua New Guinea in Agriculture, Forestry, Fisheries, and Oil & Gas, the Government said.

Prime Minister James Marape revealed this as he provided a brief on his meetings with China’s two most senior leaders –Premier Li Qiang and President Xi Jinping -- adding that the reception and opportu nities for meetings accorded to him and his delegation were at the highest level.

He said: “I have had very successful sep arate bilateral meetings with the Premier and the President. Out of the 150 nations attending the Belt & Road forum, we were accorded this rare privilege – to meet the head of government and head of State in our own meetings. Not too many were given this opportunity.

“This shows the importance China has attached to the relationship it has with PNG. The PNG-China relationship is a result of work we have been doing over the years since I took office in 2019.

“We have successfully marketed our country as a place for the production of food and energy, and we are receiving very good response from China.

“China is no ordinary nation. It has se curity of markets for all our produce. Papua New Guinea needs good markets for the export of our natural resources, and China is that market – just as India, Indonesia and the rest of Asia are.

“We are successfully deepening the trad ing and bilateral relationship with China, and under my watch, we will continue to expand it even further.

“Over the last four years, trade volume between PNG and China has seen a sur plus for our country, meaning that PNG is exporting more to China than we are importing.

“Today, K13 billion is the volume of transaction that has taken place between our two countries, making China the most important trading partner besides Austra lia,” said Mr. Marape.

The Prime Minister said because of this deepening relationship with China, it was

important that relevant ministers in the fields of trade, commerce and investments accompanied him on the trip for implemen tation upon return to PNG.

“Papua New Guineans must see the big picture. You want the economy to grow, so does your government. This is the number one focus of our government since 2019, and we are making it happen now,” said PM Marape.

A c c o u n t i n g & F i n a n c e

D i r e c t o r s

H u m a n R e s o u r c e

L e n d i n g , S a v i n g s a n d L o a n s

M a n a g e m e n t a n d L e a d e r s h i p

D i g i t a l a n d S o c i a l M e d i a

O f f i c e S k i l l s

S a f e t y a n d H e a l t h a t W o r k p l a c e

M i c r o s o f t O f f i c e 2 0 1 9

I S O - Q u a l i t y M a n a g e m e n t S y s t e m

I B B M E n t e r p r i s e C e n t r e p r o v i d e v a r i o u s c a p a c i t y b u i l d i n g s e r v i c e s t o P N G C o m p a n i e s , i n c l u d i n g L a n d o w n e r C o m p a n i e s a n d S M E s

r a i n i n g

S u p p l i e r M a n a g e m e n t P o r t a l

R e g i s t e r H e r e : b i s n i s p n g . c o m

4th PnG-eU Business conference tackles Ways Forward

Discusses informative ways on unlocking sustainable economic opportunities

By: M IRI a M Ma NDIBI

the 4th PNG EU Business, Trade, and Investment Conference held at the Apec house on the 30th of October brought together government dignitaries, diverse business professionals, and expert business traders to enhance Papua New Guinea and the Pacific and to unlock sustainable economic opportunities for the European market.

The Europe Union hosted and facilitated the event with its stakeholder partners Investment Promotion Authority (IPA), the National Trade Office (NTO), and PNG Europe Business Council, with whom they share a vision for improving business and trade.

The conference began with the opening remarks by the European Union Ambassador to Papua New Guinea, His Excellency Jacques Fradin.

“I would like to thank all the participants, organizers, and sponsors who have made this event possible,” Fradin said. “This conference marks a significant milestone in our ongoing efforts to foster trade and investment between our regions.

“PNG and the EU share a rich history of cooperation, and we are committed to building upon this foundation to create new opportunities and avenues for growth.

“In this ever-evolving global landscape, the need for strong economic partnerships is more important than ever. PNG, the Pacific, and EU have much to offer each other, and by working together, we can achieve mutually beneficial outcomes.

“The PNG government priorities sustainable and economic growth, with its vast natural resources, diverse agriculture, and rich cultural heritage present tremendous potential.

“The EU, with its extensive market, technological expertise, and commitment to sustainability, brings a wealth of opportunities for collaboration.

“The EU and the Pacific countries share a history of flourishing economic relations that have strengthened over the past two decades. At the heart of this progress lies the EU-Pacific (Interim) Economic Partnership Agreement (EPA), a vital instrument that has amplified trade and facilitated investments between these interconnected regions.”

The conference, Fradin said, “serves as a platform for dialogue, innovation, and the strengthening or forging of new connections. It is the demonstration of our shared commitment to economic de velopment, sustainability, and inclusivity.

“This conference will enable us to explore ways to enhance trade relations, encourage investment, and promote sustainable growth. We will also address our global challenges, such as climate change, sustainable growth, and the need for responsible business practices. In addition, some financing opportunities offered by the EU as part of realising the Global Gateway Strategy will be presented.

important trading partners that Papua New Guinea has.

“As we chart the course for deeper collaboration, we must also ensure that the benefits of our economic ties extend to all segments of our societies. This includes supporting small and medium-sized enterprises, fostering innovation, and upholding social and environmental responsibility. By doing so, we can create an economic environment that is not only prosperous but also equitable.

“I encourage all participants to engage in open and constructive dialogue throughout this conference. Share your ideas, experiences, and insights, as they are invaluable in reinforcing current EU-PNG relations and shaping our future. We must work together to harness the immense potential that our partnership holds, ultimately contributing to sustainable development and the well-being and prosperity of our people.

“Thank you and let us embark on this journey of cooperation and growth with determination and optimism,” said Ambassador Fradin.

MARU’S REMARKS

Speaking also at the conference was Minister for International Trade and Investment Hon. Richard Maru, who thanked the European Union for hosting the event, emphasising that Papua New Guinea values the European market as its major trading partner.

“While we are negotiating Free Trade Agreements with other countries and working hard to walk across Asia, I want to reaffirm our commitment to the European Union as one of the most

“We recognize fully that the current trade balance is totally in favour of Papua New Guinea with an estimated USD 994 million of goods sold into the European Union each year, while the European Union only sells USD 100 million to Papua New Guinea.

“We have built our fishing industry on the back of the free-market access agreement that the European Union has provided for us and for that we are extremely grateful. The European Union is one of the most important trading partners of Papua New Guinea and a relationship that we value very much.

“Our country showed the value of our relationship by being the first Pacific Island State to enter into the Interim Economic Partnership Agreement with the European Union long before any other Pacific member states did. We will continue to work very closely with the European Union delegation and the European Union to deepen and strengthen our trade and investment relationship now and into the future.

“We firmly believe that we can build a bigger and deeper relationship with the European Union not only in the fisheries sector where we want to downstream process all our tuna in Papua New Guinea and sell to our European Union market as finished goods under their global sourcing provisions within the IEPA.

“In terms of two-way trade, we are extremely grateful that TOTAL from France, the world’s leading energy company, has now decided to invest in Papua New Guinea, and we look forward to the Final Investment Decision (FID) early

Minister for International Trade and Investment

Hon. Richard Maru

WE OPERATE WITH EXCELLENCE, MAXIMISING THE VALUE OF OUR MINERAL RESOURCE IN AN ENVIRONMENTALLY RESPONSIBLE WAY, TO DELIVER SUSTAINABLE ECONOMIC AND SOCIAL BENEFITS TO OUR COMMUNITIES AND THE PEOPLE OF PNG.

next year and the construction phase to follow.

“This is a very welcoming European Union investment in the Papua LNG project by one of our companies from Europe and we would like to see more and more investments in this space by companies from Europe, not only in the gas sector but also in the mining sector.

“We would also like to encourage more European Union companies to invest not only in the mining and petroleum sector but in the renewable sectors of fisheries, tourism, forestry, agriculture, and manufacturing.

“There are limitless opportunities in this country, and we look forward to working with the European Union Mission in Papua New Guinea to support the European Union and its member States’ investments in Papua New Guinea, where we will also be very happy to offer them incentives under the Special Economic Zones Scheme that our Government is now embarking on as our major driver for economic growth.

“We are also aware of European Union member States’ LNG supply difficulties caused by the over-reliance on supplies from Russia during the Russia-Ukraine war, and I am sure Papua New Guinea could be considered a good alternative supply source for LNG for European member States in the future,” he added.

Minister Maru said Papua New Guinea was aware of the European Union’s new laws, regulations, and policies in relation to trade and was committed to taking steps to meet these requirements.

“We are very much aware of the changes in the European Union’s rules to ban coffee that is grown and produced in deforested areas, and we want to seek the assistance of the European Union under their Aid for Trade assistance to help our farmers and industry to secure certification, so they are allowed to export to the European Union market.

“We are also aware of the European Union’s De Facto Suspension of the vanilla extract exports from the United States and the possibility of the ban extending to other parts of the world that use pesticides that contain ethylene oxide, a fumigant for dry food products.

“Although Papua New Guinea is not using pesticides containing the ethylene oxide on its vanilla, we must take all actions necessary to protect our vanilla market within the European Union which stands at an estimated USD 6 million annually.

“Vanilla is a very important export commodity for thousands of our village-based vanilla growers so as a responsible Government, the Marape-Rosso Government will have to ban the import of ethylene oxide into Papua New Guinea.

“I have issued instructions to the National Trade Office to commence work with the Department of Agriculture, the Health Department and Environment Protection Authority (CEPA), and other relevant Government agencies to have the ban imposed as a matter of absolute priority. I will be making further announcements on this matter shortly,” said Minister Maru.

He also called on the EU to support the African, Caribbean, and Pacific (ACP) Group of States to value-add their resources by going down the path of downstream processing to produce finished products to sell to the European Union market.

The conference continued with expert speakers from the finance industry to technical expertise and presentations on case studies.

A special feature story was of Dr. Nancy Irwin, the Managing Director of Kamapim Ltd, who is a major international trader of vanilla targeting the niche markets for EU that have liaised with the indigenous communities of Madang, Lae, and East Sepik in marketing vanilla and improving the local people’s lives in doing business.

Papua New Guinean businesses put up stands for the event, demonstrating some of their skills and products on offer as part of the trade fair, which concluded with a business networking cocktail in the evening.

Maru: PnG needs Investment in All sectors

the Minister for International Trade and Investment, Hon. Richard Maru, says Papua New Guinea (PNG) needs investments in all sectors, and not just in the mining and petroleum sector.

Minister Maru said this after hosting of the inaugural PNG-Asia Investment Conference in Hong Kong on October 16-17, 2023.

“We need investments across all sectors to create jobs. From the presentations at the PNG-Asia Investment Conference, we learnt that ExxonMobil PNG only has 3,000 employees after construction phase whilst New Britain Palm Oil which is the biggest agriculture company in PNG has 29,000 permanent employees,” Mr. Maru said.

“We also learnt that one fish cannery can create 5, 000 jobs. If we have ten canneries in the PMIZ we will create over 50, 000 new jobs. The agriculture, fisheries, forestry, and the manufacturing sector will provide mass creation of jobs. That is why we are going to China to look for investors to come and invest in this space, and we also continue to encourage local investors to partner such investors.

“Our biggest national challenge is unemployment. We have the highest level of unemployment since independence. Our state of law and order is largely attributed to our very high level of unemployment. This is why we are desperately trying to market our country as an investment destination, and we are specifically looking for investors to come and invest in the critical sectors that will create more jobs,” said Minister Maru.

“The extractive sector brings in the revenue and we must re-invest it in the non-extractive sector to create jobs and for an inclusive and sustainable economic development,” added Minister Maru.

Mr. Maru said the hosting of PNG-Asia Investment Conference in Hong Kong was a start of a new beginning in PNG’s relationship with the People’s Republic of China.

“China is our most important trading partner with two-way trade of approximately K15 billion each year and growing. With more mining and petroleum projects coming

on board, China will continue to be our biggest market in the future.

“This conference is well overdue, and our decision to host the conference in Hong Kong is the start of a new beginning in our relationship with China. We want to take our relationship to the next level and anchor the future of our relationship on trade and investment. We know that China will continue to be a big market for our goods with trade currently in our favour,” said Minister Maru.

Minister Maru said PNG was serious with its relationship with the People’s Republic of China.

“Our decision to host the inaugural PNG-Asia Investment Conference in Hong Kong, the one-week State visit of our Prime Minister, Hon. James Marape, to China for the Belt and Road Initiative Leaders Meeting in Beijing, the commencement of the joint feasibility study this week for a possible Free Trade Agreement between PNG and China, the first direct flight between Port Moresby and Guangzhou expected to take place in December this year, and the opening of a trade mission in Shenzhen early next year should be a statement to the Government and the people of China that PNG really

wants to strengthen and deepen its relationship with China,” he said.

The minister said he was happy with the outcome of the inaugural PNG-Asia Investment Conference that was hosted in Hong Kong from October 16-17, 2023.

“Papua New Guinea is now walking across Asia and entering into meaningful partnership with China and other countries in the region to secure export markets for our products including our Liquified Natural Gas (LNG). China is an economic powerhouse and Papua New Guinea must establish a closer relationship with China for mutual benefit,” said Minister Maru.

“We have to consolidate and deepen our relationship with China in order to secure future market not only for our resource industries but also our non-extractive industries of forestry, fisheries, agriculture, and manufacturing,” added Minister Maru.

He said the next PNG-Asia Investment Conference will be hosted in mainland China in 2025.

“I look forward to it been even bigger and better having learnt from all our experiences in our first ever PNG-Asia Investment Conference in Hong Kong,” said Minister Maru.

PM Marape Welcomes newmont corp. to PnG

Prime Minister James Marape has officially welcomed Newmont Corporation, the world’s leading gold company, into Papua New Guinea. He made the welcome on 6 November during a joint press conference with Mr. Peter Toth, Chief Development Officer of Newmont, marking the company’s acquisition of all Newcrest operations in PNG.

PM Marape emphasised the significance of this corporate transaction, as Newmont assumes control of all Newcrest operations in Papua New Guinea, including the Lihir mine in New Ireland and the Wafi-Golpu project in Morobe.

“It adds value to Papua New Guinea’s global branding as an investment destination,” the Prime Minister said. “What this country effectively has now is the world’s No. 1 gold company.”

He further highlighted that both Newmont and Barrick, the world’s second-largest gold company, are now operating in PNG, reinforcing the country’s appeal as a favorable invest-

ment destination for mining.

“The fact that Newmont decided to come in and acquire Newcrest, with Lihir and Wafi-Golpu among the top of Newcrest’s assets, is an affirmation of PNG as a mining investment destination,” he added.

“We now have the benefit of having two of the top gold companies in the world in residence in our country.”

Mr. Marape expressed his gratitude to Newmont’s Chief Executive Officer, Mr. Tom Palmer, Mr. Toth, and the Newmont executive team for their faith in PNG as an investment destination.

He highlighted his firm stance during negotiations, emphasising the importance of the company being headquartered in PNG, a commitment that Newmont has agreed to with plans to establish an office in the country.

Additionally, the Prime Minister announced an agreement for Newmont to conduct an initial public offering (IPO) on the Port Moresby Stock Exchange, allowing the PNG public to purchase shares of stock to

the value of K100 million.

Prime Minister Marape reaffirmed the commitment to the Wafi-Golpu project, stressing the importance of adhering to the agreed timeline and ensuring that the project commences operations as soon as possible.

He also called for increased local employment and content, with the preference for nationals to fill positions over expatriates. Furthermore, he encouraged the procurement of goods and services within PNG, wherever feasible, to stimulate the local economy.

Mr. Peter Toth, Chief Development Officer of Newmont, is welcomed by Prime Minister Marape.PM’s Office Media

Wonye Dobel Project Phase II Underway

Mount Hagen’s first large scale, mixed-use development, Wonye Dobel is progressing well, as on Thursday 21st September, Steamships and Tininga Group of Companies sign an agreement to move forward with Phase II of the project.

The capex investment worth an approximate K200 million is a joint venture with the Duckworth family of Tininga and was identified by Steamships as an area of growth and opportunity within the region.

