tag:blogger.com,1999:blog-88311857729224501562024-02-25T17:29:00.915+10:00Sunday Chronicle PNG BusinessThis blog site provides you with The Sunday Bulletin business news and other business links.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.comBlogger47125tag:blogger.com,1999:blog-8831185772922450156.post-21269048931417347202013-07-22T17:57:00.004+10:002013-07-22T17:57:53.907+10:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: small; text-align: justify;"> Minister Chan</span></td></tr>
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<span style="font-size: large;"><b>Govt looks at Xstrata project takeover </b></span></div>
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<b>MINING Minister Byron Chan has told parliament "the government is looking at taking over" the $5.6 billion (K11 billion) Frieda River copper-gold project, which is 81.82 per cent owned by GlencoreXstrata. </b></div>
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Mr Chan -- the son of former prime minister Sir Julius, who is also a parliamentarian -- said the mine "is on the market", and that the government had the "expertise, knowledge and experience with finance and partners" to develop it.</div>
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The project, in a remote area between the East and West Sepik provinces, is forecast to produce 204,000 tonnes of copper and 305,000 ounces of gold a year over an initial 20-year mine life -- making it one of the largest such deposits in the Asia-Pacific region.</div>
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The core feasibility study was finished late last year, but further research is required before construction and production plans can be completed.</div>
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"The project has not been prioritised by the company because of current developments in the world market," Mr Chan said.</div>
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Glencore's chief executive, Ivan Glasenberg, said this year that the company was "afraid of greenfields" that were risky and had capital overruns.</div>
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The PNG government has a legislated right to buy a stake of up to 30 per cent in all mines and has moved recently towards effective control of the large copper-gold mine at Ok Tedi, about 100km from Frieda, which employs a seasoned management team and workforce.</div>
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A Glencore spokeswoman said yesterday: "We are assessing the interest of other investors in the Frieda River project, but there has been no decision at this stage to divest any part."</div>
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John Gooding, managing director of Highlands Pacific, which owns the other 18.18 per cent of Frieda, with a pre-emptive clause, told The Australian yesterday: "This is a really proactive government in PNG that has been getting fairly frustrated with the delay in this project, about which we've been pretty disappointed as well.</div>
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"We see the government's interest as a positive. We believe in the project, and we work well with the government."</div>
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While PNG's economic growth spurt is being driven chiefly by ExxonMobil's construction of the country's first liquefied natural gas plant, its longer-term sustainability as a global resource centre hinges heavily on the development of the next generation of mines.</div>
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The delays at Frieda have compounded concerns already triggered by the troubles of Newcrest, half of whose assets lie in PNG. Mr O'Neill said rec</div>
ently: "When a company as big as Newcrest faces serious problems, we have to be concerned at the possible impact on our resource sector and our economy generally."<br />
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<b>Source: The Australian</b></div>
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The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-88001876895138978362013-07-22T17:53:00.001+10:002013-07-22T17:53:24.742+10:00<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><b>Pacific products showcased in Europe</b></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="text-align: left;"><span style="font-size: x-small;">A range of products from the Pacific which were showcased at the Pacific Breakfast event.</span></span></td></tr>
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A range of products from the Pacific was showcased at a Pacific Breakfast event on 9 July 2013, in the margins of the Fourth Global Review of Aid for Trade in Geneva, Switzerland.<br />
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The event effectively brought the taste of the Pacific to Europe by serving freshly ground Tanna coffee from Vanuatu, and a range of jams, chutneys and herbal teas and infusions from Friends Fiji.<br />
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An initiative of the Pacific Islands Trade and Investment (PT&I) network in Europe, the exploratory Pacific Breakfast event was successful in attracting around 100 people. Among the attendees were the Director General of the World Trade Organisation, Mr Pascal Lamy; the Deputy Prime Minister of Samoa, Hon. Fonotoe Pierre Lauofo; Minister for Trade from Papua New Guinea, Hon. Richard Maru; and Ambassadors and international delegates attending the Aid for Trade events in Geneva.<br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="text-align: left;"><span style="font-size: x-small;">Solomon Islands Ambassador Moses Mose, WTO Deputy Director General Valentine Sendanyoye Rugwabiza and Papua New Guinea Trade Minister Honorable Richard Maru at the Pacific Breakfast.</span></span></td></tr>
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In introducing the event to the Guests, the Director of the Economic Governance Programme at the Pacific Islands Forum Secretariat, Mr Shiu Raj highlighted the uniqueness of the Pacific products. "Many of the high value niche products from the Pacific have a story that links to our cultures and traditions. These products are increasingly produced through ethical and sustainable practices and a number of Pacific products are being used by international chains and celebrities," Mr Raj said.<br />
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The Pacific Showcase event profiled a selected range of Pacific product offerings that could enter into the European markets. Guests were provided an overview of Pacific exports including boutique coffees from Papua New Guinea, Tonga and Vanuatu; chilli sauce from Samoa; canned tuna from Solomon Islands; and luxury personal care items including soaps and body oils from Fiji and Tonga. Other Pacific products such as vanilla, noni juice, cultural artefacts, jewellery and handicrafts were also on display at the event.<br />
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"The response by the participants at the Pacific Showcase illustrates the interest that European consumers may have in Pacific products. Export opportunities for boutique, fair trade and niche organic products are real. Buyers and suppliers are encouraged to contact the PT&I desk in Geneva, which promotes and markets Pacific products in Europe," Mr Raj said.<br />
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Long viewed as a niche market, the value of the European organic market has grown consistently over the last decade. Data presented at BioFach 2013, the World's leading Trade Fair for Organic Food, indicated that in 2011 the European market for organics was estimated to have had a value of 21.5 billion euros. In the same year, Germany alone had an estimated turnover of 6.6 billion euros. Significantly, in the larger European countries, it is estimated that approximately 25% of this demand is met by imported products.<br />
The Pacific Islands Trade and Invest in Europe promotes Pacific exports and assists in developing critical marketing channels and value chain linkages to enable Pacific Island exporters to establish their products in European markets. The PT&I also assists in enhancing access to technical support and establishing partnerships with agencies that can deliver practical assistance to address the challenges and impediments to increased trade with Europe.<br />
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The presence of a PT&I desk in Europe has been made possible through the funding provided by the European Union, under the Pacific Integration Technical Assistance Project (PITAP), which is a component of the Strengthening Pacific Economic Integration through Trade (SPEITT) programme.<br />
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<b>Source: PIF</b><br />
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The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-25175792068674701232013-07-22T17:47:00.001+10:002013-07-22T17:47:08.662+10:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;">PNG chamber supports regional business</span></div>
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AUSTRALIAN Prime Minister Kevin Rudd's recent visit has established his government's keen interest to develop the broad base for the PNG economy.</div>
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Joined by his new trade and immigration ministers, Mr Rudd praised PNG's links with Indonesia and pointed to strong support for a regional approach to trade matters.</div>
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Radio Australia's Pacific Beat program presenter Geraldine Coutts speaks to David Conn head of the Chamber of Commerce in Port Moresby.</div>
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<b>CONN:</b> Obviously I think these visits, albeit a flash visit, are a good affirmation of the relationship. Yeah, it was a couple of snippets in there, it's a quick visit, generally, yeah I think the reaction to it was good.</div>
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<b>COUTTS:</b> But what specifically were you talking about the LNG project, the projects that are already in mind or is there sort of smaller projects that you're talking about?</div>
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<b>CONN: </b>I think that's, that's something that Prime Minister Rudd threw fairly clearly into his Trade Minister, Richard Marles, area and said look Richard, there's work for you to do. Clearly, there's a lot of continuation LNG, but I think Australia realises the maturing of that relationship between the countries, the broad base of the PNG economy has what this government's very keen to develop and Australia I think would be quite challenged to be able to assist Papua New Guinea in that SME sector, that's so vitally needed.</div>
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<b> COUTTS:</b> Now, while Richard Marles is new to the portfolio, he's not a stranger to the region - so was he able to bring much to the table? Was there much substance of deals that you could do in the future?</div>
