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ISSUE 3 2026

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CONTENTS COMMENTARY

New Zealand Envoy Visits Lae to Deepen Economic Ties With PNG > 54

Tolu Minerals Celebrates Significant Increase in Underground Production > 70

BUSINESS

ICCC Launches 5-Year Plan Focused on Consumer Protection, Competition > 56

K92 Mining Posts US$84.6m Q2 Profit as PNG Operations Hit Production Records > 72

MINING

Simberi Gold Mine Process Laboratory Achieves ISO/IEC 17025:2017 Accreditation > 74

Liquefied Natural Gas – LNG and PNG > 10 Marape Says PNG Entering New Era of Resource Development > 30

PNG Opens Door to Long-Term Mining Investment with Major Regulatory Reforms > 58

Smaré Calls for Stronger Partnerships in Resource Development > 32 Transparency, Governance Critical to Investor Confidence in PNG Extractive Sector > 36

Solomon Islands, PNG Deepen Mining Reform Cooperation > 60

PNG, Solomon Islands Seek Stronger Economic Ties Through Investment Corridor > 40

Adyton Secures Environmental Permit for Wapolu Gold Mine Restart > 62

Sheraton Debuts in Papua New Guinea with Opening of Port Moresby Hotel > 44

Great Pacific Gold Confirms Shallow Mineralisation at Wild Dog > 64

PNG Clears 5G Spectrum for Mobile Operators > 48

Geopacific Reports High-Grade Gold Hits at Woodlark > 66

PNG Launches K2.5-Billion Port Moresby Airport Redevelopment > 50

Revised Hidden Valley CDA Signed, Clearing Way for Community Benefits > 68

Ok Tedi Declares K450 Million Interim Dividend, Operations Continue Despite Dry Weather > 76 OTML, Milne Bay Stakeholders Agree to Sustain Development of Misima Project > 78

ON THE COVER

Toroama Issues Certificate for Panguna Redevelopment Works > 80

South Pacific Metals Identifies New Copper-Gold Targets at Kili Teke > 86

Ramu Nickel Production Dips in Q2 As Sales, Prices Rise > 80

Simberi Mining CDA Signed After Three Decades Of Delays > 88

PNG Government Takes 13% Stake in Central Lime Project for US$16.3m > 84

Tolu Minerals Secures K95 Million Facility To Fund Tolukuma Restart > 90

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PNG BUSINESS NEWS

INTRODUCING TO

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CONTENTS Sandvik Unveils Autonomous Electric Drill Concept for Surface Mining > 92

Building Local Maritime Capability: JJ Ship Equip Agencies and PNG’s Shipping Future > 148

TOURISM

ENERGY

PNGTPA Partnership to Revive Port Moresby Ferry, Open New Marine Tourism Opportunities > 110

AGRICULTURE

FINANCE

Nasfund CEO Rajeev Sharma Receives King’s Medal for 25 Years of Service in PNG > 112

PNG Opens Largest Cocoa Processing Facility; Paradise Foods Expands Chocolate Production > 136

Sovereign Wealth Fund Key to PNG’s Economic Independence > 114

PNG Coffee Exporters Project K9.7 Million in Sales After Melbourne Expo > 138

Bizprint Brings Advanced Digital Print Technology to Pacific Region > 156

TISA Chief Urges Finance Sector to Tap K15-Billion Informal Economy > 118

EU-Backed Digital Upgrade Strengthens PNG Forest Authority Operations, Cuts Costs > 142

Matrix Constructions Builds on Decades of PNG Experience > 158

Revised Papua LNG Deal Sets December FID Deadline > 102

TISA Insurance Wins Four Honors At 2026 Insurance Asia Awards > 120

COMPANY

Powering Performance: High Arctic’s Complete Atlas Copco Power Solutions for PNG > 160

Pasca A Gas Project National Content Plan Approved, Opening Opportunities for PNG Businesses > 104

Westpac: PNG Economy Enters Second Half Stronger, But Reforms Remain Critical > 122

Sandvik Unveils Toro TH663i Gen2 Underground Truck > 94 Byrnecut Expands Global Fleet With Sandvik Equipment Investment > 94

OIL & GAS

Santos to Raise Papua LNG Stake to 21% as Exxonmobil Takes Operatorship > 96 Santos Names First All-PNG Leadership Team at Kumul Marine Terminal > 98 KPHL Boosts State Protections in Papua LNG Marketing Deal > 100