The mixed-use development already houses BSP Financial Group, which is due to open shortly. Plans for Dobel phase II is a retail led development which is to include supermarkets, restaurants, homeware, and retail stores as well as government and financial agencies. The project is currently being managed by Steamships Property Division, Pacific Palms Property.

The Wonye Dobel joint venture is one of several mixed-use development projects Steamships is currently managing.

Recently the company shared a video at the Business Advantage

investment conference, sharing with the business community plans for expansion in Port Moresby, namely the establishment of Portside Business Park, which is anticipated to be the future industrial and commercial hub for Port Moresby.

The team are currently in discussions with the Government to zone the park as a Special Economic Zone to attract more businesses and industries focused around in-country manufacturing and downstream processing.

Additionally, Steamships is expected to open Harbourside South, the latest development as part of the Harbourside Precinct, offering A-grade retail and office space, and is housing the Marriott Executive Apartments in Downtown, Port Moresby.

Steamships Managing Director Rupert Bray is expected to travel to Hong Kong in October to support the Prime Minister and National Government in the PNG-Asia Investment Conference to encourage foreign direction investment in Papua New Guinea in the resource and non-resource space of the economy.

“We encourage more international investors and development partners to come into PNG, with synergies opportunities, to work with Steamships as their partner of choice. The Company has a strong financial balance sheet and history of joint ventures with landowners and provincial governments, especially in these larger investments which we are starting to see and are well positioned to execute.”

Patrick Duckworth Managing Director, Tininga Group of Companies and Steamships MD Rupert Bray

PnGeItI, JIc A sign technical cooperation Discussions Records to Improve Data Quality in Reports

Athree-year technical cooperation between the PNG Extractive Industries Transparency (PNGEITI) and JICA will boost data transparency in the PNG mining and petroleum sectors.

This will be made possible with the signing of “Record of Discussion” between PNGEITI Stakeholders and JICA experts undertaken in August this year.

The Record of Discussion which forms the basis for the execution of the technical cooperation was signed in Port Moresby today by Mr. John Uware who is acting Chairman of the PNGEITI Multi- Stakeholder Group with Mr. Matsuoka Hideaki from the JICA side.

This signing marks phase two of the JICA/PNGEITI technical cooperation aimed at Improving Resource Related Revenue Management through enhanced EITI Reporting. This second phase will commence in March 2024.

The PNGEITI Head of National Secretariat Lucas Alkan thanked the Government of Japan through JICA for its continued support in the Government of PNG’s effort to implement the EITI Global Standard to improve extractive sector governance.

He acknowledged JICA for coming on board for the second time to help improve extractive transparency which is the core mandate of the EITI

– in the PNG Mining and petroleum space.

“PNGEITI is happy that we’ve signed on the record of discussions that was conducted within the month of August by JICA experts”, Mr Alkan said.

“The second project will be undertaken by JICA experts to continue building and improving capacity at the Department of Petroleum and Energy from work that was undertaken in Phase 1 of the project and at the same time, focus on building capacity at the Auditor General’s Office to improve financial data quality, reliability and timely availability of resource related data and information for public use,” Mr. Alkan explained.

The Head of PNGEITI Secretariat said that the three-year program would basically pick up from where JICA had left off at the Department of Petroleum and Energy when Phase 1 of the project ended a year ago and determine ways to improve the quality of the financial data for EITI reporting and to ensure that more resources-related information is made publicly available for transparency purpose as required by the EITI Global Standard.

The project is also intended to assist strengthen capacity at the Auditor General’s Office to ensure that the financial data that are used in the

EITI annual reports are audited and are reliable to improve the quality of these reports.

Mr Alkan said the JICA technical cooperation program in that it will specifically focus on building and strengthening capacities at two key government organisations: the Department of Petroleum and Energy and the office of the Auditor General.

Addressing weaknesses in data reliability and quality in these two agencies would be important to the work of the PNGEITI Secretariat in its endeavour to addressing the data and information gaps as highlighted through the EITI reporting process.

Present during the occasion included key representatives from beneficiary government entities, namely the Department of Petroleum and the PNG Office of the Auditor General.

Left to Right: PNGEITI Head of National Secretariat Mr. Lucas alkan, PNGEITI MSG acting Chairman Mr. John Uware , JICa Chief Representative Mr. MaTSUOKa Hideaki, and Mr. Channan Kumalau of the Department of Petroleum after the signing.

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PM Marape Formally Welcomes new British High commissioner to PnG

Prime Minister James Marape recently extended a warm and formal welcome to the new British High Commissioner to Papua New Guinea, Her Excellency Ms. Angela Macro. The meeting took place in Port Moresby.

High Commissioner Macro assumes her role succeeding outgoing High Commissioner Keith Scott, who will be embarking on another diplomatic assignment.

Prime Minister Marape expressed his gratitude for the long and storied relationship between Papua New Guinea and the United Kingdom, emphasising the commitment to the Commonwealth that both nations share. He encouraged High Commissioner Macro to deepen her understanding of the country and its diverse people.

“Welcome to Papua New Guinea, Madam High Commissioner. You will quickly discover that PNG extends far beyond Port Moresby, and Port Moresby itself is just a part of our rich tapestry,” Mr. Marape remarked.

“After settling into your office, I invite you to take the time to explore our beautiful provinces and get to know the essence of our nation.”

The Prime Minister expressed PNG’s eagerness to see further advancements in the relations between Papua New Guinea and the United Kingdom. He reiterated the importance of support from bilateral and development partners, particularly in the areas of trade and education.

“The United Kingdom holds a special place in the hearts of Papua New Guineans, as we were once a British Protectorate before gaining independence and continuing our membership in the Commonwealth,” he stated.

“His Majesty King Charles III serves as our King and Head of State, represented by the Governor General Sir Bob Dadae. We look forward to the support of our development partners, including the UK, as we implement our recently launched Medium Term Development Plan (MTDP) IV.”

The Prime Minister said King Charles III, who has a long association with Papua New Guinea, has been invited to open the new court facility in Port Moresby next year.

Mr. Marape also highlighted the environmental priorities of his government, emphasising the conservation of forests in Papua New Guinea. He sought support from industrialised nations like the United Kingdom in these conservation efforts.

Before her appointment as British High Commissioner to Papua New Guinea, High Commissioner Macro served as the High Commissioner to Lesotho from 2019 to 2022. Her extensive diplomatic career also includes roles as Deputy High Commissioner and Head of Political Team to Lesotho and Swaziland in Africa.

She previously served in Rangoon, Burma, as the Second Secretary for Political, Economic, Press, and Public Affairs from 2002 to 2007 and as Second Secretary for Trade and Investment in New Delhi, India in 2007.

The meeting between Prime Minister Marape and High Commissioner Macro was marked by positive discussions on strengthening the bilateral relations between the two nations.

Papua New Guinea, with its vast landmass and growing population, looks forward to a collaborative partnership with the United Kingdom in the years ahead, the Government said.

Ms. Macro presents her Letter of Introduction to Prime Minister Marape. -DEPaRTMENT OF PM & NEC MEDIa

PM Marape Concludes Fruitful US-Pacific Leaders’ summit

Prime Minister James Marape recently concluded the US-Pacific Leaders’ Summit and expressed his gratitude to the Biden Administration.

The summit was an excellent opportunity for Pacific Island leaders to meet with US President Joe Biden and discuss issues related to mutual prosperity, security, and sustainability in the region.

He said it is great to see the United States reaffirming its commitment to the Pacific Island nations and working towards strengthening partnerships in various areas.

In the welcome address, President Biden made several significant announcements aimed at enhancing relations and addressing the shared challenges faced by our region.

“The summit highlighted the strong partnership and cooperation between the United States and the Pacific Island nations.

“This reaffirmation of robust bonds will help in addressing the shared challenges faced by the region, and work towards a more secure and prosperous Pacific,” Prime Minister Marape said.

He said the United States’ pledge to provide financial support such as allocating US$40 million towards the Pacific Islands Infrastructure Initiative; the signing of a new 10year US$600 million agreement to support the sustainable development of Pacific Islands fisheries; and the intention by US alongside its Quad partners to invest US$11 million in cutting-edge maritime domain awareness technology, are very significant investments in the region’s economic growth.

“This infrastructure development can help to bridge the digital divide and enhance economic growth, as well as improve access to services such as healthcare and education,” Prime Minister Marape said.

“It is commendable that the United States is committed to promoting sustainable and resilient infrastructure that can benefit the people of the Pacific for generations to come.

“President Biden’s commitment to a free, open, prosperous, and secure Indo-Pacific region is significant, and

his willingness to collaborate with all nations present at the summit to achieve this shared goal, is commendable.

“This commitment helps to strengthen the United States’ partnership with the Pacific Island nations in promoting economic growth, addressing climate change, ensuring public health, and countering illegal fishing.”

Prime Minister Marape said the United States’ collaboration with can help to tackle the common challenges faced by the Pacific Island nations and enhance mutual prosperity and security in the region.

“It is also encouraging to see the US working with partners such as Japan and Australia to focus on climate-resilient economic development,” he said.

“This broader initiative involving multiple partners can help to leverage resources and expertise towards achieving sustainable, resilient, and climate-resilient economic growth in the region.”

Prime Minister Marape said the United States’ commitment to the

The US aims to strengthen its partnership with Pacific Island nations in various areas, including climate change, economic growth, sustainable development, public health, and countering illegal fishing.

Prime Minister Marape says PNG embraces the stronger US regional presence as a step towards making the Pacific more secure and prosperous.

He said it is also encouraging to see the Pacific Island Forum leaders’ meeting being endorsed to further enhance cooperation with a focus on mutual prosperity, security, and sustainability.

“PNG remains committed to working closely with the United States and other Pacific Island nations to address common challenges and seize opportunities for growth and development,” Prime Minister Marape said.

Overall, this summit marks a significant step towards making the Pacific more secure and prosperous.

Pacific islands follows the Biden Administration’s pledge to help the region fend off economic coercion from other nations.

President Biden greets Prime Minister Marape and Treasurer Ling-Stuckey at the White House in Washington DC

East Asia and Pacific: Sustained Growth, Momentum slowing – World Bank

Growth in developing East Asia and Pacific is projected to remain strong at 5% in 2023 but will ease in the second half of 2023 and is forecast to be 4.5% during 2024, the World Bank said recently in its semi-annual economic outlook for the region.

According to the World Bank’s East Asia and Pacific October 2023 Economic Update, regional growth this year is higher than average growth projected for all other emerging market and developing economies but lower than previously projected. Growth in China in 2023 is projected to be 5.1% and in the region excluding China to be 4.6%. Growth among Pacific Island Countries is expected to be 5.2%.

In 2024, improving external conditions will help growth in the rest of the region but persistent domestic difficulties in China – the fading of the bounce back from the re-opening of the economy, elevated debt, and weakness in the property sector, structural factors such as aging – will weigh on growth in China, slowing it to 4.4% in 2024.

Growth in the rest of the region is expected to edge up to 4.7% in 2024, as recovery in global growth and easing of financial conditions offsets the impact of slowing growth in China and trade policy measures in other countries.

An intensification of geopolitical tensions, and the possibility of natural disasters, including extreme weather events, are additional downside risks to the region’s economic outlook.

“The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world, even if growth is moderating,” said World Bank East Asia and Pacific Vice-President Manuela V. Ferro.

“Over the medium term, sustaining high growth will require reforms to maintain industrial competitiveness, diversify trading partners, and unleash the productivity-enhancing and job-creating

potential of the services sector.”

The services sectors can play an increasing role in driving development in a region known for manufacturing-led growth, a Special Focus section of the report says. Services sectors have already become key contributors to aggregate labor productivity growth over the last decade.

Services exports have grown faster than goods exports. And the growth of foreign direct investment in services has exceeded that in manufacturing by a factor of five in China, Indonesia, Malaysia, the Philippines, and Thailand.

The diffusion of digital technologies and services reforms are improving economic performance. In the Philippines, the adoption of software and data analytics by firms increased the productivity of firms by 1.5% on average over the period 2010-2019.

In Vietnam, the reduction in policy barriers such as restrictions on foreign entry and ownership in transport, finance, and business services led to a 2.9% annualized

increase in value-added per worker in these sectors over the 2008-2016 period.

The elimination of such barriers also led to a 3.1% increase in labor productivity in the manufacturing enterprises that use these services, benefiting small and medium private enterprises most significantly.

The combination of services reform and digitalization is not only creating new opportunities, it is also enhancing the capacity of people to take advantage of these opportunities. For example, distance education and telemedicine supported by well-selected, trained, and motivated local staff have led to better learning and health outcomes in the region, though there remains significant inequality in access.

“Services reform and digitalization can generate a virtuous cycle of increasing economic opportunity and enhanced human capacity, powering development in the region,” said World Bank East Asia and Pacific Chief Economist Aaditya Mattoo.

PM Marape commends Indonesia, IMF commitment to sustainable Development

Prime Minister James Marape has commended the Government of Indonesia and the International Monetary Fund (IMF) for their commitment in promoting sustainable development, during his keynote address on the first day of the Indonesia Sustainability Forum (ISF) recently in Jakarta.

He commended Indonesia’s Coordinating Minister for Maritime and Investment Mr Luhut Binsar Pandjaitan for hosting the ISF “because everyone needs to work together to protect our village, planet earth.”

Prime Minister Marape said Indonesia has made great strides in addressing climate change over the years “and is making great progress, which is very commendable.”

The Prime Minister was also encouraged to hear that the IMF recognises that the climate crisis “is at the final charge of our time.”

He was also encouraged to hear that Mrs. Kristalina Georgieva, Managing Director of IMF, is “just as concerned as all the countries affected by climate change” that it would affect the financial stability of all affected.

The Fund pledged to make funding available to assist with protecting the last carbon sink holes in the world, the remaining rainforests, PM Marape noted.

“Therefore, the ISF is timely, because we now live at a time where the threshold for the continued sustenance and survival of earth has been reached as a result of human behaviour, whether individually or collectively, which can irreversibly destroy the earth like no other time before,” he added.

“It does not matter whether you are an ASEAN country, or Asia Pacific or European or African or American, we are all one human family. We all bleed one humanity, we all live only once, and we all have one common home called planet earth,” Prime Minister Marape said.

“And our children and our descendants will be able to live on this earth when we sustain it. However, if we do not, the children of our children might not have a place to live because we destroyed their natural habitat, earth.

Hence, as leaders of governments and businesses, PM Marape said it is important to raise consciousness to the task on hand and use earth’s resources “wisely, prudently and in an environmentally sustainable manner for our children’s sustenance.”

“We cannot be ignorant to the fact that our local activities can have a regional and global effect. Therefore, I want to commend President Widodo and Indonesia for not just

hosting this Sustainability Forum but also setting national targets in areas like Net Zero by 2060 and your Enhanced NDC targets is commendable,” he said.

“In my country Papua New Guinea, despite our carbon negative status, we continue to subscribe to the principles and ethics of sustainable development to protect and sustain our huge tropical forest and mangrove areas.

“My government’s national development plan has this ethos of sustainable development deeply entrenched because it is our moral obligation to do so for our children,”

the PM said.

Prime Minister Marape further commended Indonesia for hosting the forum to amplify the need to focus in this area of climate change, resource management and sustainable development.

Papua New Guinea looks forward “to combine our forest and mangroves into a South Asia Pacific regional resource pool so our collective work would auger or complement our sustainable development focus. We must think globally and act locally,” he ended.

chamber: Partnership Key to Achieving MtDP-IV

the Papua New Guinea Chamber of Mines and Petroleum participated in the recent National Development Forum on the Medium-Term Development Plan IV 2023-2027 (MTDP IV).

The Forum, organized by the Consultative Implementation & Monitoring Council (CIMC), brought together stakeholders from across the public and private sectors, as well as civil society and development organizations, to present on topics under the theme “Measures to Achieve the MTDP-IV Objectives for a Better PNG”.

Chief Operating Officer Pansy Taueni-Sialis delivered the Chamber’s presentation titled “Sustainability and Optimization of benefits must underpin prudent management of non-renewable resources”.