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<b>CONN:</b> I mean I think it was basically when Richard was obviously very popular in certain quarters. I don't know who he spoke to. He certainly didn't speak to us, one of the biggest Chambers in the country I guess. So that's something we need to look forward to. But I mean in terms of trade negotiations, what can you achieve in a one-day flash visit.</div>
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<b>COUTTS:</b> All right. So will there be more visits like this one in the future? Is it necessary?</div>
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<b>CONN: </b>Oh, it's definitely necessary. I think PNG expects it, being our closest neighbour and I think the Australian government would make an error by not making these regular visits and for goodness sake, why not? I mean, Cairns, it's an hour to fly across. It's something we can, because of the relationship, every couple of months to the far north of Australia and there's a lot of links already between the far north of Australia and PNG. I think it's important Rudd said look, the people of Australia decide to re-elect me, I'll be back and I'm sure he will be and it'll be very early on its agenda.</div>
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<b>COUTTS:</b> All right. Now, PNG , of course, has got regional links through the MSG and Indonesia. Is Australia looking to get in on that as well?</div>
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<b>CONN:</b> Yeah, and I think that for me personally was probably one of the most sailent points that Prime Minister Rudd made. He said look, we can work on an economic triangle with Australia, Indonesia and Papua New Guinea and, of course, PNG has just had one of the biggest trade delegations ever sent overseas, the first in 27 years to Indonesia. So that's the sort of thing that rang our bells - we were very interested in that, because obviously, with an economy like Indonesia, sitting to the west of us, we'd have to say it's probably an even cheaper economy for PNG to access. That sort of comment was very welcome I think and ties in very much with PNG's not necessarily 'look north policy' but also to look to all areas to help improve, improve its economy and import less cost basically.</div>
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The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-38243778698019257342013-07-22T17:44:00.000+10:002013-07-22T17:44:08.726+10:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><b>Chinese presence ... </b></span>Five years ago Basamuk was an isolated area where no developments took place. Today it is buzzing with activities because of the construction of the Refinery Plant for Ramu NiCo Management (MCC) Ltd. Spin-off businesses had sprung up, and people in the locality who in the past found it hard to buy things from town now have cash because they have found work in the refinery. A small market is also a sight of spin-off. Pictured are Ramu NiCo Chinese employees returning from 'Rain Tree' market which locals go there to sell their produce to the workers. The Chinese mostly go for fruits, peanuts and vegetables such as cabbages, pawpaw, ripe banana and kulau to take to their rooms at the new accommodation area built at Basamuk. Picture and Story by <b>JAMES KILA</b></div>
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The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-61125423907022476912013-07-22T17:40:00.004+10:002013-07-22T17:40:51.172+10:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><b>Hidden success: source</b></span></div>
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THE long-struggling Hidden Valley gold and silver mine in Morobe province has turned a corner, says an industry source.</div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="text-align: justify;"><span style="font-size: x-small;">The Hamata mill at the Hidden Valley mine in the Morobe province in PNG. Image courtesy of Harmony Gold.</span></span></td></tr>
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The newest mine in PNG, owned 50:50 by Newcrest Mining and Harmony Gold, is yet to hit its nameplate capacity of 250,000 ounces per annum gold since production started in September 2010.</div>
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With March quarter operating costs of $A1790 an ounce, the mine was already burning cash before gold prices started to tumble in April. </div>
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South Africa-based Harmony consequently flagged a write-down in June. </div>
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"At this early stage it appears likely that there will be a write-down of a portion of the carrying value of Hidden Valley in Papua New Guinea, due to its recent poor performance, and the reduction in the US dollar gold and silver prices," Harmony warned. </div>
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However, there are signs that the joint venture's investments into the mine this year are starting to pay off. </div>
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According to a source, news is spreading of a significant success at Hidden Valley, with production levels reaching 80% of planned capacity. </div>
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This has "greatly reduced" costs, with the source claiming the improvement largely came from fixing problems with the mine's ball mill. </div>
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Newcrest did not confirm this news to PNGIndustryNews.net, but a spokesman indicated that its June quarterly report next week might shed more light.</div>
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<a href="http://pngindustrynews.net/">PNGIndustryNews.net</a></div>
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The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-82955584704556765552010-04-04T12:50:00.001+10:002010-04-04T12:59:57.318+10:00PNG Prime Minister says PNGLNG 'History in the making'<meta content="text/html; charset=utf-8" http-equiv="Content-Type"></meta><meta content="Word.Document" name="ProgId"></meta><meta content="Microsoft Word 11" name="Generator"></meta><meta content="Microsoft Word 11" name="Originator"></meta><link href="file:///C:%5CDOCUME%7E1%5CUser%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_filelist.xml" rel="File-List"></link><o:smarttagtype name="country-region" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="State" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="City" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="place" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><style>
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<div align="center" class="MsoNormal" style="text-align: center;"><b><span lang="EN-AU" style="font-family: Arial; font-size: 16pt; line-height: 115%;">PM’s STATEMENT IN <st1:place w:st="on"><st1:city w:st="on">NEW YORK</st1:city> <st1:state w:st="on">ON</st1:state></st1:place> FINANCIAL CLOSE CEREMONY FOR PNG LNG PROJECT<o:p></o:p></span></b></div><div class="MsoNormal" style="text-align: justify;"><br />
<b><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The PNG LNG Project ‘is nation-changing and life-transforming’<o:p></o:p></span></b></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Honourable Ministers, Neil Duffin, President of ExxonMobil Development Company, Mark Albers, Senior Vice President ExxonMobil Corporation, other senior executives of ExxonMobil Corporation, Peter Graham, Managing Director Esso Highlands Limited, project partners and guests, ladies and gentlemen.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I have great pleasure to be here in <st1:state w:st="on"><st1:place w:st="on">New York</st1:place></st1:state> with all of you for this official ceremony to mark the financial close for the PNG LNG Project. It has taken us almost three years to get to a stage where the co-venturers could commence spending US$15 billion to build this grand project.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">For my Government and our 6.5 million people, the PNG LNG Project holds so much opportunity and promise. It is a history-making, nation-changing, life-transforming project. Today, we are already seeing so much hope and optimism in <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region>.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The tide of change has started to grip <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region>. It is my firm belief that this tide will transform the future landscape of <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region> forever.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">My Government has thoroughly enjoyed the robust engagement we have had in this journey to take one of our most important natural resources from a conceptual stage towards our mutual goal of making it a reality.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The journey has taken us from our remotest villages and electorates to the corporate boardrooms of Brisbane and Sydney in <st1:country-region w:st="on">Australia</st1:country-region>, <st1:city w:st="on">Beijing</st1:city>, <st1:country-region w:st="on">Singapore</st1:country-region>, <st1:city w:st="on">Dubai</st1:city>, <st1:city w:st="on">Tokyo</st1:city> and now here in <st1:place w:st="on"><st1:city w:st="on">Manhattan</st1:city>, <st1:state w:st="on">New York</st1:state></st1:place>.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">During the journey, the true Papua New Guinean spirit, character and resilience was represented by our State team, led by a core of dedicated and young Cabinet Ministers.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">This reminded me of my younger days when I was at the helm of a sovereign Government, after having led a core group of Papua New Guineans in our quest to secure political independence from Australia in 1975. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Today my Ministers are engaged in the task of securing economic independence and national prosperity.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Many Ministers and Members of Parliament gathered here have engaged with some of you on a wide range of issues to move the LNG project forward. I am sure these negotiations were not always easy. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I am certain they have always been frank, open and cordial and, above all, focussed on achieving our national interest objective of ensuring national prosperity. I am sure you on your side have strived to drive the best value for your organisations.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">In many instances we began with positions that were far apart. We gradually worked our way to a middle ground that was mutually acceptable to <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region> and the project partners. The way forward always represented positive outcomes for all stakeholders.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">My Government came half way by providing greater fiscal security while recognising we were in competition with projects from other countries.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Our common resolve produced the joint venture with valuable fiscal stability that made it possible for us to agree on optimal corporate tax arrangements in the win-win spirit I mentioned earlier.