PNG Welcomes Offshore Oil & Gas Exploration Campaign > 106

PNG Tourism Generates US$244m in 2025 Despite Lower Visitor Spending > 108

Westpac PNG Signs Financial Abuse Prevention Code > 124

BUILT TO LAST: How NiuPay is building the digital infrastructure PNG’s energy sector needs > 126 PNG Agriculture Leaders Strengthen Export Pathways > 134

CE Group Strengthens Integrated Engineering Capability to Support Complex Infrastructure Projects > 144

Pacific Towing Re-Flags Another Tug in Solomon Islands > 152 PNG Air Bids Farewell to Dash 8 Fleet, Transitions to ATR Aircraft > 154 PNG Ports Declares K22.5-Million Interim Dividend for FY2025 > 154

Made in PNG. Built for the South Pacific > 162

Marape Visit Highlights Hastings Deering PNG’s Impact at Resource Week > 146

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PNG BUSINESS NEWS

COMMENTARY

Liquefied Natural Gas – LNG and PNG EDITOR’S NOTE: In this issue, Michael McWalter, former Director of the Petroleum Division and Adviser to the Government of Papua New Guinea, and erstwhile petroleum adviser to the Governments of Ghana, Liberia, Cambodia, Sao Tome, and South Sudan writes about Liquefied Natural Gas. He is a certified petroleum geologist, and technical specialist in upstream petroleum industry regulation, administration, and institutional development.

NATURAL GAS Many people in Papua New Guinea will have heard of LNG, but how many of us know exactly what it is? LNG is Liquefied Natural Gas. That is natural gas that has come from within the Earth’s subterranean rock strata and then been chilled into a liquid, thus becoming Liquefied Natural Gas. It does not exist in the ground and there are no LNG wells, just gas wells from which to collect and aggregate large volumes of natural gas. Natural gas, as we know it, is a useful fuel which can be burnt and may make heat for all manner of domestic, commercial and industrial purposes. It can also be used as a chemical feedstock to manufacture products like fertilisers and plastics. Natural gas is thus a valuable natural resource, but it is quite tricky to produce, handle and supply to customers, unlike crude oil and its classic liquid petroleum products such as petrol, kerosene, and diesel. Turning natural gas into LNG can make natural gas even more accessible and useful. Unfortunately, many of the world’s gas fields are remote from the main consumers of

natural gas. Natural gas is also bulky and thus quite expensive to transport. Methane, the primary constituent of natural gas, has a density of just 0.71616 kgs/cubic metre at normal temperature and pressure, which may be raised to 71.62 kgs/cubic metre at an applied pressure of 10,000 kilopascals (1,450 pounds per square inch (psi)), as may happen in a strong high-pressure pipeline. Therefore, natural gas is often supplied to customers through long pipelines. If one liquefies natural gas to LNG, its density is raised to between 430 and 460 kgs/cubic metre (depending on its composition) making it much more compact and able to be shipped long distances on special insulated ocean-going tankers. We say that the energy density of natural gas at standard temperature and pressure as LNG is raised significantly, by more than 600 times for a given mass of gas. LNG ranges in density between 0.43 and 0.46 g/cm³ (depending on its exact ethane and propane content ratios), or slightly less than half the density of diesel. So, by liquefying natural gas, considerable energy is packed into a small volume as Publisher Elizabeth Galura Editor Jimbo Owen Gulle info@pngbusinessnews.com Journalist Roselyn Erehe roselyn@pngbusinessnews.com

PNG Business News is published for the PNG Business community.

10 PNG BUSINESS NEWS

compared to natural gas in its gaseous state.

LPG IS NOT LNG We have to avoid the common confusion with LPG, which is Liquefied Petroleum Gas (sometimes referred to as Liquid Petroleum Gas). We know LPG otherwise as bottled gas, sold under local brand names: Puma Gas, Geogas PNG (Ggas), and Trugas. LPG is primarily propane and/or butane which liquefy under moderate pressure at room temperature. The heavy steel bottles with which we are familiar keep the petroleum gases at pressures of 7 to 20 bar or 100 to 300 psi depending on the temperature and gas mixture. Propane has a boiling point of between minus 42.25 to minus 42.04 degrees Celsius, whilst butane has a boiling point of minus 0.5 degrees Celsius. Because of this low boiling point, both propane and butane are kept as a liquid under high pressure in such tanks. As long as the outside temperature is above the boiling point temperature, the liquid will naturally boil off into the vapour required to run appliances. Because it can get quite

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COMMENTARY Figure 1: Typical domestic use LPG bottles, after Puma, Ggas and Trugas.