Ms. Taueni-Sialis highlighted the importance for greater collaboration between industry, government, and stakeholders, to collaborate closely, throughout the life of MTDP-IV with emphasis on ensuring sustainable development of the non-renewable resources beyond the plan’s duration.

“The extractive resource sectors have for many years formed the foundation of economic and social development in communities, especially in and around project areas. In many resource project areas, project developers often play a leading role in ensuring critical services of health, education, and infrastructure are maintained, so that communities could benefit.

“With the National Government recently launching the Medium-Term Development Plan IV (MTDP-IV), industry stands ready to partner, for the benefit of Papua New Guinea.”

Although not privy to discussions leading up to the formulation and development of MTDP IV, the Chamber said it recognizes the importance of industry to work together with Government, and stakeholders, for a better PNG.

As PNG prepares for the next wave of development in the resources and energy space, “we acknowledge the need for closer collaboration to working together to achieve common targets within MTDP-IV, for the benefit of Papua New Guinea,” it said in a statement.

The Chamber “acknowledges progress made by the Marape-Rosso government” in working closely with respective project stakeholders, including developers and landowners, to address issues to progress projects. The successful reopening of Porgera mine and the development of Papua LNG projects are expected to support the achievement of MTDP-IV, it added.

To optimize benefit streams, as well as promote sustainable development, particularly regarding the country’s resources and energy industries, the Chamber said it is highly recommended that clear targets and guidelines be set for the allocation of extractive sector

proceeds towards priority sectors such as education, healthcare, infrastructure, and sustainable economic diversification.

“Alignment of investor-friendly sectoral policies can be developed with meaningful consultation based on principles of good governance and anti-corruption, social safeguards, environmental safeguards and local content and diversification, recognizing that communities must be empowered through capacity building initiatives, with the need for enabling infrastructure that can support economic development,” it added.

Ms. Taueni-Sialis was joined by Ok Tedi Development Foundation Chief Executive Officer Havini Vira, and PNG Extractive Industries Transparency Initiative Secretariat Deputy Director Christopher Tabel to present on a session with the sub-theme of “Strategies to prudently manage extractive sector proceeds to achieve the 2027 target” of MTDP-IV.

(Left to Right) Ok Tedi Development Foundation Chief Executive Officer Havini Vira, PNG Chamber of Mines and Petroleum Chief Operating Officer Pansy Taueni-Sialis, and PNG Extractive Industries Transparency Initiative Deputy Head of Secretariat Christopher Tabel.

signing of the United nations sustainable Development cooperation Framework (UnsDcF) 2024-2028

the United Nations Sustainable Development Cooperation Framework (UNSDCF) for Papua New Guinea was officially signed recently, by Mr Koney Samuel, Acting Secretary of the DNPM on behalf of the Government of Papua New Guinea and Mr Richard Howard, Resident Coordinator, on behalf of the United Nations in Papua New Guinea.

The United Nations General Assembly Resolution A/RES/72/279sets the United Nations Sustainable Development Cooperation Framework (UNSDCF or the Cooperation Framework) as ‘the most important planning and implementation instrument for the UN Development System at country level’.

Under the current Cooperation Framework (UNDAF) 2018 – 2023, the United Nations delivered programs worth US$500 million over the past five years to advance peace, human development, prosperity and environmental sustainability. We are very grateful to the Government of PNG and our development partners for the collaboration and partnership.

The new generation Cooperation Framework 2024-2028 is a commitment of the United Nations to continue supporting the Government and people of Papua New Guinea, focusing on the most vulnerable and marginalized populations. It is also a commitment of the UN agencies to deliver our programs in a much more coherent and integrated manner. The five strategic priorities of the Cooperation Framework 2024 – 2028 are:

1. Equality for Women and Girls;

2. Governance, Peace, and Social Cohesion;

3. Inclusive Human Development

4. Sustainable Economic Transformation, and

5. Environment and Climate Change.

The Cooperation Framework will support PNG in accelerating its SDGs achievement, as well as contribute to the achievement of PNG’s Vision 2050 and the MTDP IV.

“In addition to the 19 UN

agencies that have signed the Cooperation Framework and will be responsible for its implementation, the UN will tap into the technical expertise and resources available across the UN system to deliver on our commitments”, said Mr Richard Howard, the UN Resident Coordinator.

Howard said, “We are looking forward to our continued partnership with the Government, development partners and all other stakeholders”.

Department of National Planning and Monitoring, Acting Secretary, Mr. Koney Samuel, acknowledged the more than 40 years of partnership with the UN and appreciate the

UN’s responsiveness to emerging needs of PNG.

“We are happy with the Cooperation Framework outcomes that are well aligned with the MTDP IV strategic priorities”, said Mr. Samuel.

The Regional Director for the UN Development Coordination Office for the Asia Pacific Region, Mr. David MacLachlan, was in country for the occasion.

Mr. MacLachlan said, “This signing again marks a new chapter of the UN’s commitment for the next five (5) years”.

The signing of the UNSDCF was witnessed by the UN Country Team and the Media.

Signing of the UNSDCF 2024-2028 with acting Secretary of Department of National Planning and Monitoring, Mr Koney Samuel and UN Resident Coordinator, Mr. Howard. Witnessed by the UN Country Team and the DCO Regional Director for the asia-Pacific, Mr. David MacLachlan-Karr, who visited Papua New Guinea for the occasion. Photo: ©Nicole Jeune_United Nations in Papua New Guinea

Signing of the UNSDCF 2024-2028 by DNPM Secretary Koney Samuel and UN Resident Coordinator, Richard Howard. Photo: ©Nicole Jeune_United Nations in Papua New Guinea

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otML Board Approves Mine Life e xtension to 2050

the Board of Ok Tedi Mining Limited (OTML) has approved in principle a further mine life extension from 2033 to 2050.

This marks a significant milestone for OTML, its shareholders and for Papua New Guinea in general and is a sign of the confidence the Board has in the company’s ability to deliver over the next two decades.

The approval is based on the latest Strategic Business Plan submitted by the Executive Leadership Team and discussed during the OTML Board meeting held in Tabubil on 13th September 2023.

This extension brings to life OTML’s Vision to operate with excellence, maximising the value of the mineral resource in an environmentally friendly way, to deliver sustainable economic and social bene -

fits to the mine communities and the people of PNG.

Several factors have enabled the extension including a strengthened long-term copper price outlook, additional mine waste management solutions such as Engineered Waste Rock Dumps and a Tailings Storage Facility to minimize impact on the environment, renewal of aged processing plant assets and implementation of other strategic projects that are currently in various stages of completion.

Managing Director and Chief Executive Officer, Kedi Ilimbit, said: “The approval by the Board on the eve of PNG’s 48th Independence anniversary is a welcomed gift to the communities in which we operate and who provide us the social license to continue, as well as to the people of PNG.”

Mr. Ilimbit further stated, “The

revised mine life will see the Company generate in excess of PGK30 Billion in dividends, royalties, compensation payments, and taxes for the benefit of OTML’s shareholders, communities and Papua New Guinea as a whole over the next 27 years.”

Jeffrey Innes, Chairman of the OTML Board, shared his optimism about the company’s future, stating “The latest Strategic Business Plan gives the Board confidence in OTML’s continued operational success.

Mr. Innes added, “OTML has tripled its value in the last six years and the outlook is a positive one.”

The mine life extension reaffirms OTML’s commitment to sustainable growth, economic prosperity, and community well-being supported by environmental sustainability, community development and operational excellence.

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K92 Mining Gets Us$100-M senior secured Loan, Amended Offtake Agreement with Trafigura Bolstering Balance Sheet and Future Metals Payabilities

K92 Mining Inc. has entered into a loan agreement with Trafigura Pte Ltd, a market leader in the global commodities industry, pursuant to which Trafigura will provide a US$100 million senior secured loan to K92.

In addition, the Papua New Guinea subsidiary of the Company, K92 Mining Limited, and Trafigura have amended and restated the offtake agreement dated 1 July 2019 for the purchase by Trafigura of 100% of K92’s copper/gold concentrates produced at the Kainantu Gold Mine in Papua New Guinea (“the Amended Offtake Agreement”).

The Loan and the Amended Offtake Agreement will only come into effect upon satisfaction of express conditions precedent, including but not limited to (i) the execution and registration of the Security and (ii) regulatory approvals. These conditions precedent have not as yet been satisfied. K92 expects first drawdown to occur in early to mid-Q4 2023.

The Loan is at the corporate-level and may be used for general corporate purposes, working capital purposes, and capital expenditures. No hedging is required for the Loan. The Loan further strengthens K92’s strong financial position, with US$95.6 million and no debt as of 30 June 2023.

K E y T ERMS

US$100 Million Senior Secured Loan

• 4-year term from the date which the first advance of funds are made.

• Competitive interest rates.

• One-year interest only repayment grace period.

• No hedging conditions.

• The Loan will be secured by, among other things, a charge over the assets of K92 Mining Limited and a pledge of the shares of both K92 Mining Limited and K92 Holdings Inter national Limited (the “ Security ”).

• Drawdown of the first US$25

million under the Loan (the “Initial Advance”) is subject to conditions precedent, including but not limited to (i) the execution and registration of the Security and (ii) regulatory approvals, which have not as yet been satisfied.

• Drawdown of the balance of the Loan is subject to subsequent conditions in relation to the registration of certain items which form part of the Security (the “ Conditions Subsequent ”).

• Prior to satisfaction of the Conditions Subsequent, should an event of default occur under the Loan, Trafigura has, among other rights, the right to accelerate repayment of the Loan, and convert all or any portion of the Initial Ad vance into common shares of K92 (the “Conversion Right”).

• Once the Conditions Subsequent are satisfied, the Conversion Right will expire and be of no further force or effect.

Amended Offtake Agreement

• The term of the Offtake Agreement will extend and continue for an additional 7 con secutive calendar years, beginning 1 January 2026, or until a minimum quantity of 600,000 dry metric tons of concentrate have been delivered to Trafigura.

• Competitive industry terms in relation to all metrics at London Metals Exchange spot prices.

• Attractive payment arrangements which provide for upfront payment on delivery of concentrates to port of dispatch and provision of certain shipping documents.

• Amended and improved metals pay abilities for deliveries of concentrates, which in cludes amending penalties, treatment and refining charges, and transport charges, all of which are better than the assumptions outlined in the Kainantu Integrated Development Plan

(“IDP”) Definitive Feasibility and Preliminary Economic Assessment cases (see 12 September 2022 press release – K92 Mining Inc An nounces Robust Kainantu Gold Mine Integrated Development Plan).

John Lewins, K92 Chief Executive Officer and Director, stated: “We are extremely pleased to be expanding our partnership with Trafigura, with a US$100 million Loan and amended off-take agreement. Trafigura has been our offtake partner since the start of operations at the Kainantu Gold Mine, and these agreements reinforce our strong relationship with Trafigura.

“In combination with K92’s already strong cash position of $96m at the end of Q2 2023, the US$100 million Loan effectively fully finances the growth capital outlined in the IDP for both the Stage 3 DFS and Stage 4 PEA cases, which transform Kainantu into a Tier 1 producer with run-rate production of 300 koz AuEq and 470 koz AuEq per annum, respectively.

“Importantly, the Loan enables K92 to more confidently invest and potentially increase exploration activities while completing the major production expansions. The offtake agreement also secures long-term competitive terms and provides security and confidence in our income from the sale of our concentrate product.”

Manetai Limestone Project Progresses towards Drilling

the Manetai Limestone Project is progressing to its next phase of development as road access clearance and grubbing work in the project area paves the way for limestone resource drilling.

In providing a project update to parliament, Hon. President Hon. Ishmael Toroama in his capacity as Minister for Mineral and Energy Resources reported that incremental activities and prolonged access to site is now possible following the signing of the Land Access and Compensation Agreement (LACA) between the traditional landowners and Lakeville Mines Ltd, the project license holder, in April this year.

President Toroama reported in Parliament that after signing of the LACA, activities pursued by Lakeville have included social mapping and a related landowner identification study.

These have been undertaken in close collaboration with relevant ABG departments and landowners belonging to six clans including the Awora, Makiara, Muruan, Dosiana, Bakorin, and Barapa clans.

Land disagreements amongst the clans make the Landowner Identification and Social Mapping important tools for mitigating disputes between clan members of the landowner groups.

“Lakeville has also completed their initial Pre-Feasibility Study (PFS) which included both desktop studies involving market analysis, geology, engineering, and also initial on-site assessments of historic facilities. The PFS has provided valuable insights into the technical and financial viability of the project,” President Toroama said.

Following the completion of these preliminary assessments, Lakeville is now progressing into activities that will lead to the commissioning of a full Feasibility Study. A key aspect of this next phase is taking more samples to depth via drilling, which aims to confirm the extent and quality of the limestone resource. A completed Feasibility Study is crucial for project financing purposes.

According to the President, the steady progress and positive change in attitude from within the community with respect

to the ongoing Manetai Limestone project activities is the direct result of awareness initiatives carried out mutually by Lakeville, the landowners, and the Department of Mineral and Energy Resources, with support from other ABG departments in their respective areas.

Recently a compensation determination exercise involving the landowners and company representatives was undertaken to help them understand the guidelines and rates for compensation for damages and cash crops.

“This milestone not only promotes positive relations with our Manetai Landowners but also reflects the Government’s and project stakeholder’s commitment to responsible resource development on Bougainville.”

The Manetai Limestone Project is a key project of the Toroama-Nisira Government towards advancing Bougainville’s economic growth, with potential to supply local and international markets and potential to eliminate the reliance on importing cement and quicklime, including for supply to mining projects across the country.

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cLP Wharf operational and Financing Update

Mayur Resources Limited has provided an update on progress at the Central Lime Project (CLP) and an update on its equity and debt funding package for the CLP.

Mayur’s Managing Director, Paul Mulder, stated: “The recent achievements at the Central Lime Project, including the wharf successfully receiving its first shipments, signify more than just construction milestones. They represent our stakeholders’ involvement and support towards establishing PNG’s first downstream processing resource manufacturing hub.”

“With early cashflow avenues targeted for early 2024, our work will benefit all involved and will also bring greater benefits sooner to the local Landowners.

“We continue to be actively engaged towards securing the total debt financing to complement Vision Blue’s’ US$40 million equity investment into our CLP and look forward to providing further updates within the coming weeks on this front.”

C ONSTRUCTION W ORKS

Following construction commenc -

ing in June 2023, the inner rubble core of the wharf is now complete. The successful completion of this wharf infrastructure ahead of schedule has allowed for the delivery of larger mobile equipment and fuel storage via barge. This equipment will be used for final armouring of the wharf and to build out the sheet pile faces and finger structure (to circa 10m draft) that will enable double sided barge exports from H1 2024.

Offshore geotechnical works are occurring in the coming months which will enable final placement of the offshore mooring pile structure that will allow up to Handymax size vessels to be able to berth and facilitate domestic and international shipments.

The demonstrated ability of the wharf to transport goods and materials is essential to optimising the logistics supply chain as the CLP enters full-scale construction. It also provides the platform to extend the wharf to enable the CLP to take advantage of potential early cashflow opportunities in 2024, through the sale of high-grade limestone to customers, both domestic and internationally.

Additionally, Mayur is now conducting its final onshore geotechnical drilling campaign to confirm final placement of the Quicklime Kilns to further de-risk and engineer the design of the lime kiln foundations.

Equity and Debt Financing Update

Following from the proposed US$40 million equity investment from Vision Blue into Mayur’s CLP announced in August 2023, the Company has continued to work closely with Vision Blue and several industry leading counterparties towards securing between US$7090 million in debt funding for the 2 CLP – with funding at the higher end of that range enabling early expansion of the CLP.

With Mayur’s financing activities progressing well, the Company expects to be able to update the market on these positive advancements soon.

Mayur expects first revenues from the CLP in H1 2024, with annual Phase 1 EBITDA in excess of US$25 million (A$37.8 million) and more than US$770 million (A$1,164 million) of revenue over the project life of 30 years.

