Developers Newcrest Mining and Harmony Gold have signed a memorandum of understanding with the Papua New Guinea Government for the development of the Wafi-Golpu copper-gold mine in PNG’s Morobe Province. While the MOU indicates negotiations are proceeding well, there is still plenty of work to be done before the project gets a green light from government, local communities and investors. A…

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said “Newcrest has delivered a significantly improved quarter with all but one of our operations producing more ounces than the previous quarter. I am particularly pleased with Cadia’s strong quarter-on-quarter production increase and record low quarterly AISC per ounce. Lihir experienced some production disruptions in the…

In brief: Newcrest Mining reports drop in gold production and other business stories #PNG

Newcrest Mining reports drop in gold production, claims tourism can make strong contribution to Papua New Guinea economy, and reports that foreign exchange shortage improving. Your weekly digest of the latest business news.

Newcrest Mining has posted a 2.4 per cent drop in full-year gold production driven by lower output at its Cadia mine in NSW, which was shut after an earthquake in April, the

Prime News: Asian Markets Lower as Trump’s Immigration Policy Eyed

Asian stocks retreated as investors focused on the international response against the immigration policy of U.S. President Donald Trump, that has weighed on the dollar. Many countries have criticized Trump’s executive order to block refugees from seven predominantly Muslim countries into entering the U.S. for a four-month period. Japan’s Nikkei 225 finished 0.51 percent lower at 19,368.85. Shares…

Prime News: Asian Stocks Mixed as Japanese Shares Decline

Asian stocks traded mixed while Japaneses shares closed lower as the relatively stronger yen pulled down exporters. Japan’s Nikkei 225 fell 0.37 percent at 19,520.69 while the dollar’s momentum dwindled down overnight. Electronics conglomerate Sharp traded higher as it climbed 8.87 percent to 319 yen per share. Shares of Toshiba rose 4.72 percent to 290.5 yen a share. Australia’s ASX 200 was up…

People Moves: Newcrest, Credit Corp, Miss PNG

Senior management changes at Newcrest, a new CEO at Credit Corp and university student crowned as Miss PNG 2016

Newcrest’sCraig Jetson has been promoted to the role of Executive General Manager of Lihir and Cadia. The current Executive General Manager at Cadia, Craig Jones, becomes Executive General Manager of the Wafi-Golpu copper-gold project in PNG. Phil Stephenson will become Executive…

Signs of recovery: a monthly review of commodity prices and financial markets #PNG

Despite short-term weaknesses, oil and gold prices are up over the year so far. Gas prices, although only half their 2014 peak, may be finding a floor while coffee prices are strong. Meanwhile, domestic equities have moved sideways, while some Australian miners have surged. Business Advantage PNG’s monthly overview of commodity and financial markets. Oil prices are showing signs of recovery,…

In brief: PanAust applies for Frieda River licence, new US-Pacific fishing deal and claims Papua New Guinea economy sound #PNG

PanAust applies for Frieda River mining licence, new deal governing American access to the region’s tuna fishing and Chief Secretary to Government says Papua New Guinea’s economic fundamentals sound. Your weekly digest of the latest business news. PanAust has applied for a Special Mining Lease for the Frieda River Copper and Gold Project. The application was registered with the Mineral Resources…