< Page 10 cold in the Highlands of Papua New Guinea, and butane stops turning into gas (vapourising) between minus 0.4 degrees and minus 2 degrees Celsius, a propanebased LPG is preferred for higher altitude locations to ensure a free f low of vapourised LPG.

LIQUEFIED NATURAL GAS

The content of LNG is normally mainly methane with minor amounts of ethane, propane and butane. The boiling point of methane is minus 161.5 degrees Celsius, a temperature far removed from our terrestrial experience. This is the world of cryogenics, the branch of physics and engineering that studies materials and phenomena at extremely low temperatures and, specifically for LNG, how gases liquefy. It is a different and very expensive hightech world when compared to crude oil, pipeline gas, or LPGs. LNG has been described as the “Frozen Flame” – a rather poetic term. It gets this name because natural gas must be chilled to extreme cryogenic temperatures to turn it into a liquid, yet it can form volatile, freezing, and highly flammable vapour clouds, if exposed to the air. We have heard of the oil and gas companies exporting LNG, and of the LNG Projects like the PNG LNG Project, operated by ExxonMobil for the last 12 years, the planned Papua LNG Project currently being prepared by TotalEnergies, and the future P’nyang LNG Project being prepared by ExxonMobil. These projects are spread out across the country. They produce, and will produce, natural gas from wells drilled deep into the ground that tap into various large accumulations of natural gas trapped in ancient porous and permeable sediments that have been discovered and appraised for their quality and

12 PNG BUSINESS NEWS

extent. That natural gas may flow to the surface through the wells drilled into those accumulations, and after being cleaned up of basic impurities, it may be transported in gas pipelines hundreds of kilometres long to a liquefaction plant.

COOLING NATURAL GAS At a liquefaction plant the gas can be liquefied, or turned from its gaseous state into a liquid by intense chilling in what can only be called some of the largest refrigerators in the world. Just as we commonly know of water in its three states of matter: solid ice, liquid water and gaseous steam, so we can also chill natural gas until it too becomes a liquid. These refrigerators or liquefaction plants are enormous, and they cool the gas to approximately minus 163 degrees Celsius at which point the natural gas becomes a liquid at normal atmospheric pressure. Of course, just as with any refrigerator, this takes energy. Turning a gas into a liquid, or condensing the gas, requires the extraction of the latent heat of vapourisation. The gas must release this exact same thermal energy to the environment in order to cool; that is 510 kilojoules per kilogram, for methane. Seeing as such processes are by no means 100% efficient, this means the power input for the liquefaction process is quite enormous. That energy is commonly provided by a portion of the gas feedstock, and is consumed

on-site to operate massive refrigerant compressors and run the auxiliary equipment needed for the cooling process. The amount of natural gas typically consumed in this process ranges from approximately 7% to 15% of the total gas feedstock received at the plant. Allegedly, the PNG LNG plant is so well-engineered and operated by ExxonMobil that it only consumes about 7.8% of the feedstock gas stream for liquefaction. It said that the Papua LNG Project, to be operated by TotalEnergies, might use solar-powered electric drivers for its compressors, further reducing feedstock gas utilisation in processing, and thus nicely mitigating carbon dioxide emissions from the use of gas. The beauty of this is that the natural gas, once so liquefied, occupies only about one sixhundredth of the volume it would in its gaseous state. Thus, the volume occupied by the natural gas in the form of LNG is vastly less, and the energy density of LNG is conversely massively heightened. By conversion of natural gas to its liquid form, it can be loaded onto ocean-going LNG tankers and can be delivered to any customer willing and able to pay for it, and receive it, anywhere in the world. In many countries, natural gas is conveyed in large volumes by networks of pipelines taking it to diverse customers throughout the land. Also, in many parts of the world, natural gas that is excess to country needs and requirements may

Fig 2: The Frozen Flame, after Shell International Gas Ltd, 1988. Figure 3: LNG vessel, Energy Fortitude berthed at the PNG LNG Project marine terminal jetty to receive the 116th cargo for 2025, after ExxonMobil.