Side Profile of Wharf

MRA Assures PanAust PnG committed to Frieda River Lease

Mineral Resources Authority’s (MRA) Acting Managing Director (AMD) Jerry Garry has assured the owners of Pan Aust Limited that the PNG Government was committed to progressing the Frieda River Project Special Mining Lease (SML) application, in accordance with the legal process.

Pan Aust is the company that has been operating the Frieda River Copper-Gold project since 2014. The project is currently in a pre-development stage pending assessment of its application for an Environmental Permit (EP) and a Special Mining Lease (SML).

Mr.. Garry told the owners, Guangdong Rising Holding Group (GRHG), a Chinese infrastructure investment company owned by the Guangdong Government, that the Frieda River Project was an important project to the PNG Government.

The GRHG delegation met with Mr. Garry on Wednesday Oct 25 at the MRA office. Mr. Garry said his team was currently focused on re-opening the Porgera Mine and progressing the Wafi Golpu project. However, he said

the State was determined to commence initial work on the Frieda project SML application in the first quarter of 2024. He said that by the second quarter, his team would be fully committed to progressing the application.

The AMD said the main issue for the application would be around the integrated Tailings Storage Facility (TSF) and hydroelectric dam, which has been the subject of independent expert reviews. The dam will be discussed in detail with independent world-renowned dam experts from PNG and abroad.

The Acting Managing Director for the Conservation Environment Protection Authority (CEPA) Jude Tukuliya was also present at the meeting. Both MRA and CEPA AMDs gave updates on the respective processes involved in the permitting of the SML and EP. They also gave a run down on where both processes were with respect to timelines.

The visiting delegation included representatives from the State-owned Assets Supervision and Administration Commission (SASAC), which is a department within the Chinese government that

supervises and manages state-owned assets.

The SASAC Deputy Director Mr. Xiaoyun Wang said the purpose of SASAC’s visit to the MRA was to show their support and confidence in the Frieda River Project, and to familiarize themselves with the EP and the SML permitting processes for the project.

He said their visit followed PNG Prime Minister Honourable James Marape’s visit to Guangdong Province, where Hon Marape met with the Governor for Guangdong, Mr. Wang Weizhong. The meeting between the two leaders was an extension of PM Marape’s participation in the Belt & Road Initiative, hosted by the President of the Republic of China, Xi Jinping, this month.

In his closing remarks, AMD Garry commended the Marape-Rosso Government for initiating business and investment opportunities for the country especially in the resource sector. He said the PNG mining industry needs financial backing and the investment opportunities being provided the government was welcoming news for the sector.

Mr. Garry (3rd from left - front row), Mr. Wang and Mr. Tukuliya with the GRHG delegation at the Mining Haus.

newmont Acquires newcrest, creating World’s Leading Gold Mining Business

newmont Corporation has completed the acquisition of Newcrest Mining Limited to create the world’s leading gold company with robust copper production.

“Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont,” said Tom Palmer, Newmont’s President and Chief Executive Officer.

“Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders.”

Featuring more than half of the world’s Tier 1 assets*, Newmont’s unmatched portfolio of long-life operations, value-accretive projects, abundant exploration opportunities, and world-class talent will underpin year of profitable production in the world’s most favorable jurisdictions.

This expanded portfolio will include operations with scale, margin, and mine life to generate robust and lasting returns for decades, while supporting best-in-class sustainability performance.

With the transaction now complete, Newmont’s acquisition of Newcrest is expected to:

• Strengthen Newmont’s position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in lowrisk jurisdictions, including 10 Tier 1 operations* to support decades of safe, profitable, and responsible gold and copper production,

• Generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, together with at least $2 billion in cash improvements through portfolio optimization in the first two years after closing,

• Maintain Newmont’s balanced capital allocation priorities and industry-leading non-binding dividend payout; since closing the Goldcorp transaction in 2019, Newmont has paid more than $5 billion in dividends, further demonstrating our commitment to our shareholders,

• Feature a deep bench of experienced leaders, subject matter experts and existing regional teams in Australia and Canada with extensive mining industry

experience,

• Maintain industry leadership in environmental, social and governance performance; and

• In connection with the transaction, Newmont issued 357,691,627 new shares of Newmont common stock, including 15,720,585 New Newmont Shares, 341,792,611 shares underlying New Newmont CDIs and 178,431 shares underlying New Newmont PDIs. Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea.

Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

Historic Mining Industry Acquisition Sets Standard for Gold and Copper Mining

PM Marape celebrates Historic Agreements for Reopening Porgera Gold Mine

Prime Minister Hon. James Marape has hailed the signing of four agreements on 13 October as a “giant leap” towards the reopening of the Porgera gold mine in Enga. The agreements signed between the State and New Porgera Ltd include the Mining Development Contract, Special Mining Lease 13, Fiscal Stability Agreement, and Escrow Arrangement for Landowners.

The mine is expected to commence operations before the end of the year, with full production anticipated within six months, contingent upon the finalisation of compensation agreements for landowners.

Operated by New Porgera Ltd, a company with a 51 percent ownership by Papua New Guinea stakeholders and 49 percent by Barrick, the momentous signing event took place at Government House.

It was witnessed by Governor-General Sir Bob Dadae, Prime Minister Marape, Barrick Gold Corporation President and CEO Mark Bristow, company representatives, Enga Governor Hon. Sir Peter Ipatas, Ministers and MPs,

Porgera landowner representatives, members of the State Negotiating Team, and others.

PM Marape expressed his gratitude to Mr. Bristow and the Barrick team for their care and stewardship of the mine since its closure in April 2020. In his words, “I want to say today, October 13, 2023, is a day in which we have taken a giant leap from April 24, 2020. Today’s signing of four key instruments is a big step towards reopening Porgera.”

The Prime Minister emphasised the significance of the partnership, stating: “This is the first time that a Papua New Guinea company has merged in a joint venture with a global supermajor like Barrick. This incorporated joint venture is structured in a way where accountability of all parties is on the table. I want to assure everyone that this has been done transparently.”

Regarding crucial issues such as the resettlement of Porgera landowners, Mr. Marape expressed his gratitude, saying: “We thank everyone for their patience and support. We believe that what has been secured under SML 13 is in the best

interests of everyone, and we look forward to the next 20 years. It is my view, and the Enga Governor’s view, that this arrangement will lift the living standards of Porgera Valley landowners, Enga Province landowners, and Papua New Guineans.”

Mr. Bristow, President and CEO of Barrick Gold Corporation, described the day as “special,” with the signing of SML 13 occurring on Friday the 13th.

“It’s a milestone. We have an exciting voyage ahead of us. The important thing, as the Prime Minister said, is that it’s a real partnership. We’ve worked hard to get here, and it’s important now to finish the last step, and that is the compensation arrangements for all the landowners. We want to get that out of the way as quickly as possible. We believe that we can do that with the help of everyone.”

This historic agreement marks a significant step forward in the reopening of the Porgera gold mine, ushering in new opportunities and prosperity for the region, the Government said.

The GovernorGeneral Sir Bob Dadae (centre), Prime Minister Hon. James Marape, Barrick Gold Corporation President and CEO Mark Bristow, company representatives, Enga Governor Hon. Sir Peter Ipatas, Ministers and MPs, Porgera landowner representatives, members of the State Negotiating Team, after the signing of four agreements at Government House on Friday 13 October 2023.

Government Announces new Regime for Gas at PnG Petroleum and energy

the Government of Papua New Guinea is set on establishing carbon-negative clean energy as its priority over crude oil and coal even as it takes its place among carbon-trading countries.

Prime Minister James Marape revealed this recently at the Petroleum and Energy Conference at Hilton Hotel along with planned major legislative measures as PNG is set to embark on the new trend of developments in the oil and gas sector.

“The world needs energy, it’s just necessary as it needs food supply, which Papua New Guinea have in abundance including its natural forests,” Marape said.

“Papua New Guinea is positioning itself toward the global agenda of zero carbon emission and becoming a major energy competitor, that is why the National Energy Authority was created to develop policies to regulate meaningful energy development that will enhance the nation forward,” he said.

“Investors, be assured that Papua New Guinea have never missed a cargo of LNG (liquefied

Marape also underscored the shift to a pro duction sharing arrangement regime from the current concession base licensing system, which was introduced by the Minister of Petroleum and Energy Kerenga Kua in the forum.

Kua said the reform will not affect current projects including the PNG LNG Project, Papua LNG Project, and P’nyang Project with its developers Exxon Mobil, Santos, and Total Energy respectively.

“Most of the countries around the world are using production sharing arrangements for its oil and gas sector and therefore it is fitting for the government to do away with concession-based licensing system as it will avoid the crippling loan burden faced in the country,” Kua said.

“We want to achieve maximum benefits for our resources. Instead of being spectators, we want to negotiate and achieve maximum benefit for the nation. Therefore, before the end of the year, the government will be introducing a bill in parliament to establish the National Pe troleum Authority that will manage the oil and gas act and administer the Production Sharing Regime,” the minister added.

“There will also be an organic law set in place before parliament for the Production Sharing Act and Domestic Market Obligation

Pathway Formed for cocoa Development in central Province

central Province marked a milestone on the 27th of September 2023 as the Cocoa Board (CB) of PNG officially opened its Southern Regional Office in Port Moresby.

The board also signed a Memorandum of Understanding (MoU) with the Central Provincial Government in a significant ceremony, which will now form a pathway for Central Cocoa

Central Governor Rufina Peter, newly appointed CBPNG CEO Jesse Anjen, and Brown Konabe, Acting Secretary for Department of Agriculture and Livestock, opened the CB Southern Regional Office at the third floor of the Monian Tower in Boroko’s central business district.

The office consists of a reception area where clients like cocoa farmers can wait to be served, a workspace for two officers, an office for the manager, and a small board room where meetings and consultations can take place.

Upon unveiling and cutting the ribbon of the new Office, Governor Peter on behalf of the People of Central thanked the Cocoa Board for the office.

The governor also highlighted that cocoa has big economic potential for the Central Province, but it has been untapped and thus collaborative efforts is needed.

“I am sure, with collaborative efforts with the Cocoa Board, we want to add to the statistics of cocoa production in the province,” said Ms. Peter.

The second part of the program at the Lamana Hotel saw the MoU signing between CBPNG and the Central Provincial Government (CPG).

Cocoa Board CEO Anjen emphasized that actions speak louder than words and stressed that Central is the host province for the board.

“We have a lot of potential here (in Central). If we talk for nothing and open the office, there’s no meaning, but thanks to the Central Provincial Government, this is the first ever provincial agreement in the Southern Region, and I am pleased this is what has happened,” he said.

“What we say and what we preach must happen. We are here to assist small holders in the Central Province, particularly the Southern Region but

we must do the work for it to become a reality,” said Mr. Anjen.

As part of the MoU, the Central Provincial Government allocated K1 million to assist the CBPNG in pushing the cocoa industry in the province, from the production stage to marketing, exporting and downstream processing.

This will ensure that small cocoa plot holders and farmers in the rural areas and wards are supported by extension officers, identifying markets at their level, Ms. Peter said.

For the Governor, it’s exciting times ahead for cocoa in Central, and for the cocoa industry in PNG.

“I congratulate the management of the Cocoa Board for this decision to finally consider Central Province as a potential cocoa producing province,” she said.

“Central Province has an untapped potential in cocoa production, which has not been realized due to the lack of coordination from the industry,” said Governor Peter.

She also highlighted that in August, staff from the CPG and CP Department of Agriculture and Livestock held a one-week Agriculture Stakeholder Workshop in Kwikila.

The workshop meant to bring all agriculture commodity boards and agencies together for a discussion to establish the current state of operation of each organization in the province and to plan a way for development of each sector.

The consultation workshop had the following organizations in attendance:

1. Cocoa Board

2. Coffee Industry Corporation

3. Fresh Produce Development Agency

4. Kokonas Indastri korporesin

5. Rubber industry experts

6. Livestock development Corporation

7. National Agriculture Research Institute

The aim of the workshop was to:

1. Establish the constraints affecting the various commodity sectors and industry growth in the province;

2. Evaluate and establish strategies to mitigate these limitations for the growth of the various

commodities in the province; and

3. The parties involved, the com modity bodies, and the Central Provincial Government to mobilise and combine resources to develop the specific commodi ty sector in Central province.

The cocoa industry was once thriving in Central Province in the days when the Department of Agriculture, Stock and Fisheries (DASF) was responsible for both development and marketing of all agricultural commodities.

When policy changes took place and the responsibility of marketing was transferred to the private sector (middlemen and exporters), the agriculture commodity marketing fell apart in most provinces, especially remote areas in the country, and Central Province was no exception.

The same story goes for Arabica coffee in Goilala and inland Rigo, Koiari and Abau. There are old stands of cocoa from those days and recent planting across the Central province. Abau District was the largest cocoa producer in the days of DASF, but it all fell apart.

Data from three other districts minus Abau stands as: Kairuku – 6, 500 trees; Hiri koiari – 17,345 trees; Rigo – 75,700 trees.

The current “guesstimate” would put the cocoa tree numbers at around 200,000, Central Province said.

“Establishment of cocoa fermenters and driers in the current production locations is a priority to give confidence to the farmers to get into cocoa production. Establishing a market outlet apart from Paradise Foods would be a second priority,” the governor said.

MoU signing between CBPNG and CPG (L-R) CBPNG CEO Jesse anjen and Central Governor Rufina Peter

eU launches Forestry, climate change, and Biodiversity Programme in PnG

By: M IRI a M Ma NDIBI

the European Union launched the Forestry, Climate Change and Biodiversity (FCCB) Programme on the 31st of October at the Lamana Hotel (Port Moresby).

The EU-FCCB aims to assist the PNG Government and communities that depend on the forest in establishing a development model that reconciles climate change, environmental protection, and biodiversity with sustainable, inclusive and gender-responsive green growth and jobs.

The EU is investing almost EUR 55 million (212 million kina) in this programme as a grant, not a loan. As the activities will be well implemented, this would generate a multitude of that amount for PNG and the targeted communities, the EU said in a statement.

“For instance, by improving the access to and management of carbon credits and through the creation of green jobs, it presents a viable alternative for unsustainable forms of logging and deforestation while supporting a sustainable exploitation of forest resources,” it said.

Present at the occasion were the Keynote Speaker, European Union Ambassador to PNG Jaques Fradin; Honourable James Marape, Prime Minister of Papua New Guinea, as the guest of honor; Hon. Salio Waipo, Minister for Forest; Hon. Gary Juffa, Governor of Oro Province; Hon. Alan Bird, Governor of East Sepik Province; Hon. Powes Parkop, NCD Governor; DNPM Secretary Koney Samuel; His Excellency Guillaume Lemoine, Ambassador of France; diplomats, representatives of government agencies and partners, and Jean-Louis Ville of the European Commission.

Ambassador Fradin gave an overview of the EU-FCCB Program and the way forward for PNG.

“As the EU Ambassador to PNG, I am proud to say that the EU is also taking a leadership role in the global fight against climate change and environmental degradation,” he said.

“Under the European climate law, EU countries are committed to cut greenhouse gas emissions by at least 55% by 2030. Their goal is to make the EU climate neutral by 2050. The

EU, together with its Member States, is one of the leading world’s players in the fight against climate change and the world’s largest provider of climate financing with 23 billion Euro since 2020.

“One of today’s global challenges, which is very present in PNG and the Pacific region, is climate change. And PNG is one of the world’s most climate change vulnerable countries.

“PNG has been taking a leadership role at the global stage on climate change and the related negotiations after the signature of the Paris Agreement in 2015. PNG and the Pacific states also had a determining role in the negotiations leading to the establishment of the Loss and Damage Fund at the last COP 27 in Egypt.

“With 78% of its landmass covered by forest, the island of New Guinea contains the third largest tropical rainforest in the world, and it hosts more than 7% of the world’s biodiversity.