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Our Ministerial Economic Committee and State bureaucrats outlined a broad tax structure that ensured that over the medium to long-term any major upside in oil and gas prices would be equitably shared by project participants and the PNG Government. <o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">This helped to underwrite the long-term security and stability of the PNG LNG Project.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Turning back to the project negotiations, I should note that the conclusion of the initial round of discussions was marked with the signing of the PNG Gas Agreement on 22<sup>nd</sup> May 2008. That was a landmark that enabled ExxonMobil to commence Front End Engineering and Design (FEED).<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The Benefits Sharing Agreement that my Government negotiated with landowners in the footprint area has been as much of a landmark as the PNG Gas Agreement and the conclusion of FEED.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I am not aware of any other country that conducts such negotiations. Our project partners tell me the same thing. Some 2,000 landowners gathered in Kokopo to participate in the Umbrella Benefits Sharing Agreement negotiations last May.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Last December licence-based negotiations were held at the remote gas fields and other project sites. Thousands of landowners heard first-hand details about the Project and actively debated the level of landowner benefits with my Ministers and Members of Parliament.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The package of direct benefits landowners will reap from the PNG LNG Project is around US$7 billion over the life of the project.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Landowner participation in resource ventures is unique to PNG – in this case there are some 60,000 landowners involved - and very much a part of the nation’s strategy of generating equitable distribution of wealth from any resource development.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Providing landowners with a significant stake helps to mitigate risks by making the landowners an important stakeholder in the development.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">ExxonMobil, the world’s biggest oil and gas company, has secured for PNG this remarkable project. In record time, ExxonMobil has concluded the technical, marketing and financing agreements.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">We have gone in just over 18 months from detailed feasibility studies on one of the world’s most complex LNG projects to financial closure.</span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">We are often reminded that ExxonMobil has an excellent record in implementing LNG projects around the world on schedule and within budget. This is exactly the type of credible partnership that PNG seeks.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">PNG’s first LNG project represents the largest ever loan finance for any international oil or gas project.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The critical FEED phase was completed in the final quarter of last year. It provided confidence that we had a viable project that could be completed in a set time frame.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">However, more parts of the complex puzzle had to be put together before the co-venturers could comfortably give the<b> all-systems-go</b> signal. One of these was finalisation in early March of the last of four 20-year Sales & Purchase Agreements for LNG.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">At the same time negotiations were finalised with potential financiers, particularly the Export Credit Agencies. We can appreciate that partly because of the Global Financial Crisis, the Government-backed ECAs were eager to provide financing to underpin potential exports of goods and services from these countries. It was also a difficult time for financial institutions to make big commitments.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">ECAs from the United States, Japan, China, Italy and Australia have come together to provide the bulk of the financing, along with 17 commercial banks and a significant slice of co-financing from ExxonMobil itself.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I am glad ExxonMobil has helped PNG to keep such good company in the world of high finance. <o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I am extremely proud that today’s ceremony celebrates your ability to have raised for my country a loan of US$14 billion for the PNG LNG Project’s 70 per cent debt financing component.<o:p></o:p> </span></div><div class="MsoNormal" style="text-align: justify;"><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">This places PNG on the global financial map. I thank the Export Credit Agencies, the commercial banks and ExxonMobil for making this possible.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">In celebrating financial close with all of you, I wish to congratulate Neil Duffin, President of ExxonMobil Development Company, and Mark Albers, Senior Vice President ExxonMobil Corporation, and their respective teams for their tremendous work in tying together every loose end to bring us here to <st1:city w:st="on"><st1:place w:st="on">Manhattan</st1:place></st1:city> tonight.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The impressive team of individual ExxonMobil executives you have brought together, under Esso Highlands Managing Director Peter Graham, are a clear sign we have many more challenges before the first LNG shipment is made in late 2013.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I appreciate the efforts ExxonMobil has made to go the extra mile. This is a journey we have undertaken together for almost three years. Some of my key Cabinet Ministers that have made this journey are here with me to enjoy the moment.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The construction phase offers its own unique issues and challenges. In front of all of you today, I am urging my Ministers that they too need to go that extra mile in the coming four years to make this project come together as smoothly as possible.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Let me affirm to you Neil Duffin and Mark Albers, my Government will ensure it does all that is necessary to assist you in the challenge of commissioning this LNG plant by the end of 2013.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">I am aware that we must face these challenges together. Any delay in the project schedule would result in cost blowouts that would hurt our overall achievements and goals. Having negotiated such a large loan we will only be able to service this loan once LNG exports commence.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Success of the PNG LNG Project is closely linked to another recent achievement of my Government in its efforts to improve the living standards of our people.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">We will soon launch our National Development Strategic Plan covering the 20 years to 2030. Revenues that will flow from this project will underpin the ambitious targets laid out in that Plan.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">The success of the PNG LNG Project will represent a country-changing event. It provides the development context and the dimension of the economic and social revolution that our current generation will witness.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Some of the development goals can only be delivered with smooth completion of the LNG Project. In many ways, this is another journey that the partners in the PNG LNG Project, and my Government, will forge towards a brighter destiny for <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region>.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Through the Development Strategic Plan, the Government has made realistic assessments of our current situation. It has laid down practical targets for every segment of the economy, given the resources that will be available to Government.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">As I have noted in that document, our targets are aimed at creating a four-fold increase in per capita incomes in this 20-year period; and to improve the quality of life for all Papua New Guineans.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">This is a highly honourable task that my Government intends to undertake in conjunction with you – our friends and partners in the private sector.<o:p></o:p> </span><br />
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<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;">Once again I express my personal satisfaction and congratulate all stakeholders for this incredible effort in bringing us to financial close.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;"> </span><br />
<span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 14pt; line-height: 115%;"> ENDS<o:p></o:p></span></div>The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-22571904107853959422010-04-04T12:45:00.000+10:002010-04-04T12:45:09.981+10:00Telikom PNG partners with Amdocs<b>By TERENI KENS</b><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuFeGF7bxlcGZE1MgMVjPb6eNiE4sllPQ_n19SvmD6rYCBtsRgtXWPAQ_Tp9q9P3aZlTZWb1JNuj2jkq27AYfJczbG5hTRkJv9tSNRcwacgCtp7V1h-avwsNk6BFDuE9ZKoYI-Fl3XUXr5/s1600/040410Telikom+PNG+partners.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuFeGF7bxlcGZE1MgMVjPb6eNiE4sllPQ_n19SvmD6rYCBtsRgtXWPAQ_Tp9q9P3aZlTZWb1JNuj2jkq27AYfJczbG5hTRkJv9tSNRcwacgCtp7V1h-avwsNk6BFDuE9ZKoYI-Fl3XUXr5/s320/040410Telikom+PNG+partners.jpg" /></a></div><b>STATE-OWNED ENTERPRISE Telikom PNG Ltd has partnered with St. Louis's Amdocs, the leading provider of customer experience systems to deploy Amdocs Compact Convergence - a network-connected, integrated solution for convergent real-time charging, customer care, self care and value-added services (VAS). </b><br />
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In a statement to the New York Stock Exchange (NYSE), Amdocs Compact Convergence said this solution is part of a larger project in which Telrad Networks Ltd., a leading network equipment vendor, is upgrading Telikom PNG's entire network infrastructure. <br />
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Currently, Telikom PNG's fixed-wireless, wireline and high-speed data offerings, including WiMAX, ADSL and broadband satellite including prepaid voice, data and SMS services is supported by Amdocs Compact Convergence. <br />
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Telikom's Chief Executive Officer Peter Loko (<i>above right</i>) reportedly said the move is in the right direction for the company.<br />
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"Using a single solution to manage our products, services and pricing offerings, across all our networks, will allow us to focus on expanding and enhancing our core business," said. Given the local environment, it's crucial to remain competitive by providing services that consumers want and by keeping operational costs low. The Amdocs Compact Convergence solution will help us do just that."<br />
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According to the statement on NYSE, the Amdocs Compact Convergence solution will be used to introduce new services such as calling cards, top-up vouchers and multi-wallet capabilities that enable subscribers to use a different wallet for a product or service. <br />
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In addition, the solution includes a multi-lingual interactive voice response (IVR) for self-care services such as balance query, balance announcements, top-ups and money transfer. With a single solution and low maintenance and operational costs, Telikom PNG will reduce its total cost of ownership. Telikom PNG will also be able to strengthen its competitive position with new services and pricing options and offer customers an enhanced and personalized experience.<br />
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Specifically designed for growth markets, new technologies and new business models, Amdocs Compact Convergence is a complete network-connected solution which enables service providers to quickly design, launch, charge for and manage new offerings.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-57613251274627517362010-04-04T12:40:00.000+10:002010-04-04T12:40:27.047+10:00LGL appoints new CEO<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNsFNO5fZAmZ_Wht1cMha8N1qE2eiskNcgIGS1j59H3aZGBN_VhearX_-AkbjebE79crEbCDC_f4x7EkA1Fk_CM9oRUA_q4-0tvofLbRx0WAES2gIQglMA7l3QD7s1uv0gVIBn6tuolMvf/s1600/040410LGL+appoints+new+CEO.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNsFNO5fZAmZ_Wht1cMha8N1qE2eiskNcgIGS1j59H3aZGBN_VhearX_-AkbjebE79crEbCDC_f4x7EkA1Fk_CM9oRUA_q4-0tvofLbRx0WAES2gIQglMA7l3QD7s1uv0gVIBn6tuolMvf/s320/040410LGL+appoints+new+CEO.jpg" /></a></div><b>LEADING gold miner Lihir Gold Ltd (LGL) has appointed former BHP senior executive Graeme Hunt (pictured left) as Managing Director and Chief Executive Officer (CEO).</b><br />
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LGL Chairman Ross Garnaut said Mr Hunt was the ideal candidate for the CEO role, possessing strong leadership skills, wide mining industry knowledge and extensive experience in strategic development.<br />
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A metallurgist by training, Mr Hunt, 53, previously spent 34 years with BHP Billiton. Starting as a metallurgical trainee in 1975 at the Port Kembla Steelworks, he advanced his career through a variety of roles, eventually becoming President of the global Iron Ore division from 1999 to 2006, and then President of the global Aluminium division in 2006 and 2007. His final role at BHP was as President of Uranium, including responsibility for the Olympic Dam Expansion. He left BHP in March last year.<br />
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As President of Iron Ore, Graeme presided over a major programme of building and utilizing strategic options for increasing value through expanding production from a huge resource, which continues today.<br />
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Mr Hunt will relocate to Brisbane from Melbourne, and will take up his position immediately.<br />
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"We are delighted to have an executive of Graeme's calibre in place to lead LGL to the next stage of its development," said Dr Garnaut.<br />
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"LGL is well placed to deliver increasing returns to shareholders in the next few years, with major growth projects well advanced in Papua New Guinea and in West Africa.<br />
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"Graeme possesses all of the qualities and experience the Board was looking for to ensure that the company delivers on its commitments and builds on its strong asset base to create value for shareholders."<br />
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Mr Hunt said he was looking forward to the opportunity to lead LGL into the next stage of its growth strategy.<br />
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"LGL has great assets in three countries, a talented management team in place, and significant untapped potential," Mr Hunt said.<br />
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"I believe the company has an exciting future ahead of it and I am delighted to be a part of that growth and development," he said. Dr Garnaut also paid tribute to LGL's Chief Financial Officer, Phil Baker, who stepped into the CEO role on a temporary basis in January.<br />
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"Phil has done an excellent job in the interim, and was seen in the market as an outstanding leader of the company. We are very fortunate to have him on the senior executive team, and we look forward to his continued contribution," he said.<br />
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Mr Hunt's contract is available on the company's web site, at www.lglgold.com, along with a detailed career history.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-10283254534402849962010-04-04T12:37:00.000+10:002010-04-04T12:37:24.679+10:00Local market ends on low note<b>THE Port Moresby Stock Exchange (POMSoX) reports local market ended the month on a negative note, with light volumes changing hands for BSP, NBO and OSH. </b><br />
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Dual listed stocks, NBO and OSH lost 50t each to land on a negative territory buoyed by a mixed leads from the offshore markets after a disappointing US job data humiliating hopes that global economy recovery will continue.<br />
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In this week's markets releases: <br />
<ul><li>KAML in its end of year report shows its investment portfolio increased by K4 million, or 9.4 percent in 2009;</li>
<li>Credit Corporation recorded Operating Profit of K33.12 million for the year ended 31 December 2009 and;</li>
<li>LGL's shares are inserted in the FTSE All World Index as well as FTSE Australia Index, which put the stock on investors' radar screen </li>
</ul>The Wednesday market opened flat with businesses closing early for Easter Holiday's. Offers for NGP are queued at K1.45 while bids for HIG continue at K0.68.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-52149214835012912732010-04-04T12:34:00.000+10:002010-04-04T12:34:48.585+10:00PX goes global for energy support<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0zAxuUvN-cX8Xlfn6LUG_T70aNvRO8yR0jQcIZhxWrsyoWQ0B6IY775SAVOL7EGCBU-ezdIsamltz41AV43GxGXrXNe9jSY_GXrXHwR2rLEemZHkm62VAj1IdPfiZMexv6Odh7_7n4ceb/s1600/040410PX+goes+global.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0zAxuUvN-cX8Xlfn6LUG_T70aNvRO8yR0jQcIZhxWrsyoWQ0B6IY775SAVOL7EGCBU-ezdIsamltz41AV43GxGXrXNe9jSY_GXrXHwR2rLEemZHkm62VAj1IdPfiZMexv6Odh7_7n4ceb/s320/040410PX+goes+global.JPG" /></a></div><br />
<b>THE country's flag carrier, Air Niugini and Chapman Freeborn have partnered in support of Papua New Guinea's energy industry.</b><br />
<br />
It will now be able to offer its clients freighter aircraft from third-party operators managed by Chapman Freeborn.<br />
<br />
The new venture will also provide shippers and forwarders a one-stop shop for project cargo with main deck charter solutions to Port Moresby and onward connections to smaller airfields and unpaved strips across Papua New Guinea.<br />
<br />
An L-100 Hercules will be used to support the development of a major liquefied natural gas project in Southern Highlands as well supplement domestic cargo operations by Air Niugini's Dash-8 freighter aircraft. The two companies are also studying a niche regional freighter for smaller loads.<br />
<br />
Air Niugini operates B767s from Port Moresby to Asia and Australasia and F100s and Dash-8s on domestic and regional routes.<br />
<br />
Chapman Freeborn also has signed a block space agreement with Safi Airways. The privately-held Afghanistan airline flying to Germany and Belgium has increased its A340 Frankfurt-Kabul service to five flights a week .<br />
<br />
The new agreement allows cargo customers to send shipments on the only regular direct service from Europe to the Afghan capital. The first flight carried a record 30 tonnes. Chapman Freeborn says it is currently finalizing plans to open an office in Kabul.<br />
<br />
Earlier this year Safi signed interline agreements with Lufthansa, United Airlines, Emirates and Qatar Airways.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-88361000618311286872010-04-04T12:30:00.000+10:002010-04-04T12:30:06.229+10:00Petromin congratulates InterOil and Mitsui Corporation<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Qw2AKvMGkV0T-yLntilnjhpbIbKG7cdxUUMM3uTYOnBZwK0JHrbyzDuzf6Makv4MnjkuIls7LiLJkPBromMQlF1m16c3kX0yYftAgyjy-XG8TMaa4xxEzGmagCe8ZnEOJXayG7hfff1m/s1600/040410Kalinoe+congratulates.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Qw2AKvMGkV0T-yLntilnjhpbIbKG7cdxUUMM3uTYOnBZwK0JHrbyzDuzf6Makv4MnjkuIls7LiLJkPBromMQlF1m16c3kX0yYftAgyjy-XG8TMaa4xxEzGmagCe8ZnEOJXayG7hfff1m/s320/040410Kalinoe+congratulates.jpg" /></a></div><br />
<b>THE Managing Director and CEO of </b><meta content="text/html; charset=utf-8" http-equiv="Content-Type"></meta><meta content="Word.Document" name="ProgId"></meta><meta content="Microsoft Word 11" name="Generator"></meta><meta content="Microsoft Word 11" name="Originator"></meta><link href="file:///C:%5CDOCUME%7E1%5CUser%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_filelist.xml" rel="File-List"></link><b><o:smarttagtype name="country-region" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="place" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><st1:place w:st="on"><st1:country-region w:st="on"><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 12pt;">Papua New Guinea</span></st1:country-region></st1:place><span lang="EN-AU" style="font-family: "Times New Roman"; font-size: 12pt;">’s national, oil, gas and minerals company Petromin PNG Holdings Limited(Petromin)</span>, Joshua Kalinoe has congratulated InterOil and Mitsui Corporation for entering into a Preliminary Commitment Agreement for developing phase one of the Elk/Antelope LNG project, subject to final ratifications.</b><style>
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<br />
Phase one of the project includes the extraction of condensate and development of upstream LNG extraction facilities.<br />
<br />
Mr. Kalinoe made these remarks on the occasion of the signing ceremony in Tokyo of the Commitment Agreement between InterOil and Mitsui in front of the Prime Minister, Grand Chief Sir Michael Somare on Tuesday 30th March, 2010. <br />
<br />
InterOil is the upstream operator for the Elk/Antelope LNG project and Mitsui Corporation is one of the leading Japanese investment and trading companies. <br />
<br />
The Preliminary Commitment Agreement allows Mitsui to fund 100 percent cost of the Condensate Stripping Facilities (CSF) which includes a liquid separation plant and pipeline in the project area, and earn tolling fees and various other benefits. Mr. Kalinoe said, under the arrangement Mitsui will also fund Petromin's share of the condensate extraction costs. This means that Petromin and the State will not have to seek separate financing arrangements to fund their share of the equity.<br />