“Considering the challenges at stake, the rapid evolution of the situation and being one of the 17 most megadiverse countries globally PNG is rightly taking a leading role.

“Forests play a major role in PNG’s economy, culture and in the livelihood of its communities. However, a number of economic activities such as subsistence and commercial agricul-

ture, unsustainable timber harvesting, mining and the inefficient use of firewood pose a threat on the forests and risk to undo the achievements made in terms of climate change mitigation.

“This programme was not developed in isolation by some technicians in Brussels. All activities that the EU-FCCB will roll-out in PNG are designed in line with PNG’s Medium Term Development Plan IV, Enhanced National Determined Contribution and National Adaptation Plan, and will contribute to achieving the Sustainable Development Goals.

“To ensure this alignment, extensive consultations with the relevant Government agencies took place: the Climate Change and Development Authority (CCDA), the Forest Authority, the Conservation and Environmental Protection Authority (CEPA) and many others. In addition, other development partners, NGO’s and Academia, have been consulted and involved over the past two years.

“The contracts with Expertise France, the Centre for International Forestry Research and the Food and Agriculture Organization of the UN to implement the EU-FCCB are already signed, and the work is starting. These three implementing

Prime Minister Marape with European Union ambassador H.E. Jacques Fradin and French ambassador H.E. Guillaume Lemoine - PM’s OFFICE MEDIa

partners - will later present their respective and collaborative actions.

“The EU-FCCB is a major programme but obviously, all actions in PNG contributing to address climate change effects have to be combined for a transformative and sustainable effect.

“I am convinced that the leadership demonstrated by PM Marape regarding deforestation during the climate change international negotiations, the ‘One Forest Summit’ in Gabon as well as the visit of French President Macron, is an inspiration for all. By being here today, Mr Prime minister, you demonstrate your personal commitment and that of your Government to tackle climate change and to preserve and enrich PNG’s forest and biodiversity.

“Next month, COP28 will take place in Dubai. The international negotiations will focus on energy transition, cutting emissions, and further enhancing climate finance, putting nature, people, lives, and livelihoods at the heart of climate action. These are priorities that the EU and PNG have in common, and which are at the core of the EU-FCCB that we are launching today.

“So, I hope the launch of the EU-FCCB in the presence of you all will pave the way for successful negotiations at the global stage

next month, where I am sure PNG will again play a leading role,” said Ambassador Fradin.

Prime Minister Marape reinforced Papua New Guinea’s global identity as a “forest nation” in his speech and extended his heartfelt gratitude to the European Union for the 212 million kina grant towards the EU FCCB program, and various other projects, including the K340 million PNG-EU-STREIT programme for smallholder farmers in East and West Sepik, which he launched in 2019 upon taking office.

“Thank you very much to the European Union, and Papua New Guinea eagerly anticipates this partnership, which will play a pivotal role in safeguarding our rainforests for the benefit of our future generations,” he said.

“The EU-FCCB, operational from 2023 to 2027, aligns with Papua New Guinea’s commitment to ensure the sustainable management of its natural resources and transition towards a green, carbon-neutral economy. The programme’s scope encompasses the Managalas Conservation Area in Northern (Oro), East and West Sepik, as well as Port Moresby and the National Capital District.

“This initiative will advocate for a development model that harmonises climate change mitigation, environmental conser -

vation, and biodiversity preservation with sustainable, inclusive, and gender-responsive green growth and job creation.

“It will engage various stakeholders, including national, sub-national, and pilot community and conservation area levels, as well as institutional, scientific, academic, civil society, and private actors, to facilitate long-term sustainable impact, said Prime Minister Marape”.

He attributed the EU’s support to his discussions with French President H.E. Emmanuel Macron in Gabon in March, Port Moresby in July, and Paris in September. He noted that France, as a prominent leader in the European Union, played a pivotal role in securing this support.

Prime Minister Marape praised the EU’s dedication to the 2015 Paris Agreement, emphasising that Papua New Guinea’s forests house between 6 to 7 percent of the world’s biodiversity, representing global assets of great significance.

The Prime Minister underscored that the EU-FCCB would directly benefit communities in areas like the Managalas Conservation Area, enabling them to conserve their forests and biodiversity. He encouraged communities in other forested regions across the country to register through their provincial governments to benefit from similar programmes.

Minister Maru calls for establishment of Kava Industry in PnG

Minister for International Trade and Investment

Hon. Richard Maru is calling for establishment and commercialization of the kava industry in Papua New Guinea (PNG).

Mr. Maru made this call after learning from the two Fijians who attended the 14th World Indigenous Business Forum in Port Moresby recently that the demand for kava in Fiji and the Pacific had outgrown supply.

Kava is a Pacific Islands drink made from the crushed roots of a plant of the pepper family, having a mildly intoxicating or sedative effect.

“The cultivation and sale of kava both in domestic markets and as a processed export product is an important source of income for thousands of smallholder farmers and their families across the Pacific,” Mr. Maru said.

“Green liquid, dried and powdered kava has progressed from a traditional and customary beverage over the years to a source of community livelihoods, and now a business for the pharmaceutical industry and social gatherings. The commodity is known to have medicinal capabilities including relaxant.

“Because of its associated relaxing benefits and the removal of trade restrictions in many countries, the demand for kava has increased and thousands of smallholder farmers across the region are now engaged in kava production.

“The commodity has become one of the main sources of economic importance to many Pacific Island countries and as a significant contributor to GDP, foreign exchange earnings, and balance of payments through exports for some countries,” said Minister Maru.

According to a recent Pacific Horticultural & Agricultural Market Access Program (PHAMA) report, in Fiji alone, 1 in 8 rural households are involved in the crop’s cultivation, with a further 3,000 households earning an

income through kava trade and retail operations.

In Vanuatu, an estimated 30,000 households are involved in its cultivation with a further 3,000 earning an income from the kava trade and retail operations.

In 2020, Fijian kava exports were worth over A$43.6 million and in 2019, Vanuatu’s kava exports were worth A$48.4 million, with these figures set to grow in coming years, Minister Maru noted.

“While some of these exports are to other Pacific Island Countries, larger markets include New Zealand, New Caledonia, Europe, and the United States, partly due to the large Pacific Island communities living there,” he said.

“The bulk of this trade is associated with selling kava as a beverage, with a growing quantity being exported as an ingredient, for nutraceutical and pharmaceutical products. The growing popularity and demand for kava has resulted in a price hike in recent times.

“The increasing price has created local and overseas investment opportunities for the cultivation and propagation of kava by local communities across the region. Kava has fast become a thriving cash crop for local farmers, primed for further growth.

“With the global kava market expected to exceed US$210 billion (AUD$309 billion) by 2026, the projected impact of the industry is significant. Kava has led to the empowerment of local communities through the supply chain, creating sustainable incomes, and improving livelihoods.

“As import regulations ease and international demand grows, exciting opportunities for Pacific Island businesses to enter new markets grow,” said Minister Maru.

“Papua New Guinea has the potential to become the biggest producer of kava in the world if we establish kava as an industry and undertake multicropping with kava being planted under the cocoa trees to fully utilize the land so our farmers can make money from both cocoa and kava using the same land. This is one industry that is ready to boom,” added Minister Maru.

The Ministry and Department of International Trade and Investment will be working very closely with the Ministries and Departments of Agriculture and Commerce and Industry, and the National Trade Office to work on immediately establishing the kava industry in PNG.

ADB: PnG’s economic outlook Improving but challenges Remain

Papua New Guinea’s (PNG) economy is forecast to grow by 2% in 2023 and 2.6% in 2024 amid challenges in various fronts, says the Asian Development Outlook (ADO) September 2023.

Difficulties in accessing foreign exchange, power and water supply disruptions, frequent domestic flight cancelations, and issues in the banking sector are some of the economic challenges the subregion’s largest economy is facing.

In addition, the mining industry’s contribution to growth weakened due to lower gold production. The ADB report also says import volumes plunged by 61% year-on-year in the first quarter, indicating delays in private investments.

“The government must be commended for initiating an IMF-supported reform agenda to help address macroeconomic policy challenges,” said ADB Country Director for PNG Said Zaidansyah. “The reforms aim to enhance debt sustainability and improve governance by strengthening PNG’s anticorruption framework.”

The inflation forecast is retained at 5% for 2023 and 2024.

The ADO September 2023, notes

that while economic challenges remain, sectors such as international travel-related services, communication, and real estate are showing resilience. Government spending initiatives and improved liquified natural gas production contribute to the positive outlook.

The report says PNG’s economy faces significant upside potential related to Porgera Gold Mine’s reopening and the announcement of a final investment decision for Papua LNG that is expected in early 2024. The start of these resource projects will likely stimulate economic activity, boost tax revenue, and help alleviate foreign exchange shortages.

ADB is committed to assisting the government with its Connect PNG Plan which aims for complete countrywide road connectivity by 2040. This will give market access to previously remote and underserved areas, which will promote economic diversification and job creation in non-resource sectors such as agriculture, construction, and tourism.

ADB is also working in other sectors such as energy, education, and health. In addition, the Bank also provides support on public sector strengthening in PNG including through governance reform of state-owned enterprises and public financial management.

PM Marape Welcomes new ADB country Director said Zaidansyah

Prime Minister James Marape expressed his heartfelt gratitude to the Asian Development Bank (ADB) for its unwavering support to Papua New Guinea during a meeting with the newly appointed ADB Country Director, Mr. Said Zaidansyah.

“Welcome to Papua New Guinea, and I hope that during your time here, you will contribute to a better Papua New Guinea,” PM Marape said when welcoming Mr. Zaidansyah.

ADB has been a steadfast partner in Papua New Guinea, contributing significantly to funding major infrastructure projects, for which the nation is deeply thankful. PM Marape also expressed hope that ADB’s assistance will align with Papua New Guinea’s recently launched Medium Term Development Plan (MTDP) IV.

Mr. Zaidansyah, an Indonesian, now leads ADB’s operations in Papua New Guinea, overseeing ADB’s relationships with the government, stakeholders, including the private sector

and non-government organisations. Prior to his current role, he served as ADB’s Deputy Country Director for Indonesia, starting in November 2018.

His previous experience in ADB’s Office of the General Counsel led to his appointment as Principal Counsel. Before joining ADB, Mr. Zaidansyah was a lawyer with Baker & McKenzie. He holds an LLM from Queen Mary College of the University of London, achieved under the British Chevening scholarship, and an LLB from the University of Indonesia.

Mr. Zaidansyah highlighted ADB’s enduring partnership with Papua New Guinea, dating back to 1971, with a particular focus on the road and infrastructure sector. He emphasised ADB’s commitment to continue this collaboration within the framework of MTDP IV, offering support to help Papua New Guinea achieve its developmental goals.

The Asian Development Bank’s assistance has included the Civil Aviation Development

Investment Programme (CADIP), which has led to substantial upgrades at numerous airports throughout the country. ADB is also actively engaged in various road projects, including the construction of 71 bridges, contributing to the development of a robust infrastructure network.

Mr. Zaidansyah underscored ADB’s ambition to diversify and engage in multiple sectors, exemplified by investments in Technical Vocational Education Training (TVET), healthcare facilities, the public sector, State-Owned Enterprises, and anti-corruption initiatives, among others.

He informed PM Marape of ADB’s interest in supporting affordable housing and expressed his intent to meet with Deputy Prime Minister John Rosso to discuss this further.

The Prime Minister requested a comprehensive briefing from Mr. Zaidansyah on all ADB projects in Papua New Guinea to facilitate further discussions.

sustainable Finance shifts from ‘Why?’ to ‘How?’

By: S H aYNE E LLIOTT, C HIEF E XECUTIVE O FFICER , a N z & KaTH a RINE Ta PLEY, H E a D OF S USTa

the global financial landscape has seen a rapid transformation in the last decade, driven by a growing emphasis on environmental sustainability. In this new era, institutions, businesses, and individuals are increasingly recognising the rewards from integrating environmental, social, and governance (ESG) factors into their investment decisions.

This commitment is clear even as external conditions weigh on broader market activity. Global green, social, sustainability and sustainability-linked (GSSS) loan and bond issuance totalled $US338.4 billion in the first quarter 2023. Issuance volume recorded only a small decline of 1 per cent quarter-on-quarter compared to the fourth quarter of 2022, driven by the bounce back in fixed income markets.

The total global GSSS market now exceeds $US6.15 trillion and is on track to be worth more than $US50 trillion by 2025, according to Bloomberg.

Sustainable finance is a key for companies to meet their net zero goals. As a result, what was once a question of ‘why should we engage in sustainable finance?’ has now transformed into ‘how can we implement a sustainable finance strategy?’.

W HEN TRANSITION REALLy HAPPENS

At ANZ, our conversations with customers now look to answer questions like ‘is our business ready for it?’, ‘is our sustainability strategy ambitious enough?’, or ‘what kind of investor diversification am I going to get?’.

Another increasingly common question is ‘will this improve our access to capital?’.

The answer to that is very clear. Access to capital has become a key driver in sustainable finance. Corporate treasurers in Australia, and indeed the AsiaPacific region, are beginning to understand the strong connection between a sustainability strategy and access to capital, as well as its role in helping them deal with risk mitigation, compliance with existing and future regulations.

This success of the transition to net zero relies on the crucial combination of willpower and access to the necessary means. That’s where ANZ can support customers across the Asia-Pacific region. It is important we have targets to drive activity and impact, but also the financial means to support energy transition plans.

W HERE TO FROM HERE ?

The key drivers for sustainable finance issuance in the short to medium term are likely to be broad. How policy and regulatory initiatives develop will be critical, as will the development of updated market principles, guidance, and disclosure frameworks.

The latter will provide important further clarity and broader scope for sustainable finance, for example in the areas of biodiversity and natural capital. In addition, continued innovation in sustainable-finance instruments will help borrowers achieve their sustainability goals.

I DENTIF y ING OPPORTUNITIES

ANZ is playing a key role in the shift supporting its customers in their transition to a low-carbon and more sustainable economy by encouraging them to identify climate risks and opportunities, create or further strengthen existing transition plans and report publicly on their progress.

The bank has set a target to fund and facilitate at least $A100 billion by September 30, 2030 towards improving social and environmental outcomes for its customers and direct investments.

This includes initiatives to help lower carbon emissions, protect nature and biodiversity, increase access to affordable housing and promote financial wellbeing. If achieved, this would bring the bank’s total commitment to $A166 billion dollars since October 2015.

More broadly, ANZ is supporting an economy-wide transition to net zero because it’s our opportunity to shape a sustainable future for generations to come.

IN a BLE F IN a NCE , a

PM Marape encourages Bank of PnG to Foster a K200-Billion economy, shape the nation’s Future

Prime Minister James Marape has urged the Bank of Papua New Guinea (BPNG) to play a pivotal role in the creation of a K200-billion economy that will help define the future of Papua New Guinea.

The Prime Minister’s remarks came during his participation in the grand 50th anniversary celebrations of BPNG, which took place in Port Moresby on 1 November 2023.

Commending the dedication and contributions of all the Governors of BPNG and its staff, PM Marape acknowledged the institution’s journey, which has brought it to this significant milestone in the nation’s financial history.

The Prime Minister emphasised the critical sectors that will drive the country’s economy for the next 30 years, including the Porgera mine, Papua LNG, Pasca LNG, P’nyang LNG, and Wafi-Golpu mine. He also highlighted the pivotal role of downstream processing projects in shaping the nation’s economic future.

“Thanks to our sound fiscal policies, we are poised to make significant leaps in our economic growth over the next decade, achieving in a mere ten years what previously

took us five decades,” Mr. Marape said.

“I have high expectations for the Central Bank to assist us in this endeavour. A stronger economy will pave the way for building the modern Papua New Guinea that we all aspire to, characterised by security and inclusivity for all.”

PM Marape reflected on his vision from 2019 when he assumed office, stating, “I set forth the goal of achieving a K200 billion economy by 2029. Once we reach this milestone, our budgetary plans will be marked by sustainability.