<br />
Mr. Kalinoe said that it is one of the best project financing deals for the current partners in the project which includes Petromin, InterOil and Pacific LNG. It also means that early revenue for Petromin and the State from the Condensate Stripping component of Elk/Antelope LNG project where first cargo of condensate is expected by the second half of 2012. <br />
<br />
Under the arrangements Mitsui will co-build the extraction facilities and will receive toll fee as well as financing cost from condensate revenue at first production of condensate. The condensate will be sold on a net back basis to the InterOil refinery in Port Moresby at international market and local PNG market prices. <br />
<br />
Mr. Kalinoe said this arrangement adds more value to Papua New Guinea than any other projects where all the LNG products are sold overseas.<br />
<br />
Meanwhile, Petromin has entered into a long-term strategic partnership arrangement with Japan Petroleum Exploration Co., Ltd (Japex).<br />
<br />
Japex is a publicly listed company and partly owned by the Japanese Government. It is the exploration and Development Company with oil and LNG interests in Japan and other parts of the world.<br />
<br />
The Agreement on Principles for a Long-term Strategic Partnership was signed in Tokyo on Tuesday 30th March, 2010 in the presence of the Prime Minister, Grand Chief Sir Michael Somare by the President of Japex, Mr Osamu Watanabe and Managing Director of Petromin, Mr. Joshua Kalinoe.<br />
<br />
In the signing ceremony, Mr. Kalinoe said the purpose and intent of the Agreement is significant for Petromin because of the value it will bring to the development efforts of the company in both operational and human resource development.<br />
<br />
The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-19163037040332280402010-04-04T12:19:00.000+10:002010-04-04T12:19:04.287+10:00LGL rejects acquisition proposal from Newcrest Mining Ltd<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMPV7zKx453UT0YlBBHRR9baGcWw5-XyfWQp_6ibZYEjq_m9toW0GJGrGJ76iQi51irlZCAVW7602Apb560FWGZhm6qqtuoA0HA7_lvIircYX3Yefff41EYP39CmgKPK-HC3re6gwacyZ2/s1600/040410LGL+rejects.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMPV7zKx453UT0YlBBHRR9baGcWw5-XyfWQp_6ibZYEjq_m9toW0GJGrGJ76iQi51irlZCAVW7602Apb560FWGZhm6qqtuoA0HA7_lvIircYX3Yefff41EYP39CmgKPK-HC3re6gwacyZ2/s320/040410LGL+rejects.jpg" /></a></div><br />
<b>LIHIR GOLD Ltd (LGL) on Wednesday rejected an offer from Newcrest Mining Ltd to acquire 100 percent of LGL's issued ordinary shares through a scheme of arrangement.</b><br />
<br />
The offer, which was received on 29 March 2010, was on the basis of 1 Newcrest share for every 9 LGL shares plus A$0.225 cash per LGL share, less any interim dividend declared for the half year ended June 2010. Based on Newcrest's closing share price as at 31 March 2010, the offer was equivalent to A$3.87 per share and valued the company at approximately A$9.2 billion.<br />
<br />
While the Board recognized the strategic merits of the combination of the two companies, following careful review and analysis, directors unanimously determined that the offer did not represent good value for LGL shareholders. This was particularly the case given the conditions and exclusivity arrangements that Newcrest proposed.<br />
<br />
LGL Chairman Ross Garnaut said the offer undervalued LGL, both in terms of its existing business, and in terms of the potential value the company expected to deliver to shareholders in the future. "It also did not include a sufficient premium for control," Dr Garnaut said.<br />
<br />
"Directors and management made certain that Newcrest was given the opportunity to make an offer that would deliver full value for our shareholders, but the Board's assessment was that the offer ultimately received was inadequate. We felt we had an obligation to shareholders to reject the offer," he said.<br />
<br />
In the course of discussions leading to the offer, LGL provided Newcrest with access to limited due diligence items. The due diligence was subject to a confidentiality deed and 9 month standstill agreement and gave Newcrest an opportunity to put forward an offer that LGL's Board may have considered to be in the interests of shareholders.<br />
<br />
"LGL has an excellent portfolio of operating mines in three countries and has achieved record production outcomes every year for the last four years, reaching output of 1.124 million ounces in 2009. We have major growth projects currently being developed in PNG and in West Africa, which will deliver increasing returns over the coming years, lifting average annual gold production by approximately 40 percent from current levels to 1.45 million ounces from 2012 to 2016.<br />
<br />
"There is considerable option value in the huge gold resource at Lihir Island, which increased 31 percent to 43 million ounces in 2009, and also in the company's assets in West Africa.<br />
<br />
"We were keen to ensure that our shareholders capture the full value of that growth," Dr Garnaut said.<br />
<br />
"The Board is strongly of the view that LGL is undervalued in the marketplace, and that view has been expressed to us on a number of occasions by shareholders. We have recently made management changes and taken other steps that will assist us in the process of rebuilding market confidence and correcting that valuation shortfall.<br />
<br />
"In that context, it was clear to the Board that the Newcrest offer failed to provide full value for the underlying assets with an appropriate takeover premium," Dr Garnaut said.<br />
"The world class, long life nature of LGL's pure gold assets would add a great deal to the value of Newcrest, as it would to some other companies, and the offer price did not provide an appropriate sharing of the potential benefits of the proposed combination," Dr Garnaut said.<br />
<br />
LGL's Board remains committed to maximising value for its shareholders and this will continue to be the only criterion by which any further proposals or strategic options will be evaluated.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-41898041747558478782010-04-04T12:15:00.000+10:002010-04-04T12:15:12.124+10:00PNG building boom attracts Fiji firm<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLOufEj79zbj7ouzXXxfxXNy3pOzVs4NwP-tOEK2-FjCXfEIFP3MTXfcqxAgb21hmhcSsNc2iNPtJzDv4JUR2vykFCjIGSKUGV1VcfC6LUMpg8SpN1NFSdm60y-NucGHNQH2iGoi73eZWK/s1600/040410PNG+building+boom+attracts+Fiji+firm.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLOufEj79zbj7ouzXXxfxXNy3pOzVs4NwP-tOEK2-FjCXfEIFP3MTXfcqxAgb21hmhcSsNc2iNPtJzDv4JUR2vykFCjIGSKUGV1VcfC6LUMpg8SpN1NFSdm60y-NucGHNQH2iGoi73eZWK/s320/040410PNG+building+boom+attracts+Fiji+firm.JPG" width="320" /></a></div><b>THE booming building industry in Papua New Guinea has at least attracted Fiji's leading manufacturer of concrete, masonry blocks Standard Concrete Industries.</b><br />
<br />
Basic Industries Ltd chief executive officer Mosese Volavola said they were aggressively pursuing expansions into these markets to make up for the 20 per cent to 30 per cent drop in revenue in Fiji's 'quiet' construction industry.<br />
<br />
He said SCI, a major division of Basic Industries, aimed to penetrate the "promising" PNG market. Mr Volavola said Tahiti and New Caledonia were also in their expansion plans.<br />
<br />
"We're now looking outside Fiji to make up for the drop in revenue because while the local market is quiet and subdued, we're picking up on exports," Mr Volavola told the Fiji Times.<br />
<br />
"We're currently selling our products to Vanuatu, Samoa, American Samoa, Tonga and Cook Islands and now we're targeting other island nations, particularly Papua New Guinea," Mr Volavola said.<br />
<br />
"And this should be good because instead of laying people off and reducing our operations, exports are still keeping us going."<br />
<br />
Mr Volavola said the demand for cement and concrete building materials was high given the recent signing of two multi-billion dollar contracts for the extraction of natural gas.<br />
<br />
"There is no direct shipping to PNG at the moment and that is what we are looking at right now. Hopefully, by the second quarter of 2010, we should achieve the PNG market and the other option is to establish our operation there," he said. "That of course will depend on the size of the market to determine the viability of our operation but in PNG, the market is there, it's big with a population of around six million the PNG market is very promising."<br />
<br />
Mr Volavola said many of Fiji's neighbours did not have good quality sand, gravel or rocks available locally and Fiji was a cheaper option for quality over Australia and New Zealand, complemented by a regular shipping service.<br />
<br />
SCI national manager masonry and export Umesh Kumar said their increase in exports over the last five years was attributed to the quality of products manufactured locally.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-11947292636792850522010-04-04T12:10:00.000+10:002010-04-04T12:10:11.395+10:00Harmony continues growth despite challenges<b> HARMONY Gold Mining Company Limited (Harmony) with operations in PNG has announced that the past quarter saw continued focus on safety and disciplined mining, but was not without its challenges.</b><br />
<br />
The South African based company in releasing the production update for third quarter 2010 financial year (FY2010) based on preliminary estimates, gold production for the quarter decreased between 1,000kg and 1,300kg compared with the previous quarter.<br />
<br />
Loss-making shafts that were closed during the quarter resulted in a reduction of approximately 620kg of gold, as compared with the previous quarter. Restructuring costs in respect of these closures amount to approximately R120 million. Going forward, only care and maintenance costs for the closed shafts will be incurred. "Longer term the effect of this decision will be shown to have been the correct one, lowering the cash costs and eliminating losses, however, the first 3 to 6 months of these decisions are always painful", said Harmony's Chief Executive Officer, Graham Briggs.<br />
<br />
The remaining loss in kilograms was from South African operations, of which the main contributing operations to this decrease include Tshepong, Masimong, Joel and Kusasalethu (previously known as Elandsrand). Tshepong and Masimong had a slow start-up after the Christmas break. Joel saw lower grades, mainly as a result of the commissioning of the plant and Kusasalethu faced ore-pass problems during the quarter, which are being investigated.<br />
<br />
Hidden Valley continued its commissioning process, with the silver flotation circuit being commissioned in the March quarter. As mentioned in the previous quarter, we expect the Hidden Valley mine and processing plant to reach its original design capacity and throughput in the June 2010 quarter. The mine`s March quarter results will be capitalised.<br />
<br />