“I call upon the Central Bank to raise the bar in our pursuit of a K200 billion economy and beyond as we move forward.”

Reflecting on the historical journey, the Prime Minister noted, “When BPNG opened its doors on November 1, 1973, Papua New Guinea’s economy was valued at under K5 billion. Today, we boast significantly greater liquidity.

“In 2019, when I assumed the role of Prime Minister, our economy was below K80 billion. Presently, it has exceeded K113 billion, as confirmed by esteemed international

bodies like the World Bank, International Monetary Fund, and Asian Development Bank. However, the needs of our people far surpass the current economic status.

“It is incumbent upon each of us, particularly those within the core State institutions, to ensure that we foster economic growth while delivering effective public services and meeting the needs of our citizens. This commitment lays the foundation for the future prospects of our nation.”

Mr. Marape called on BPNG to ensure that its monetary policies align closely with the Government’s fiscal policies to promote robust economic growth.

He challenged BPNG and its dedicated staff to replicate the achievements of the past 50 years in just 10 years, emphasising their pivotal role in driving progress.

“You must remove barriers within the banking system and ensure that our financial systems are resilient and effectively serve our economy. The fiscal policy of the Government and the monetary policy of the bank must work in tandem,” the Prime Minister said.

Inflation Remains a Concern

will Benefit in the Long-Term -- Bank South Pacific

Depreciation of the PGK/ USD midrate will benefit exporters as they receive more PGK for their goods, whilst importers will see higher prices as their cost-per-kina increases when purchasing goods overseas to bring into PNG.

“A short-run risk of the PGK/USD depreciation is the potential impact on inflation levels for consumers, while the economy may benefit when the exchange rate system operates effectively without the need for interventions” said BSP’s Group CEO, Mr. Mark Robinson.

The reductions in the PGK/ USD midrate on 12 separate occasions have been carefully sequenced from 0.2840 in May to 0.2730 in September (total reduction of 110 points or 3.9%).

The progressive PGK/ USD depreciation is aimed at rectifying the structural imbalances in the local foreign exchange market. However, given PNG’s reliance on imports for consumer goods and production inputs, the higher import costs will place upward pressure on domestic prices.

“Nonetheless, the upside risks to PNG’s inflation remain very much alive and will continue to be a concern as price pressures on essential consumer items like food remain elevated with ADB inflation projections at 5.0% for 2023,” Mr. Robinson concluded.

BSP GCEO Mark Robinson speaking at the Q3 Financial announcement

BPnG supports FX Market as e xport Flows taper in Q3 2023

the foreign exchange (FX) market inflows in Q3-23 fell 16% from Q2-23 to K6 billion, with almost 18% of FX inflows coming from BPNG FX intervention, according to BSP’s Quarter 3 2023 Pacific Economic & Market Insights report.

“In 2023, FX inflows have risen 19% to K18.7b due to a 79% yearon-year increase (K1.7b) in BPNG FX intervention. BPNG has supplied 20% (K3.8b) of PNG’s FX inflows this year,” according to BSP’s Group General Manager Treasury, Mr. Rohan George.

Mr. George noted that despite increased BPNG intervention, the FX market continues to miss Porgera’s FX contribution.

During Q3, volumes from BSP’s Top 5 FX Inflow customers dropped by 30% in August and 45% in September, resulting in outstanding FX orders hitting a record high late in September (K1.18b), which lengthened FX order execution times.

BSP prioritised “National Interest” orders over other orders and trade and service orders over capital orders, says Mr. George.

The kina mid-rate continued its gradual, orderly, decline in Q3 falling by 2.5% to 0.2730 and is expected to decline further by approximately 0.9% per month or 10.8% per annum.

Mr. George adds, “We expect continued flat trading conditions and potentially a larger than normal Central Bank FX intervention to reduce FX execution waiting times.”

FX customers are encouraged to place orders early, with correct documentation to avoid any unwanted delays.

Vision Blue Resources signs Investment

Agreement for Us$40-M equity Investment in Mayur’s cLP

Mayur Resources Limited recently executed an Investment Agreement with Vision Blue Resources, led by Sir Mick Davis, for a proposed investment of US$40 million for a 49% equity share (the Proposed Investment) in Mayur’s Central Lime Project (CLP).

The execution of this long form Investment Agreement formalises the Term Sheet announced in August 2023.

Key Points:

• Vision Blue executes Investment Agreement, subject to the satisfaction of certain conditions, to invest US$40 million for a 49% equity share in Mayur’s CLP in Papua New Guinea.

•Proposed Investment would satisfy the CLP’s total equity funding component to complete project development and construction, implement onsite carbon reduction initiatives, and enter commercial production.

• Mayur and Vision Blue are working together to secure debt financing of between US$70-90 million – with funding at the higher end of that range accelerating the expansion of the CLP beyond its ‘base case’.

• Construction of the CLP’s wharf infrastructure commenced earlier this year which will potentially allow for early cash flow generation in 2024 through the sale of high-grade limestone.

• In addition to being a major import displacer, the CLP will create hundreds

of jobs nearly immediately, and will also be PNG’s first downstream processing resource manufacturing hub.

Mayur’s Managing Director, Paul Mulder, commented: “We are thrilled to partner with Vision Blue on the Central Lime Project. Vision Blue recognises the pivotal role the Central Lime Project can play in meeting the escalating demand for Lime across various environmental and renewable energy sectors.”

“Their Proposed Investment is a testament to the value and potential of this project both from a commercial perspective and for the immense benefits it will bring to local landowners and the PNG domestic economy.

“The enhancement of living standards and benefits for local landowners remain

at the forefront of our mission. We look forward to continuing our relationship with the team at Vision Blue and are confident in the mutual success this partnership will bring.”

The ‘base case’ of the CLP in Phase 1 is expected to generate annual revenues and EBITDA of over US$50 million and US$25 million respectively over an initial project life of 30 years.

Additionally, the CLP will create hundreds of jobs while having capacity to replace all of PNGs current imports of lime valued at approximately K$100 million (A$42.8 million) per year, and service the broader Asia Pacific region. Over time, the CLP will form the core of PNG’s first downstream processing resource manufacturing hub.

PnGX Welcomes newmont as the country’s First Depository Interest Listing

PNGX Group, operator of Papua New Guinea’s national stock exchange - PNGX Markets, welcomes Newmont Corporation (PNGX Code: NEM) to the market.

Newmont will be the first company to be listed in PNG using depository interests, known as PETS Depository Interests (“PDI”).

Newmont has interests in the Lihir gold operation and the Wafi-Golpu gold and copper joint venture, both of which are significant to the future of the country.

There are over 2,000 Papua New Guinean shareholders of Newcrest who will receive Newmont PDIs and be able to trade them on the PNGX market. Without the PNGX PDI initiative those shareholders would have been required to trade on ASX or New York Stock Exchange (NYSE).

PNGCSD Nominees Limited will act as the nominee holder of the underlying Newmont shares on behalf of the PDI holders.

“This new development represents a significant step forward in our commit-

ment to providing investors with more diverse and accessible opportunities that ultimately contribute to the growth and development of the PNG capital market,” said PNGX General Manager, Ms Elizabeth Wamsa.

“We are excited to welcome Newmont and to introduce the trading of PDIs on the PNG markets and look forward to further growth opportunities and developments in future.”

Newmont commenced trading on the PNGX market on Friday 27 October 2023.

ok tedi Pays Interim Dividend of K100M

shareholders of the Ok Tedi Mining Limited (OTML) have a reason to smile as the Company paid an interim dividend of K100M on Thursday October 26th while also citing a positive outlook for a final dividend payment for December 2023.

OTML Board Chairman Jeffrey Innes said, “We are proud to say that OTML is committed to deliver maximum returns to our PNG shareholders, mine impacted communicates and the people of Papua New Guinea.

He said the Company has gone through numerous changes in the latter months of 2022 and more so this year with leadership changes, a business restructure, prudent cost management measures after conducting reviews and realigning plans to meet its targets.

“As a result, we have seen a turnaround in production levels and operational costs and that gives the Board optimism about the Company’s future and confidence in its continued operational success,” Mr Innes said.

Mr Innes thanked the employees, contract partners, and mine impacted communities for their resilience and support throughout the transition period.

He said OTML has always been a resilient company and the Board is confident of meeting its final dividend pay-out in December 2023.

“Our focus currently is to ensure existing systems and processes that are in place are improved to strengthen our operations and derive maximum value of the resources we have during and beyond the current Life of Mine plan of 2033,” he said.

In September this year, the Board also approved in principle a further mine life extension from 2033 to 2050.

This is a significant milestone for OTML, its shareholders and for Papua New Guinea in general and further enhances the confidence the Board has in the company’s ability to deliver over the next two decades.

The approval is based on the latest Strategic Business Plan submitted by the Executive Leadership Team and brings to life OTML’s Vision to operate with excellence, maximising the value of the mineral resource in an environmentally friendly way, to deliver sustainable economic and social benefits to the mine communities and the people of PNG.

Managing Director & Chief Executive Officer, Kedi Ilimbit, said “The approval by the Board is a welcome gift to the communities in which we operate and who provide us the social license to continue, as well as to the people of PNG.”

Mr Ilimbit further stated, “The revised mine life will see the Company generate in excess of PGK30 billion in dividends, royalties, compensation

payments, and taxes for the benefit of OTML’s shareholders, communities and Papua New Guinea as a whole over the next 27 years.”

Mr Innes, shared his optimism about the company’s future, stating “The latest Strategic Business Plan gives the Board confidence in OTML’s continued operational success.

Mr Innes added, “OTML has tripled its value in the last six years and the outlook is a positive one. The mine life extension reaffirms OTML’s commitment to sustainable growth, economic prosperity, and community well-being supported by environmental sustainability, community development and operational excellence.

The Ok Tedi Mine is 100% PNG owned with the State of PNG through the Kumul Minerals Ok Tedi Ltd owning 67% while three Western Province entities hold the remaining 33%.

Since mining operations commenced in 1984, the mine has generated PGK13 billion in dividends to PNG shareholders, PGK10.2 billion in taxes/duties, PGK1.5 billion in compensation payments, and PGK1.3 billion in royalties. The mine has also paid PGK972 million in Community Mine Continuation Agreement (CMCA) payments since 2001 and spent PGK515 million in Tax Credit Scheme projects since 1997.

Cheque presentation at the OTML office in Port Moresby.

camp Provider Maximises Local content

Papua New Guinean workforces have assembled hundreds of Ark Pacific modular buildings for PNG’s resource sector since 2010. Unskilled local workers across the country have benefited from employment and training opportunities afforded by Ark’s easy-to-assemble modular building systems. Likewise, developers have benefited from the cost-effective delivery of fit for purpose and sustainable buildings.

Ark introduced its modular building systems to PNG during the PNG LNG construction phase. A 1,000-person, multi-storey accommodation complex and support buildings for the construction of Komo Airfield were delivered by a 99 percent local workforce in less than one year.

A landowner construction company in New Ireland has assembled a range of Ark buildings for a major developer since 2017. Half of the original local workforce who worked on the initial 800 room camp is still employed. Many of these workers have received additional training and been promoted (e.g., leading hand, project supervisor) resulting in a significant reduction of the expatriate workforce.

Local workers, usually employed through footprint landowner companies, only require introductory level construction industry training to assemble Ark buildings. This means that Ark buildings – irrespective of their type and configuration (e.g., camp complex, office block, laboratory) can be assembled rapidly –even in remote locations.

Developers that choose Ark buildings – assembled by workers in their footprint communities – are better positioned to meet their local content requirements. They also benefit from strengthened community relations associated with local workforce training and employ-

ment. Furthermore, these developers enjoy the advantages of a reduced freight footprint and building repurposeability.

Fewer ships, trucks, barges, etc., are required when building with Ark’s modular systems. Its freight footprint is up to 70 percent less than its competitors because six of its flat pack units are equivalent to a single standard 20-foot shipping container when stacked together ready for transport. This means (1) lower carbon emissions, (2) lower costs, (3) reduced degradation of local road

Developers are better able meet local content requirements when building with ark’s modular systems which are easily assembled by unskilled footprint community workforces.

networks, and (4) in the case of river transport systems, less water traffic and hence vessel wake erosion.

The ease with which Ark buildings can be both assembled and unassembled, means that they are also repurposeable. This is a distinct advantage for short term camps, as they can be ‘unbolted’ and transported elsewhere to be reused (e.g., schools, libraries, and health clinics).

To learn more about Ark Pacific and the advantages of its unique building systems: www. arkpacific.net

PnGX takes Further steps to enhance PnG’s capital Market

In a further stride toward enhancing Papua New Guinea’s capital market, PNGX Markets, the operator of the nation’s stock exchange, has introduced further updated Listing Rules. The move is aimed at propelling the development of a more robust financial ecosystem within the country.

With a commitment to establishing a worldclass capital market that garners international recognition and respect, PNGX has proactively revised its Listing Rules. The changes are designed to bolster the pathway for overseas companies to list as exempt entities within Papua New Guinea’s market framework. The initiative seamlessly aligns with a recent pronouncement by the Minister for International

Trade and Investment, the Honorable Richard Maru MP, who unveiled his vision to elevate the scale of the Papua New Guinean capital market in the next four years.

The integration with the recently introduced Takeovers and Mergers Code, supports the drive for international recognition and respect, presenting a unified regulatory framework. Beyond these substantive changes, the revised Listing Rules encompass several minor amendments, collectively working to refine and reinforce operational structure of the market.

Effective as of Monday, September 18, 2023, the amended Listing Rules propel Papua New Guinea into a new chapter in its

financial narrative. As the nation positions itself on the cusp of an evolved capital market, the evolution led by PNGX Markets remains pivotal in shaping the growth trajectory of both the resource and non-resource sectors over the next 5 years.

The amended Listing Rules, Procedures and Appendices, together with an explanatory document, are available in both markup and clean format at https://www.pngx.com.pg/ regulations/.

The amendments were approved by the Securities Commission on 30 August 2023. The Takeovers and Mergers Code is available from the Securities Commission of Papua New Guinea.

sGs Drives new Procurement Push in PnG to support Growth in Resource, energy Industries

With the appointment of a new head of technical staffing services for the region, SGS is addressing the need for high quality personnel to drive project growth in Papua New Guinea’s resource and energy industries.

In May 2023, SGS appointed highly experienced Brittany Shephard to lead its revamped technical staffing services department, focusing on providing excellence in the workforce acquisition sector.

Now established in her role, Brittany has utilized her diverse skilled set and experience to identify key areas for improvement, ways to provide services specific to the PNG resource and energy landscape and key personnel to offer the highest levels of expertise and service.

On a recent visit to the region, both Shephard and Bronte Gale, SGS’s General Manager for Industries in Australia and PNG, toured project sites across the country to monitor the quality of the services

being provided and gain feedback on how to best support industry projects.

“It was valuable to spend the time immersed in the industry within PNG during our visits,” said Brittany. “Generating network connections and discussing procurement solutions on the ground will drive innovation and secure quality opportunities for both recruiters and staff.”

Speaking of SGS’s overall strategic push to support growth in PNG, Bronte reaffirmed the importance of providing a high standard of personnel and delivering the globally trusted reliability of SGS to the region.

“We’ve seen the potential of the energy and resource industry in PNG and are geared to support this growth as we have done with major partners in Australia,” said Bronte. “A focus on exceptional recruitment solutions is one of many ways that SGS will be able to fuel success in PNG.”

Several projects are already using

SGS’s recruitment services. We have provided the companies involved with an unmatched level of service by filling positions requiring high levels of expertise and specialty skills.

As PNG’s industries expand, there will continue to be a need for high quality recruitment solutions.

To secure the highest quality personnel for your project, contact SGS Technical Staffing Services today.

Brittany Shepard, Business Manager – Technical Staffing Services, SGS australia/PNG, Bronte Gale, General Manager – Industries, SGS australia/ PNG)

catering company trains soldiers with Vital culinary skills

iPi Catering, a subsidiary of the iPi Group, completed its Kitchen Operations training program with members of the Papua New Guinea Defence Force (PNGDF),

This monumental achievement resulted in 18 men successfully completing their training.

iPi Group’s chief executive officer Peter Long expressed delight in delivering the course and commended the participants for their remarkable progress and enthusiasm.