"This has been a difficult quarter. Shortly after having recorded 99 days fatality-free, a fatal accident occurred at Evander. Slow start ups following the Christmas break and the closure of shafts resulted in a decrease in forecasted production and Kusasalethu, in particular, had a disappointing quarter. Our management team is working hard to try and understand the ore pass situation better and aims to find a solution as soon as possible. Having just visited Hidden Valley, good progress is being made in dealing with the commissioning phase. In general, we expect to see improved results during the June 2010 quarter, with all of our management teams dedicated to meeting production targets," Briggs said.<br />
<br />
Harmony`s results for the third quarter of FY2010 ending 31 March 2010 will be announced on Monday, 10 May 2010 at 09h00 and 15h00 SA time.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-48176433219199078822010-04-04T12:07:00.000+10:002010-04-04T12:07:43.116+10:00InterOil responds to allegations<b>INTEROIL CORPORATION (NYSE: IOC) (POMSoX: IOC) believes that allegations made in an article concerning certain litigation which has been ongoing in Texas since 2005, have been raised now in an attempt to divert attention from the successful operations of the company. </b><br />
<br />
Operations conducted by the company which were evaluated by independent engineering evaluations consultants, GLJ Petroleum Consultants Ltd., resulted in an increase in our gross best case contingent resources estimate by 889 million barrels of oil equivalent resources, to a revised total of 8.2 tcf of natural gas and 156 million barrels of condensate, in the past fiscal year. The article was timed to benefit recent short selling activities. The "short" interest in InterOil increased to 3,548,056 shares in mid-March.<br />
<br />
InterOil's policy is to not provide commentary on ongoing litigation beyond the description of it appropriately and consistently set forth in our Annual Information Statement and Form 40-F available on our website or from the SEC. <br />
<br />
In our Annual Information Form (AIF), filed on March 1, 2010 the Company continued to disclose that Company's Chief Executive Officer, Phil Mulacek, and his controlled entities Petroleum Independent & Exploration Corporation and P.I.E. Group, LLC, together with the Company and certain of its subsidiaries, are defendants in Todd Peters, et. al. v. Phil Mulacek et. al.; Cause No. 05-040-03592-CV; pending in the 284th District Court of Montgomery County, Texas. Appropriate details concerning this long running action are provided.<br />
<br />
InterOil and its subsidiaries were not party to, nor otherwise involved in, the Nikiski Partners filing referenced in the article.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-26184898588385026732010-03-01T12:06:00.000+10:002010-03-01T12:06:26.590+10:00Mining tracks ahead in PNG<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGEU_-CWZgn00l6n76_t7_TFlHeYi07cilbbK7gfMufCiXrohOTZih3bCc9onCEF8D3mu2komdNFlEkfrh_6vn8sEXW7IDMD04nWBBRqXHOfIUVARNmaaxlOqimt7wdudG-qDd7jTuK-ld/s1600-h/280210Mining+tracks+in+PNG.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGEU_-CWZgn00l6n76_t7_TFlHeYi07cilbbK7gfMufCiXrohOTZih3bCc9onCEF8D3mu2komdNFlEkfrh_6vn8sEXW7IDMD04nWBBRqXHOfIUVARNmaaxlOqimt7wdudG-qDd7jTuK-ld/s320/280210Mining+tracks+in+PNG.JPG" /></a></div><br />
<b>PAPUA NEW GUINEA is continuing to be at the forefront of exciting developments in the mining and resources industries, building a strong framework for future growth within the nation.</b><br />
<br />
Kina Securities CEO Syd Yates said despite the slower recovery in the US and European economies, key sectors of the global economy are moving in full swing to ensure supply chains for resources are available.<br />
<br />
"Record results delivered by global mining companies working in PNG have continued to send a timely message to the world that there are strong development and exploration opportunities within the Nation. With the global economy continuing to show signs of a recovery, this message becomes all the more important.<br />
<br />
"However, there unfortunately continues to be negative issues raised in the local and international media concerning site and location disruptions, which again reflect poorly on the prospects of the nation," Mr Yates said in the company's Kina Communiqué' <br />
<br />
Last week Papua New Guinea ranked poorly as a place to invest in mining by the New York-based mining consultancy company Beare Dolbear. <br />
<br />
Beare Dolbear's "2010 Where NOT to Invest" report ranked PNG in 21st place out of 25 major mining countries. <br />
<br />
It ranked PNG in the bottom group of countries according to the way it handles social issues such as poverty, in the second bottom group on mine permitting delays, and near the bottom on corruption.<br />
<br />
Global gold producer Lihir Gold Limited recently announced it had delivered a record underlying profit of US$290 million for the year ending 31 December 2009. This reflected a significant increase of 57 per cent when compared to the previous year's activities.<br />
<br />
The company indicated the strong result was primarily due to the group achieving the major milestone of producing and selling more than one million ounces of gold in a year, combined with reduced unit costs and strong gold prices.<br />
<br />
Lihir Gold chief executive officer Phil Baker said that a record performance from the Lihir Island operation in PNG and a full year's contribution from the Bonikro and Mt Rawdon assets acquired in mid-2008 had also enabled the solid underlying profit result.<br />
<br />
However, the company also reported $413 million in impairment charges and operational losses associated with its Ballarat operation, leading to an overall loss of $234 million. <br />
<br />
Despite this, Mr. Baker said the company had achieved a number of strong results throughout the year.<br />
<br />
"The excellent production outcome of 1.12 million ounces for the year, together with rising gold prices, translated into record revenues for the company. For the first time in LGL's history, total revenues surpassed US$1 billion," Mr. Baker said.<br />
<br />
"The record performance at Lihir Island has confirmed the significant progress we've made in our drive for operational excellence and cost competitiveness," he said.<br />
<br />
Clearly the global hunger for resources continues to excite exploration and new development opportunities throughout PNG. This has been reflected by ongoing developments of the LNG pipeline and other key projects throughout the Nation.<br />
<br />
Earlier this year international mining organisation Nautilus Minerals announced that it had officially received the final Environmental Permit for the development of its Solwara 1 Project for the next 25 years, expiring 2035. <br />
<br />
This historic announcement takes PNG yet another step closer to successfully hosting the world's first undersea copper and gold mining operation. The milestone also symbolises the start of an exciting new era for the global mining industry, which is now benefiting from the development of innovative techniques designed to collect valuable minerals from depths of more than 1,500 metres under the sea.<br />
<br />
Throughout the past decade, the Nation's mining and natural resources sector has developed into a genuine cornerstone of the domestic economy.<br />
<br />
Importantly the industry is continuing to provide strong opportunities for growth and development which will become all the more important as the global economic recovery continues to take effect.<br />
<br />
A strong and diverse mining industry is integral to a prosperous national economy, with the sector creating many productive investment opportunities across PNG and generating numerous flow-on employment options for locals.<br />
<br />
PNG's mining sector is now being recognised internationally as a diverse and well-managed sector and the positive benefits of this will continue to emerge for years to come.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-72513617224672413442010-03-01T12:02:00.000+10:002010-03-01T12:02:18.193+10:00Horizon gets PNG, Maari boostTHE sale of a 50 percent stake in PRL 4 in Papua New Guinea and the production start-up from the OMV-operated Maari oil field in New Zealand has had a huge impact on Horizon Oil's balance sheet.<br />
<br />
According to <i>PNG Industry news</i>, Horizon posted a net profit of $US56.6 million (K155 million) for the half-year ended December 31, 2009, due to a $US54.1 million (K148 million) gain on the sale of the stake in Petroleum Retention License (PRL) 4 to Talisman Energy. <br />
<br />
This compares with the net profit of $US1.9 million (K5.2 million) made in the half-year ending June 30, 2009.<br />
<br />
Revenues were also up 200 percent to $US24.4 million (K67 million) over the same period as production climbed from 164,444 barrels of oil to 403,302bbl.<br />
<br />
Horizon said planning for drilling of the Stanley-2 and Elevala-2 wells in PRL 4 and 5 respectively was progressing well, with Stanley-2 scheduled to spud in the third quarter of 2010.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-60255119290356291742010-03-01T12:00:00.000+10:002010-03-01T12:00:58.082+10:00More gas on the cards for Oil Search<b>OIL Search plans to focus 2010 exploration efforts on finding more gas to underpin liquefied natural gas expansion in Papua New Guinea and expects to resolve the remaining issues for PNG LNG this quarter reports<i> PNG Industry news.</i></b> <br />
<br />
Managing director Peter Botten said in a statement key exploration activities this year included drilling the Wasuma, Korka and Mananda Attic wells, as well as onshore and offshore seismic in Southern Highlands province. <br />
<br />
He added the company would also continue its seismic and drilling program in the Middle East and North Africa.<br />
<br />
While development activities will focus on gas conservation and improving facilities, infrastructure reliability as well as extending facility life to support the PNG LNG project, Oil Search is still looking to get the most out of its oil assets.<br />
<br />
This includes drilling one or two development wells on the Moran field; appraising the Agogo deep play, which had encountered oil in several intervals in a previously untested footwall forelimb compartment; and carrying out a workover campaign in the Kutubu, Moran and SE Gobe fields.<br />
<br />
Botten said the new deep intervals at Agogo will be flow tested to determine hydrocarbon content, reservoir productivity and the potential for further development opportunities.<br />
<br />
"Importantly, the discovery of oil in the Agogo footwall forelimb has opened up a new play fairway in the Fold Belt and has significant implications for the development of analogous structures below existing fields and the prospectivity on trend in adjacent licences."<br />
<br />
Botten also touched on progress for the PNG LNG project.<br />
<br />
"The remaining issues to financial close, including the signing of the final SPA (sales purchase agreement), which will result in the PNG LNG plant's initial capacity being fully contracted, are expected to be resolved during the first quarter of 2010 with first draw-downs from the project financing facility expected shortly before financial close," he said.<br />
<br />
Meanwhile, Oil Search reiterated that full-year 2010 production would be about 10 percent lower than in 2009 at 7.2-7.4 million barrels of oil equivalent.<br />
<br />
The company posted a net profit after tax of $US133.7 million (K367 million) for 2009, down from $US313.4 million (K860 million) in 2008, due to lower production and lower oil prices.<br />
<br />
Revenue for the year was down 37 percent from 2008 to $US512.2 million (K1.4 billion) while production was 5 percent lower to 8.1MMboe, due to natural decline at its mature PNG oil fields, facilities downtime and the sale of the Middle East producing assets in May 2008.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-76185146576817614132010-02-22T17:02:00.000+10:002010-02-22T17:02:01.974+10:00Landowners call for AGL to be blacklisted<b>By TERENI KENS</b><br />
<b> </b><br />
<b>Papua New Guinea's Simberi landowners in New Ireland province are demanding the PNG government to immediately black list Australian miner Allied Gold Limited (AGL) among others from all mining activities in the province.</b><br />
<br />
This comes after the company which operates the Simberi Gold mine believed to have committed serious offences in the recent engagement of the 14 controversial Fijian guards. <br />
<br />
The list of demands by the landowners which will be given to the government soon stems out of serious offences particularly smuggling of foreign former military or paramilitary personnel into the country, raising of illegal paramilitary force, possession of illegal arms and conducting armed threat against the landowners and communities.<br />
<br />
In strongly condemning the offences the landowners through their Simberi Mining Area Association (SMAA) have declared the list of demands in a prepared statement which reads:<br />
<ul><li>Demand the government for the absolute and unconditional revoking of all mine associated licenses issued to Simberi Gold Company or Allied Gold in the whole of Tabar Islands tenements.</li>
<li>Demand the government for its role in to facilitate a new economic landscape for the Simberi mining project and one where the landowners, people of Simberi and rest of the Tabar Islanders including the New Ireland Provincial Government have a dignified fair and just play and say.</li>
<li>Demand the government to facilitate a smooth transition of players involved in the Simberi mining project pertaining to issues of ownership, operation, and settlements of debts.</li>
<li>Demand the government to lay down effective regulatory criteria in the spirit of the relevant MOA and MOU to shape a new economic landscape for the Simberi mining project.</li>
</ul><br />
The SMAA also demands the government to institute further investigations into the unfinished business of accounting of all arms that were brought into the island including two unidentified expatriates, four rumoured marksmen, unknown containers on MV Geraldine and sudden departure of ship and expatriates.<br />
<br />
While addressing the medium term demands the association urged the government to impose relevant sanction against any further contracting of enterprises by the Simberi mine project that acted as accomplices in some form to the commit crime. The contractors include Airlines PNG, G4 Security Services, and Eurest.<br />
<br />
"We hope and trust the government may accept and act upon these demands in a speedy and favourable manner," the landowners said. <br />
<br />
The SMAA however commended the government and its central agencies for swift action in removing the 14 Fijians from Simberi Island.<br />
<br />
The association also praised the Royal Papua New Guinea Constabulary (RPNGC) for a professional piece of work and job well done with risk free outcomes.<br />
<br />
"Worth mentioning is the safe conduct of MV Lelani in transportation of troops despite having battered by worst weather conditions twice and having to make two turnarounds for safety," SMAA said in a statement.<br />
<br />
However, the SMAA noted that the non appearance of the national delegation on the island including Mineral Resources Authority (MRA), Foreign Affairs and Labour had disheartened and frustrated the people.<br />
<br />
The association views government special intervention on the island as relevantly demonstrative of a government authority and influence but said the mission would be undermined if no follow up engagements is anticipated by relevant central government agencies.<br />
<br />
"Landowners' encounter with the devil on the island should not be simply underplayed by central government agencies. Allied Gold on Simberi Island must leave our shoreline immediately."<br />
<br />
They said extended search for arms and investigation of breaches is needed to stabilize the local security and law and order scene. With only one policeman left on the island, the SMAA urged that the usual beef up of rural police presence must be attended to immediately.<br />
<br />
"The implications of security toothlessness of the community mean the community taking matters into their own hands to fill in a void. This problem was the very substance of the plea for government intervention in the first place."<br />
<br />
The SMAA said while it understands very well the limitation placed in the national security order, a review of that order in light of the aforementioned needs to be immediately addressed. <br />
<br />
Meanwhile, despite all these problems Allied Gold says it is on track with its expansion program to produce 200,000 ounces per year of gold by the March quarter of 2011. <br />
<br />
It is also optimistic that it expects to produce a minimum of 17, 500 oz of gold in the third-quarter of its 2010 financial year.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-4666551431389522122010-02-15T12:50:00.000+10:002010-02-15T12:50:23.503+10:00Barrick to begin field operations<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPltKNlzpct4Bs2i0PBdfr-o4rhzTGjjims1Ix3RsaVYafoZYmVoVbGbp3IMJLD-c0QtBBFRSwqM4kpDqYsawgiQbMlwbBRhGl6k5FoZ4IeMXhShqAZnAAKim5oyNdskp3uj_Is0fU-1t_/s1600-h/140210Barrick+tracks+ahead.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPltKNlzpct4Bs2i0PBdfr-o4rhzTGjjims1Ix3RsaVYafoZYmVoVbGbp3IMJLD-c0QtBBFRSwqM4kpDqYsawgiQbMlwbBRhGl6k5FoZ4IeMXhShqAZnAAKim5oyNdskp3uj_Is0fU-1t_/s320/140210Barrick+tracks+ahead.jpg" /></a></div><meta content="text/html; charset=utf-8" http-equiv="Content-Type"></meta><meta content="Word.Document" name="ProgId"></meta><meta content="Microsoft Word 11" name="Generator"></meta><meta content="Microsoft Word 11" name="Originator"></meta><link href="file:///C:%5CDOCUME%7E1%5CUser%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_filelist.xml" rel="File-List"></link><o:smarttagtype name="PlaceName" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="PlaceType" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="country-region" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="place" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><style>
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<div class="MsoNormal"><b>AS part of the preparations for the upcoming exploration programmes on the Coppermoly Nakru and Simuku projects in West New Britain province, Barrick (PNG) Exploration Ltd (Barrick) have undertaken on-site inspections.</b></div><div class="MsoNormal"><br />
</div><div class="MsoNormal">They have completed a formal risk assessment for camp re-construction, geological mapping and geochemical sampling. Preparations have also begun for the upgrade of track access to the Nakru project site.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Barrick can earn a 72 percent of Coppermoly's three existing projects by spending A$20 million (K42 million) within eight years. They are currently establishing their own office, staff and communications for their base of operations in Kimbe, the capital of <st1:place w:st="on"><st1:placename w:st="on">West</st1:placename> <st1:placename w:st="on">New Britain</st1:placename> <st1:placetype w:st="on">Island</st1:placetype></st1:place> province. Coppermoly will continue to assist until March.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">The diamond drilling programme at Nakru is expected to begin early in the second quarter of 2010 and will test depth extents of surface mineralisation and the copper related geophysical Induced Polarisation targets. It is anticipated that a broader exploration programme will include extensive surface sampling beneath ash cover, mapping and diamond drilling programmes both at Nakru and Simuku.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Barrick is reviewing the existing Nakru drill core and taking representative samples for petro graphic and petro physical studies to help understand the mineralisation and its relationship with geophysical anomalies. Drill hole samples are being reassayed for a broader suite of elements and historical geological, geochemical and geophysical data are being compiled to assist interpretation and definition of mineralisation potential in the broader area.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Coppermoly is currently reviewing other copper and gold prospects in <st1:country-region w:st="on"><st1:place w:st="on">Papua New Guinea</st1:place></st1:country-region> for possible acquisition. </div><div class="MsoNormal"><br />
</div>The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-68879121733666717892010-02-15T12:41:00.000+10:002010-02-15T12:41:32.937+10:00BSP Launches New ATM at NASFUND Building<b>BSP, the Nation's largest Bank and leading bank in the Pacific has launched a new ATM at the Nasfund Building in Boroko in the NCD. </b><br />
<br />
The installation of the new ATM is intended to meet local area demand for convenient ATM services. Hundreds of people visit this location everyday and having an ATM there will not only help the customers around that area but those who regularly wait for transport to Tubuserea, Gaire and Barakau.<br />
<br />
The official launch took place at 2pm Wednesday 10th February and was attended by the CEO and Managing Director of BSP Mr. Ian Clyne, along with Mr. Ian Tarutia Joint CEO of Nasfund.<br />
<br />
BSP launched the new PNG Kundu design ATMs in June last year. Screens offer both Pidgin and English language options and are also able to produce mini statements for BSP customers.<br />
<br />
The launch of the new BSP ATM now increases BSP ATMs to over 150 ATMs throughout PNG. This is the largest network in the country, and is further supported by more than 2,200 EFTPOS devices.<br />
<br />