“The participants have demonstrated enthusiasm and gained valuable skills that will serve them well in their future work,” he said.

The program unfolded with the first batch of 8 men completing their 4-week training in August, followed by 10 more in September.

“They have led the way and chartered a refreshing approach to areas of skills acquisition no other in the Defence has currently done,” Long said.

Sargent Miriki, one of the 18 men who completed the course emphasized the competency-based nature of the training, noting that they gained essential skills and knowledge needed to cook.

Meanwhile Sargent Chikou, another participant said, “Apart from learning how to cook, we took a look into food safety, meal preparation, and kitchen management.”

He said the training highlighted the importance of teamwork and collaboration reflecting the real-world military scenarios.

Representatives from PNGDF praised the program for its effectiveness and the positive impact it will have on the participants’ careers.

According to iPi Catering Training Coordinator Nanai Sere, the soldiers received their attainment certificates, marking an equal milestone for both entities.

iPi Catering Trainer Nanai Sere and batch one participants during practical kitchen operations training.

Delivering e xcellence: nabors Delivers optimal Results in Papua new Guinea

Papua New Guinea’s varied ecosystem, abundant biodiversity and native cultures necessitate a strategy that prioritizes environmental preservation at the forefront.

Nabors’ MAAC (Minimum Area AC) rig is designed specifically to meet the logistical, environmental, geographical conditionals of Papua New Guinea and to drill safely and efficiently. Designed to deliver maximum drilling performance, the MAAC rig further enhances drilling efficiencies and reduces flat time.

Engineered to operate in a rainforest in an environmentally sensitive region of Papua New Guinea, the rig’s mud tanks are enclosed to prevent any rainwater contamination. This MAAC rig is designed to protect the area and catch any run-off.

This Nabors rig is developed and crafted specifically to meet customer requirements and is modular for moving across different terrains

and completely self-contained to protect a sensitive environment. It emulates the benefits of offshore technology in an onshore environment by utilizing integrated substructure systems for primary mud processing and well control systems, as well as the capability of a built-in rig moving system.

Equipped for Managed Pressure Drilling, this rig can maintain constant bottomhole pressure via continuous mud circulation while making connections. The MAAC rig features numerous automated features, including performance tools ROCKit® and REVit®, Canrig’s wireless TesTORK® system, PC 4000, TM-120 and Casing Drive System™ which combined together enables to make drilling operations safer, reliable and cost-effective.

Nabors Industries is a leading provider of advanced technology for the energy industry. With operations in 15 countries, Nabors has established a global network of people, technology,

and equipment to deploy solutions that deliver safe, efficient, and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world.

Pactow’s Marine salvage, emergency & spill Response

In addition to its core business of harbour towage, Pacific Towing (PacTow) provides salvage, emergency response, and spill response services in PNG and the broader region. These services have increased in frequency together with the growth of PNG’s oil and gas sector, as well as the increase in Melanesia’s marine traffic.

PacTow has been involved in nearly 80 salvages in the last 25 years and is a full member of the International Salvage Union and the International Spill Control Organization.

Although the company typically operates in a ‘sole salvor’ capacity, it has also partnered in lead and co-salvor arrangements, including with some significant international salvage entities (e.g., Fukada, Nippon, Smit, T&T, and Five Oceans).

PacTow has amassed considerable salvage, emergency response, and spill response capacity, in terms of its fleet, equipment, in-house expertise, and relationships. As such, GM Neil Papenfus reports that they can “manage just about any salvage or spill in the region.” Albeit a particularly serious incident involving an oil or chemical tanker, or a giant container vessel, would require additional assistance.

The provision of a rapid first response, irrespective of vessel type though, is fully within PacTow’s capabilities. Only a few months ago, one of their blue water tugs was deployed from its Port Moresby tug base to tow an oil tanker stranded in the Coral Sea back to the safety of the Nation’s capital for repairs.

PacTow’s 20-vessel fleet is strategically deployed across its operations throughout PNG and Solomon Islands. It’s dedicated dive workboat, together with the bulk of its spill response equipment, as well as its commercial dive team and salvage officers, are based in Port Moresby.

The company doesn’t typically need to import technical expertise to assist them with salvage operations, especially those involving the types of vessels that normally call in to Melanesia. However, it has on occasion brought in expertise from Australia, Japan, and

Europe.

In addition to building its own capacity, PacTow is also working with government entities such as the National Maritime Safety Authority to build PNG’s capacity, especially with regard to oil spills. Late in 2022 it played a central role in the country’s National Oil Spill Response Exercise, and in 2023 it has been contributing to the development of PNG’s National Oil Spill Response Plan.

PNG’s need for increased oil spill response capacity, as well as spill mitigation services, is evident. The nation is not only on the cusp of a 10-year LNG construction boom but a massive surge in mining development. Not only will oil and gas exports increase (and therefore the risk of marine spills when loading tankers), but so too will the marine traffic be importing all matter of items for the construction of LNG and mining infrastructure.

a Pacific Towing salvage team upon returning to Port Moresby following a recent salvage in PNG’s Milne Bay Province.

Bringing Your Business to PnG: 5 Ways to Safeguard Your Offshore Project

As businesses set their sights on Papua New Guinea’s (PNG) growing economy and its unique cultural diversity, there is a need arising for labour hire services which will be crucial in facilitating smooth entry into the PNG market and ensure the long-term success of offshore activities.

Doing business in PNG is a unique opportunity, but one that requires flexibility, patience and a strategic approach. If you have not done business here before, you will not be aware that this developing nation is multi-faceted and complicated. A dedicated labour-hire partner will help to ensure yours, and your people’s success.

S TEP 1: C ULTURAL A LIGNMENT

To thrive in PNG, it is crucial to align with partners that deeply understand the local culture, with strong networks and is committed to giving back to the community. When you engage with a ‘do good’ agency, you are not just doing business; you are becoming part of a legacy of positive change. Your business gains a trusted partner who values cultural alignment, enhances your employer brand, and supports your sustainable operations.

S TEP 2: T RACK RECORD

A long-standing presence in PNG means faster problem resolution, rich insights into market trends and access to a vast network beyond your immediate needs. The advantage of connections cannot be overstated. When looking to establish a footprint in PNG, look for an agency that offers a comprehensive multi-service offering. Not only will this cut your sourcing and engagement time, but it will reduce your administrative strain and ensure a unified strategy. An associate that is well established across recruitment, on-hire, immigration, training, and development becomes an invaluable partner to

support various aspects of your staffing operations. The right agency will open doors you may not have known you needed.

S TEP 3: D EVELOPING yOUR

P EOPLE FOR L ONG -T ERM S UCCESS

Your people are your most valuable assets. When you are not present on the ground, ensuring that your personnel are thriving becomes paramount. It is not merely about placing individuals in roles; it is about nurturing their experience in PNG, ensuring their safety and security, growth, and overall wellbeing.

You will benefit most by partnering with an international agency with an office and Directorship on the ground in-country. Such agencies are equipped to provide international organisations seeking to do business in PNG, not just a strong standard for excellence, but cross-cultural awareness and competency for their people.

S TEP 4: L OCAL L ABOR

L AWS , T AXES , AND C OMPLIANCE

Every region has its unique labour norms, and PNG is no exception. Understanding the

intricacies and complexities of labour laws in PNG is essential, and engaging with an agency who is registered with or has an affiliation with the PNG Employers Federation can offer a reassuring level of expertise and dedication.

S TEP 5: M OBILISATION

Engaging with an agency who can take control of all the required regulations, applications, and processing times to mobilise your people effectively and efficiently is vital. Working with immigration in any country is a multifaceted process. By partnering with an agency adept in immigration logistics and offering comprehensive in-country support, you will guarantee a smooth transition and a positive experience for your people.

By following this 5-step blueprint, you will safeguard your offshore operations in PNG and thrive in this dynamic market and country. To learn more about bringing your operations to PNG and labour hire services, visit the Peopleconnexion website at www. peopleconnexion.com or download our full 5-step blueprint for more information, available at https://www.peopleconnexion. com/5-step-blueprint/.

Building a Better Future for PnG

PNG Forest Products is an industry leader in Engineered Wood Products across the South Pacific, Australasian and Southeast Asian regions. Their extensive range of products and services for the domestic and export markets include pressure treated pine timber and plywood; kit homes and prefabricated buildings; modular bridges and bridge decking; and project construction & infrastructure development.

In fact, PNGFP is the largest supplier of timber housing & infrastructure projects in the South Pacific, having delivered more than 10,000 buildings. PNGFP supply PNG’s only kit-set buildings engineered to PNG and Australian building codes, that are preservative pressure treated to fully protect from termites and rotting.

The construction division, NiuBuild, has built well over 2,000 buildings in PNG including numerous mining and exploration camps; over 1,000 school buildings; and supplied hundreds of education and health facilities throughout the country.

Innovation is at the core of the company’s success, as reflected by PNGFP’s Managing Director, Tony Honey: “We are producing and exporting some really innovative and interesting engineered wood products that are value adding to an otherwise basic piece of plywood.”

“Modular bridges and bridge decking into Australia & New Zealand; specialised railway bridge re-decking in Sydney; sound barriers along Australian highways and rail corridors; scarf jointed bus & train floors for Australia, NZ & Malaysia, and the list goes on.”

Employing over 1,300 Papua New Guineans, PNGFP is committed to building a better future through sustainable manufacturing practices. All timber is sourced from renewable pine plantations managed by the PNG Forest Authority. Sawdust and wood chip waste from the mills are utilised to power the boilers for the veneer driers and kilns.

PNGFP also works in conjunction with the Department of Environment and Conservation to ensure that

the best environmental practices are maintained. Furthermore, PNG Forest Products is the only company in PNG that has achieved PEFC Chain of Custody accreditation on the basis of 100% controlled wood.

PEFC (Programme for the Endorsement of Forest Certification) is an international organisation that promotes sustainable forest management through independent third-party certification. PNGFP’s Chain of Custody certification demonstrates a commitment to sustainable forest management that is unique in this country.

As a further commitment to sustainability, the company’s manufacturing facilities in Bulolo are powered by their own hydropower stations which they continue to invest in heavily.

PNGFP recently commissioned their fourth power station at Baime, to feed 11.6MW into PPL’s Ramu grid, and raise their capacity to supply PPL to a total of 21MW. The combination of renewable timber resources processed with sustainable hydro power makes PNGFP’s engineered wood products truly and uniquely 100% green.

Over almost seven decades, PNGFP has evolved and grown through innovation and diversification -- from plywood to Engineered Wood Products, to Independent Power Production, and more. In Bulolo PNGFP operate a supermar -

ket, bakery, butchery, liquor store, hardware store, service station, country club, abattoir, poultry farm and a 600-hectare cattle farm, all servicing the town and surrounding districts.

“Our future lies in adding value to our resources, whether it be timber, land or water,” says MD Tony Honey. “Improved recovery from our log supply is essential, as is developing new products for our Pacific Region. Continuing our diversity through power generation, forest products, and poultry and cattle operations develops employment and sustainable income. Continuing reinvestment in our business is the key to our continued viability and the core to our future success.”

Invest in First Aid training with st John Ambulance

In the dynamic workplace environment of Papua New Guinea (PNG), first aid training is not only a responsible choice but also a legal requirement.

St John Ambulance is passionate about teaching first aid because every life matters, and no one should suffer or die due to a lack of basic medical knowledge.

By equipping the people of PNG with essential first aid skills, St John Ambulance empowers individuals to save lives and aims to achieve zero preventable deaths from trauma, childbirth, or snakebite.

Beyond the moral imperative, investing in first aid training is crucial due to legal requirements. Accidents and injuries can occur in any workplace, spanning industries like printing, office work, mining, forestry, and construction.

Having knowledgeable first aiders on-site is essential to provide immediate and timely assistance during emergencies. From bleeding

and burns to fractures and cardiac arrest, prompt first aid measures can prevent complications and expedite recovery.

Moreover, PNG’s geography makes first aid knowledge even more critical. In these situations, trained workers can provide immediate care until professional help arrives, potentially saving lives.

Investing in First Aid Training with St John Ambulance not only ensures compliance with legal requirements but also safeguards the well-being of workers. It empowers individuals to effectively respond during emergencies, minimize injuries, and protect lives.

Every worker should know first aid because every life matters.

The team at St John Ambulance are dedicated to supporting all your first aid and emergency response needs.

You can contact the team at enquiries@stjohn.org.pg or visit www. stjohn.org.pg

Portside Business Park Paves the Way for end-to-end Logistics solutions

Portside Business Park is Steamships’ latest business venture, developed and managed by Pacific Palms Property (PPP), which aims to be the central hub for integrated solutions for businesses that build PNG. Strategically positioned in Port Moresby’s logistics, shipping, and industrial zone, Portside Business Park is 38 hectares of prime land with a secure state lease.

“Portside Business Park presents a rare and unique opportunity for investors to secure a diversity of commercial spaces that have efficient road connectivity to Port Moresby’s key economic centres, have direct access to international and domestic shipping channels, and accommodates fit-for-purpose industrial infrastructure ” says Russel Sy, CEO, Pacific Palms Property Sy added “with convenient amenities and planned services, Portside Business Park will be the strategic and secure location of choice for long-term investors.”

The industrial park aims to meet the growing demand for bulk storage, accommodation, and logistics solutions driven by the PNG LNG projects in the coming years. To facilitate this, Pacific Palms Property is embarking on a comprehensive infrastructural expansion project that includes the construction of roads and bulk services within the development. The road and bulk services works will be carried out in multiple phases, with the first phase expected to commence in the first quarter of 2024. This phased approach ensures efficient progress and timely completion of the project, allowing Pacific Palms Property to effectively cater to the increased demand.

Negotiations are underway for the construction of a 20,000-square-meter super depot, specifically designed to provide container storage and handling services to Steamships Logistics and international stakeholders. This depot will greatly enhance

the logistical capabilities of Portside Business Park, attracting more businesses to the region. The completion of the yard is projected to be in the third quarter of 2024.

At Portside Business Park, clients have the flexibility to utilize their preferred service providers, they also have the advantage of accessing PNG’s most reputable and highly experienced specialist within the Steamships Logistics Division in the likes of – Consort Express Lines, East West Transport, Pacific Towing, and JV Port Services who will be operating from Portside Business Park.

This comprehensive suite of logistics services can be tailored to cater to customer’s requirements which cover road and sea transport from standard cargo to more complex heavy and bulk project lifts.

Pacific Palms Property remains committed to meeting the evolving needs of businesses and ensuring seamless operations within the Portside Business Park. The infrastructure expansion project signifies Pacific Palms Property’s alignment with Steamships dedication to supporting the growth and development of the region’s economy.

Portside Business Park is 38 hectares of prime land with a secure state lease.

Pacific Palms Property is a renowned developer committed to creating innovative, and sustainable, projects. With a portfolio spanning residential, commercial, and mixed-use developments, the company has established itself as a leader in the industry.

PnG chamber of Mines and Petroleum changes name to PnG coRe

Papua New Guinea’s peak body representing the mineral, resources and energy sectors on 13 November officially announced its new name and unveiled its new logo.

The former PNG Chamber of Mines and Petroleum (“The Chamber”) has formally transitioned to its new name, the Papua New Guinea Chamber of Resources and Energy (“PNG CORE”), following the approval of this change by its membership at a recent Special General Meeting.

According to PNG CORE Chief Operating Officer, Pansy Taueni-Sialis, this change is timely, as PNG positions itself as a leader the global resources and energy market.

“Since our incorporation as an Association in 1987, the PNG Chamber of Mines and Petroleum has enjoyed a cordial relationship with Government, industry, and our stakeholders.

“With the changing landscape in industry, the Chamber Council realized the need to adapt to the changing global environment. And with industry focusing more on cleaner, greener energy sources, the need to have this change was highlighted.