The new BSP ATMs and EFTPOS devices are also heading to other areas of our South Pacific branches, with 42 ATMs and EFTPOS devices already installed in Fiji. A further 40 ATMs are already on their way to Fiji with BSP's recent acquisition of the Colonial National Bank there. Installation of ATMs and EFTPOS devices are also underway at BSP in the Solomon Islands.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-29005583706969932432010-02-15T12:39:00.002+10:002010-02-15T12:39:50.862+10:00Highlands Pacific denies media reports<meta content="text/html; charset=utf-8" http-equiv="Content-Type"></meta><meta content="Word.Document" name="ProgId"></meta><meta content="Microsoft Word 11" name="Generator"></meta><meta content="Microsoft Word 11" name="Originator"></meta><link href="file:///C:%5CDOCUME%7E1%5CUser%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_filelist.xml" rel="File-List"></link><o:smarttagtype name="place" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><o:smarttagtype name="State" namespaceuri="urn:schemas-microsoft-com:office:smarttags"></o:smarttagtype><style>
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<div class="MsoNormal"><b><span lang="EN-AU"><o:p>By TERENI KENS</o:p></span></b></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b><span lang="EN-AU">RAMU NI-CO’s (MCC) major joint venture partner, Highlands Pacific Limited and State-owned Mineral Resources Development Corporation (MRDC) have denied reports in one of the dailies pertaining to the exact net cost of the Ramu project.<o:p></o:p></span></b></div><div class="MsoNormal"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs8ck6HCWqgbUxLsG3qINF8r52uUUwP_NMQ9kWc9tAomBsUHUkmJqEekoTvUjiCZq1dN44h7sKtvkvhyphenhyphenKaRi0i8d3GaCIMm-zWTZ44jsdlPO43nmTSrH5TXjY0PXhxZtX08GSTUbqnroly/s1600-h/140210Highlands+pacificRamu-nickel-mine-larticle.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs8ck6HCWqgbUxLsG3qINF8r52uUUwP_NMQ9kWc9tAomBsUHUkmJqEekoTvUjiCZq1dN44h7sKtvkvhyphenhyphenKaRi0i8d3GaCIMm-zWTZ44jsdlPO43nmTSrH5TXjY0PXhxZtX08GSTUbqnroly/s320/140210Highlands+pacificRamu-nickel-mine-larticle.jpg" width="320" /></a></div><div class="MsoNormal"><span lang="EN-AU">In a joint statement e-mailed to <i>Sunday Chronicle</i> on Friday said the article and another almost identical which appeared in the <i>Post Courier </i>on Friday January 29<sup>th</sup>, titled “Ramu Mine worth K92b” are misleading. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">“Unfortunately the articles contained a number of errors that have completely misrepresented the net worth of the project,” Managing Director of <st1:place w:st="on">Highlands</st1:place> Pacific, John Gooding said.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">He explained that the figures attempted to quantify the potential value of the material in the ground (using erroneous and very optimistic assumptions) and made no attempt to quantify the operating costs or the metallurgical recoveries.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">“On the basis of the assumptions used by the writers it could be suggested that all of PNG fisherman have trillions of kina worth of fish based on all the sea life that may swim in and out of PNG’s territorial waters over the next 30 years.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">“It is well known in the industry that laterite plants are costly to build and must be managed well to make profits. The closure of Ravensthorpe and Cawse laterite operations in <st1:state w:st="on"><st1:place w:st="on">Western Australia</st1:place></st1:state> are examples of recent failures in this industry sector. Indeed BHP Billiton spent US$2.8 billion to construct the Ravensthorpe plant only to close it eight months after opening and then recently to sell it for US$340 million.”<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">Mr Gooding noted that while it is true that MCC (the majority stakeholder) has managed to contain the construction costs of US$1.5 billion (K4 billion) within budget and at a figure significantly lower than other equivalent plants, the operating costs still remain and will limit the net returns from the project.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">He added that these operating costs include reagent costs (e.g. sulphur), power generation fuel, transport, mining, maintenance, compliance, labour, shipping, marketing, management, royalty and refinery.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-AU">“Furthermore, it needs to be recognized that metal prices fluctuate widely between highs and lows. Any project of this size needs to be mindful of the periods of low metal prizes and its ability to repay outstanding loans during these periods. In addition to this risk, allowance needs to be made for increases in operating costs (e.g. fuel and sulphur), which further eat away at the net returns.” <o:p></o:p></span></div>The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-38037805479653526232010-02-15T12:34:00.000+10:002010-02-15T12:34:32.734+10:00Promote locally produced honey: Basil<b>By TERENI KENS</b><b><br />
</b><br />
<b>HONEY production in the country is seen as a major economic activity within the agriculture sector and should be enhanced and promoted at the rural level.</b><br />
<br />
Recent research has revealed that Papua New Guinea produces an estimated 40 tons annually valued at K400,000.00 which is consumed annually while PNG consumption rate is estimated at 200 tons or K2 million annually which is heavily subsidised by imports mainly from Australia.<br />
<br />
Bulolo MP Sam Basil outlined this in a recent honey harvest in his electorate saying this is the way forward for the country's local entrepreneurs and farmers to consider investing in local honey production to gain high returns.<br />
<br />
"The honey market can be captured by promoting locally produced honey in the rural areas or districts in PNG," Mr Basil said.<br />
<br />
The MP together with Eastern Highlands Provincial Bee Keeping Coordinator, Tella Loie witnessed the first harvest from the bee hives project.<br />
<br />
The project is funded under the local Mp's District Service Improvement Project (DSIP) and the hives have matured for harvest in just four months from being established which has exited Mr Loie and his Eastern Highlands team. <br />
<br />
<br />
Mrs Sally Sonoling the interim president of Bulolo Honey Mamas Association and three of her colleagues, Ms Yonga Heva of Garaina, Waria LLG, Labu Archie of Mumeng LLG and Elsi Willie of Wabu Urban LLG has accompanied Mr Loie and have conducted many harvesting and extraction recently.<br />
<br />
The association said one of the farmers Steven Bani of Lagis Village in Buang LLG has brought his 8 frames with contents of approximately 16 kilograms of honey and earned K160.00. This has brought some good news to the bee team that Mr Bani's village has experienced increasing in the productions of coffees beans, avacado, oranges and 'laulau' fruits which is due to the presence of honey bee and its pollinating activities.<br />
<br />
Mr Loie has estimated that by Tuesday the team would harvest a total of 300kg or K3000.00 worth which would be invested back into the farmers' hands.<br />
<br />
MP Basil will later in March session of parliament plans to present each jar of 250g, 500g and a 2kg respectively to the Prime Minister, Agriculture Minister, Mps and the DAL officials respectively.<br />
<br />
He said while presenting the results, will urge the other Mps to invest into honey production as PNG has wasted its flora and fauna, which could be useful for the honey industry that also has some other indirect benefits such as employment, food security, education and income generation.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-5940642780849860842010-02-15T12:32:00.000+10:002010-02-15T12:32:40.212+10:00PPL and HG power sign contract<b>STATE-OWNED entity PNG Power Ltd and HG Power Transmission Ltd have signed a contract to begin the construction of an optic fiber network on PNG Power's power line network and tower infrastructure.</b><br />
<br />
PNG Power CEO Tony Koiri and HG Power Business Development Manager, Rama Junan signed the documents at PNG Power's Port Moresby headquarter at Hohola.<br />
<br />
Mr Koiri said he was pleased that HG Power were contracted to develop the project and added that he had a lot of confidence in the project being completed on time.<br />
<br />
Mr Junan said it was their second project in PNG and he assured PPL that the project would begin and finish on time with all quality and safety requirements met.<br />
<br />
HG Power with PPL's supervision will construct, test and commission the Optical Ground Wire (OPGW), ADSS and APPROACH cables on PPL's power network that will link Madang and Lae through Walium, Gusap, Yonki, Mutzing and Erap.<br />
<br />
Once installed, the optic fibre cables on PPL's transmission and distribution infrastructure will allow Telikom to use the technology for telecommunication purposes.<br />
<br />
PPL and Telikom had signed an MOA on January 11 this year that allowed Telikom use of PPL's infrastructure for telecommunication.The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0tag:blogger.com,1999:blog-8831185772922450156.post-30204092058791719522010-02-07T16:03:00.000+10:002010-02-07T16:03:50.168+10:00UK firm buys Pacifica HR<b>By TERENI KENS<br />
<br />
PAPUA NEW GUINEA'S market leader in Human Resources consultancy, Pacifica HR has been bought by a Manchester -based recruitment firm Air Energi.</b><br />
<br />
The acquisition will enable the two companies to venture into providing recruitment services for contractors such as engineers, design and technical specialists and managers for projects for clients such as the ExxonMobil's multi-billion PNG LNG and the existing BP and Shell companies in the country.<br />
<br />
This follows last year's announcement by Air Energi Group for the signing of an operational alliance agreement with Pacifica HR. The alliance was formed to support upcoming resources projects in PNG. <br />
<br />
In the new merger some of the services that they will be offering include expatriate and local recruitment, visa and work permits, local payroll and tax, airport meet and greet, security, accommodation and local transport.<br />
<br />
Pacifica has 15 employees in Port Moresby and said it is confident that it will provide the Manchester-based company with a springboard to supply energy companies aiming to tap liquefied natural gas in the country. <br />
<br />
The two companies did not disclose how much was the buy but said together they will provide a service-driven product to the multi-billion kina projects due to be completed in the region over the next decade and beyond. <br />
<br />
Air Energi, headed by chairman Ian Langley and chief executive Duncan Gregson, is also opening a branch in Yokohama, Japan, which is also aimed at supplying engineering staff to major LNG projects.<br />
<br />
The United Kingdom (UK) company part owned by private equity firm Zeus, said in a statement it is projecting a turnover of £160m this year and a profit of £6.1m.<br />
The firm is eyeing revenues of £200m within five years. <br />
<br />
The company employs around 175 staff worldwide and the Pacifica acquisition adds around 15 employees.<br />
Air Energi stands to benefit from increased interest in producing liquefied natural gas.<br />
<br />
Mr Langley said: "Some of our major clients have announced plans to build world-scale LNG facilities in Papua New Guinea. Estimated capital expenditure there over the next decade is at least $20bn. There are some tremendous opportunities for us there."The Sunday Bulletinhttp://www.blogger.com/profile/16570646764562096455noreply@blogger.com0