“The decision to change the name to PNG CORE was approved by the Chamber Council earlier this year, and the recent endorsement by our Membership ratified this decision, enabling the Secretariat to under this new name of PNG CORE.

“This change also reinforces our commitment to working together in collaboration with all stakeholders across Government, private sector, and civil society,” Taueni-Sialis said.

Chamber Councilors, Santos Country Chair PNG Leon Buskens, and Harmony Gold PNG Executive General Manager Stakeholder Relations & Corporate Affairs Kepas Wali officially announced the name change to PNG CORE to Government stakeholders, and member representatives this morning.

According to Councilor Buskens, this signified the commitment of industry to adapt to the changing global trends, to enable PNG to remain on part with other economies in promoting closer collaboration and progress.

“Today is a significant moment in our nation’s history, as the

“It is timely, especially as the country stands on the cusp of a new wave of increased opportunities within our industries, with major decisions set to be announced in the near future.

“The Chamber’s efforts in promoting collaboration between government, industry and other stakeholders has never been better, and has allowed significant progress to be made in recent times.

“We’d like to acknowledge the leadership of the Chamber Council, led by President Anthony Smaré, colleague Councilors, and the Secretariat, for setting the foundation for these developments.

“Under PNG CORE, we are committed to working together for the benefit of Papua New Guinea,” the group’s statement ended.

Chamber moves forward under the PNG CORE banner.

PNG CORE Councilor and Santos Country Chair PNG, Leon Buskens (Front, Centre) flanked by member representatives of PNG CORE at the launch of the Chamber’s new name and logo.

Pioneering Holistic Development and Business Innovation in Papua new Guinea s

ago Network is a not for profit, PNG based organisation that partners directly with PNG businesses to deliver professional community development services for PNGs rural communities in need. The organisation’s dual focus on community empowerment and business innovation exemplifies a forward-thinking model for transformative development.

Sago Network’s resolute mission is to strengthen lives by advancing Water, Sanitation, and Hygiene (WASH) standards at the grassroots level. The organisation carves a unique niche in PNG’s business and development landscape, as it not only pioneers positive change but also sets a precedent for holistic and sustainable development practices in Papua New Guinea. Healthy local business partnerships enable the organisation to cater for specific community needs through sustainable, long-term commitments.

Jade Worsley Sago Network CEO explains, “With a team of experienced community development and built environment professionals, Sago Network is able to provide high quality, tailored responses to specific community needs”. This multidisciplinary team includes architects, community development professionals, health experts, project managers, engineers, builders, and education professionals. The result is a professional, holistic service, delivered efficiently and effectively in response to community needs.

Sago Network has a rich history of collaboration with PNG businesses through corporate social responsibility (CSR) initiatives. Through these partnerships, the organisation has seamlessly integrated businesses and communities nationwide. Offering a diverse range of services, businesses can align with Sago Network programmes that resonate with their priorities and those of the communities they engage with.

Measured under the WHO/UNICEF JMP Service Ladder, Sago Networks service offerings include the WASH Strategy Programme, the WASH Empowerment Programme, the WASH Infrastructure Delivery Programme and Architecture for Communities. A common thread runs through Sago Network’s services—an unwavering commitment to placing local communities at the heart of their development processes. Empowering communities with decision-making abilities, Sago Network ensures that projects align with community priorities by fostering meaningful contributions from community members.

Sago Networks willingness to innovate

and collaboratively partner with PNG businesses has led to the development and creation of the Sago Dry Toilet. CEO Jade Worsley explains, “This permanent, waterless, above-ground sanitation solution is designed to last 15-20 years when installed and maintained correctly. Initially it targeted the lack of safe sanitation facilities in rural and coastal areas of Papua New Guinea. The product’s scope however has since expanded, finding applications in various settings, from business yards to personal residences, providing a specialised, long-term solution for areas

affected by high water tables.” The Sago Dry Toilet is now available through hardware shops nationwide, reaching businesses and the general public in addition to the community development sector.

By placing local needs at the forefront and embracing innovative solutions such as the Sago Dry Toilet, Sago Network exemplifies a model of holistic development that leaves a lasting impact on both communities and businesses. For more information on Sago Network’s initiatives, services, and innovations, visit www.sagonetwork.org

swire shipping Releases its sustainability Report 2022

swire Shipping, a leading provider of sustainable and innovative shipping and logistics solutions, has published its Sustainability Report, which details its goals and achievements in the areas of sustainability and decarbonisation for the calendar year 2022.

The Company’s sustainability strategy provides the framework and structure to ensure that it meets its sustainability commitments across Environmental, Social and Governance (ESG) areas, and the progress made on achieving such targets is reported each year.

In 2022, key priorities have been identified based on the material sustainability and decarbonisation topics which drive long-term value for Swire Shipping’s business and stakeholders, and alongside the short-, medium-, and long-term targets developed to step up the Company’s ambitions and measure performance.

“Our sustainability strategy centres around three core pillars – Thriving Environment, Thriving People, Thriving Partners – and is a mark of commitment to creating a more sustainable future for our stakeholders, customers, employees, and the communities we serve,” said Jeremy Sutton, Managing Director of Swire Shipping.

“Driven by targets closely aligned with our business strategy, and with several of the United Nation’s Sustainable Development Goals (SDGs), it encompasses all the areas where we feel we can make the most difference, including our efforts to champion the role of women in maritime, work collaboratively with our internal teams and external partners to continuously improve safety standards across all areas of our operations, and support the communities and natural habitat of the Pacific Islands.”

In 2022, Swire Shipping received recognition for its sustainability efforts and display of good corporate governance. It was conferred the Environmental, Social and Corporate Governance Award at the Seatrade Maritime Awards 2022, one of the most prestigious global award programmes in the maritime industry; as well as a Silver Medal from EcoVadis, the world’s largest and most trusted provider of business sustainability ratings.

Swire Shipping’s annual Sustainability Reports keep stakeholders informed of its sustainability progress in an open and transparent manner. The 2022 Sustainability Report has been externally assured against the Global Reporting Initiative (GRI) Standards 2021.

Sustainability remains central to Swire Shipping’s business strategy, as reflected in its

vision statement: to be the leading provider of safe, sustainable, innovative supply chain solutions and our customers’ partner of choice.

The Company will continue working with its customers, peers, suppliers, and communities towards a more sustainable future.

A PPENDIX A: H IGHLIGHTS FROM S WIRE S HIPPING ’ S S USTAINABIL -

IT y R EPORT 2022: Thriving Environment

• A Decarbonisation Roadmap has been developed with short-, medium- and long-term targets to decarbonise vessel operations.

• Swire Shipping has a target of Net Zero GHG emissions by 2050 and the adoption of near zero emission fuels in its operated fleet.

• Carbon intensity performance at the end of 2022 was 11% below the annual target.

• A 64.69% year-on-year reduction in Single-Use Plastic (SUP) water bottles consumed across Swire Shipping’s owned fleet was achieved, bringing the overall reduction in SUP water bottles used on board to 99.67% between 018 and 31 December 2022.

Thriving People

• Long-term preventive measures are in place to improve fleet safety, and the Company continues to work closely with its stevedoring partners and

other third-party contractors to improve safety in cargo operations (i.e. its SafeWOW Programmes have been extended to another five stevedoring partners in 2022).

• The Company has set KPIs of achieving increased gender diversity at sea and in the offices. At the end of 2022, 4.3% were female seafarers (Target: 10% by 2026) and 21.8% were female senior managers (Target: 30% by 2025).

• 217 long service awards were issued to employees ashore and at sea, for lengths ranging from 10 to 30 years, a testament to the company’s ambition to be an Employer of Choice.

Thriving Partners

• More than 1,100 tonnes of recyclable waste have been shipped out of the Pacific Islands under the Moana Taka Partnership since 2018.

• Swire Shipping has supported over 100,000 beneficiaries in key stakeholder committees through Corporate Philanthropy initiatives.

• Westwood Shipping Lines Inc. (a subsidiary of Swire Shipping) received the Blue Circle Award from the Port of Vancouver for the 14th year running; Swire Shipping received the Sapphire recognition tier for four years in a row in the Protecting Blue Whales and Blue Skies programme in the San Francisco Bay Area and the Southern California Region.

BHP transition to terrain tamer Parabolic springs for LV Fleet

BHP have recently changed suspension suppliers, fitting Terrain Tamer Parabolic Leaf Springs to the fleet of Toyota Hilux servicing their light vehicle needs in the Western Australia Iron Ore mining hubs in the Pilbara region of northern Western Australia.

Having tested the springs in their facilities for the past 2 years, BHP have confirmed preference for the Terrain Tamer Parabolic Leaf Springs and, having started with an initial 25 new Hilux Utes, intend to fit more to both their future and existing fleet.

Containing fewer leaves than standard leaf packs, Terrain Tamer’s Parabolic Springs were released in 2018 and get their name from their tapered ‘parabolic’ design, which is thicker in the centre and thinner toward the ends, rather than the usual linear style.

The design directly addresses issues that come with traditional leaf packs being thick, heavy, and clunky, essentially making them more difficult to fit to a

hoisted vehicle and adding to the weight of vehicles that are often dangerously close to their GVM limit.

Reducing the unsprung weight of the vehicle not only frees up weight for practical use, but also acts to create a quieter and more comfortable ride whether the vehicle is empty or loaded.

Traditional leaf springs can also be uncomfortable, loud and can create a safety issue, offering little to no flex when a driver hits a bump, or finds themselves in a rough situation, with the rigidity of the pack causing the opposite wheel to lift and lose traction, effectively endangering the driver.

The flex afforded with a Parabolic Spring allows it to give a little, allowing the differential housing to rotate with the springs and effectively providing a smoother ride, reducing the shock transferred to the crown wheel and pinion, stopping the wheel from spinning, and maintaining safety and drive. The same force with a standard leaf pack would almost certainly cause more shock to

the vehicle and driver.

Essentially, Terrain Tamer Parabolic Springs use new technology on an old trucking design idea to provide a quieter, more comfortable ride with a strength not afforded to traditional springs.

The springs are available for a range of popular Hilux and Landcruiser vehicles, as well as Ford, Mazda, Mitsubishi, Holden and Isuzu models, and have become so popular in recent times that the range has been expanded to include Heavy Duty, Extra Heavy Duty and Armoured versions, for vehicles used in military and mining applications requiring a load of up to, and in some cases upward of 700kg.

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• Short term rentals (Self Drive & Chauffeur)

• Long term leasing (12 months - 36 months)

• Safe and affordable staff transportation

• Chauffeur drive service with professional drivers

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CROWN HOTEL

Situated in the heart of Port Moresby is Crown Hotel Port Moresby with stunning panoramic views of the Coral seas and the Fairfax harbour.

Crown Hotel is perfect for either business or leisure with 151 rooms, 2 restaurants, 2 bars and conference facility that caters up to 300.

The fragrance of fresh flowers breezes through our modern Lobby, where you can browse artefacts drawn from Papua New Guinea’s diverse cultures. Our Front Desk staffs are waiting to take your bags to your room or suite while you gaze at the ocean from Heritage bar or soak in the outdoor pool.

Rapala restaurant’s French fusion organic restaurant is complemented by a fine wine list while our casual Pondo Tavern serves comfort food on its deck. Exercise when you want in our 24-hour Fitness Centre or get to work using wireless Internet in our Business Centre.

We’ll help you dive the reefs off Loloata Island and our sumptuous beds are a wellearned reward after hiking the Kokoda Trail. Stay at Crown Hotel Port Moresby and, whether you’re with us for 2 nights or 2 months, you’ll feel safe, secure and right at home.

1 5 1 R o o m s

S i n g l e / T w i n S h a r e

E x e c u t i v e r o o m

S u i t e s - 1 b e d r o o m & 2 b e d r o o m

S w i m m i n g p o o l

G y m n a s i u m

C o n f e r e n c e & E v e n t s

T h e C a f e - A l l d a y d i n i n g

R a p a l a R e s t a u r a n t -

F i n e d i n i n g

H e r i t a g e B a r

P o n d o & P o k i e s

PM Marape Confirms PNG’s Participation in 2025 osaka World e xposition

Prime Minister James Marape officially confirmed that Papua New Guinea will take part in the 2025 Osaka World Exposition in Japan, an event set to host 150 countries and 25 international organisations.

Prime Minister Marape emphasised that PNG’s participation in this global event will have a significant impact, leading to diversification in the export market and an inflow of capital.

“This presents a remarkable opportunity for us to promote our nation as a prime tourism and investment destination. It will also enable us to showcase the high-quality products that we are ready to export to the world,

including our renowned coffee, cocoa, vanilla, kava, taro, marine products, unique items from our fashion industry, and many more,” he stated.

The Prime Minister further disclosed that the government has allocated funding in the 2024 National Budget to facilitate Papua New Guinea’s participation, including the establishment of the PNG Pavilion.

Additionally, PM Marape announced the appointment of His Excellency Peter Vincent, PNG’s outgoing Ambassador to Malaysia, as the Commissioner-General of the PNG Pavilion.

He expressed confidence in Mr. Vincent’s ability, citing his extensive experience with Air Niugini, as CEO of the Tourism Promotion Authority, and his role as Ambassador to Malaysia, to lead the efforts in setting up

the pavilion and effectively promoting the country and its products at the expo.

The National Expo 2025 Coordination Team or Secretariat will be chaired by the National Trade Office, PM Marape said.

The coordination team will consist of representatives from the departments of Prime Minister and NEC, Commerce and Industry, Treasury,

Finance, National Planning and Monitoring, Justice and Attorney-General, Foreign Affairs, and International Trade and Investment.

“The political oversight committee will be headed by Minister for International Trade and Investment, Hon. Richard Maru, and will include ministers for Treasury, Commerce and Industry, and Foreign Affairs,” the Prime Minister said.

Unlock Boundless opportunities at the 39th Australia PnG Business Forum and trade e

the Australia Papua New Guinea Business Council and the Business Council of Papua New Guinea proudly present the 39th Australia Papua New Guinea Business Forum and Trade Expo, slated for 13 to 15 May 2024 at the Sheraton Grand Mirage Resort Gold Coast.

REIMAGINING THE F UTURE

The unprecedented post-pandemic and geopolitical challenges as well as rapid technological advancements compel us to rethink our approaches to trade, economy, and life. Be part of the conversation that propels Papua New Guinea towards greater economic diversity and resilience and the role Australian companies can play in this transformation.

journey into the different aspects of the economic landscape.

Expert presenters will delve into crucial topics such as emerging economic opportunities, infrastructure, SME growth, Papua New Guineans in the Australian labour market, resources, sustainable energy, and new technologies.

This year’s Trade Expo will offer Australian and Papua New Guinean companies a ground-breaking opportunity to showcase their products and services. The booths will feature corporate logos, documents, videos, and one-on-one meeting capabilities, facilitating in-person meetings and presentations.

The expo provides an invaluable opportunity for businesses on both sides to forge new connections, explore

SECURE yOUR SPOT T ODAy!

Early registration is paramount as in-person spots are limited and demand is soaring. Visit apngbc.org.au to secure your participation and book your registration, trade expo booth and on site hotel room..

The 39th australia

Papua New Guinea Business Forum and Trade Expo!

13-15 May 2024

Sheraton Grand Mirage Resort Gold Coast

Papua New Guinea

PNG CR

PNG Dataco

PNG EITI

PNG Forest Products

PNG IBBM

PNG Mining & Petroleum

Hospitality Services

Port Moresby Electrical

Poultry Industry

QED

Remington Technology

Resources & Investment Finance Ltd

Sago Network

Santos

Security Systems

Seeto Kui

SGS

Sisima Group

Solar Turbines

St Johns ambulance

Steamships

Stocks & Partners

Swire Shipping

TE PNG

Telikom

Trans Niugini Tours

Trukai

UMW

Vodafone

Wan PNG

Western Pacific Insurance

Westpac

Wintop

Woolpert