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COMMENTARY Figure 4: Part of a liquefaction plant – a massive refrigerator for natural gas, after Shell Qatar.

< Page 12 be exported by pipelines to countries nearby that need it, provided they can pay a handsome-enough price for the gas and its delivery. Examples of such are many. Some plans about twenty-five years ago for the development of Papua New Guinea’s discovered gas fields called for the pipeline transportation of Papua New Guinea’s natural gas to Australia, primarily to markets in Queensland. However, the proposed customers were not able to pay an adequate enough tariff for purchase of the natural gas and its long-distance transportation, as they then had ample supplies of locally-produced natural gas that were cheaper. If Papua New Guinea had pursued that project as a strategy for its natural gas development, it would have earned little from the development of those resources. Fortunately, common sense prevailed and the concept of developing the gas fields of Papua New Guinea for the supply of LNG to East Asian markets, where customers are prepared to pay a premium price for natural gas, sensibly prevailed. The cost of the conveyance of natural gas by pipeline naturally increases with the distance over which it is to be conveyed, such that for extremely long distances the transportation of natural gas as LNG on ocean-going tankers becomes cost effective. Necessarily, pipelines are still the preferred mode of conveyance of natural gas on land, but for maritime routes of supply, LNG is the best mode of conveyance, unless a maritime pipeline is short and cost effective, and cannot be avoided.

Figure 5: Natural gas transportation costs show a typical breakeven between the use of pipelines and LNG at distances: between 1,500 and 3,000 kilometres, after UNECE. Figure 6: Trade in LNG in 2025, after the Statistical Review of World Energy, Energy Institute, 2026.

LNG – A GLOBAL BUSINESS In 2025, some 578.5 billion cubic metres of natural gas, equivalent to 387 million tonnes per annum (mta) were produced and moved around the world as LNG from around 20 exporting Nations to around 30 importing Nations. International trade in LNG grew by 6.5% in 2025, after two years of little or no growth. This was led by a large increase in LNG exports from the USA, with it producing 147 mta, or 25.4% of global LNG. This was followed by Qatar and Australia at 19.2 mta and 18.2 mta respectively. Papua New Guinea produced a modest 7.9 mta, about 2.0% of global LNG supply.

14 PNG BUSINESS NEWS

The LNG business uses only about 15% of all the natural gas produced. The vast majority of natural gas, about 70%, is consumed domestically within the countries in which it is produced, while the remainder is used for international cross-border trade transported via pipelines in a compressed gaseous state. LNG has the advantage that it can be transported anywhere to any port that can receive its liquefied cargo. LNG is not dependent on point-to-point pipelines, which are generally dedicated to the supply of natural gas from one nation to another, forever. LNG projects do

nevertheless still have to arrange for customers willing to pay the premium price for natural gas delivery as LNG.

THE LNG CHAIN LNG projects tend to have dedicated customers with corresponding LNG sales and purchase agreements. These are binding contracts, for considerable periods of time to guarantee the financing of gas field development, and construction of gas gathering and transmission pipelines, gas liquefaction plants, and storage and loading facilities. The costs can be massive. Furthermore,

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COMMENTARY Figure 7: The LNG Business Chain, after ResearchGate.

< Page 14 LNG tankers are needed; these are generally owned by specialised maritime shipping companies and major energy corporations, and are normally chartered. Importantly, the customers buying the LNG also have to have facilities to receive the LNG, store it, and re-gasify it back into the gaseous form for transmission and distribution to end-users. These facilities are LNG receiving terminals, which are built at the expense of the LNG buyers, or other parties that may lease them to the buyers. Altogether, for an LNG project to be successful, all aspects have to be developed simultaneously: the gas field, gas pipelines, liquefaction plant and LNG storage, loading terminals, LNG tankers, marine receiving terminals, regasification terminals, gas offtakers and customers. This is what we call the LNG Chain. Aside from the contractual sales and purchase arrangements, LNG export is not necessarily limited in its destination, especially as we saw in times of global upsets, such as the Covid-19 pandemic. Some cargoes are sold on the spot market outside the framework of long-term contracts; these sales are typically for single shipments for delivery within three months of the transaction date. Prices in the spot market can be fixed, or indexed directly to oil or gas prices. Such cargoes can go wheresoever the cargo obtains the best price. Thirty years ago, when the concept of LNG development was first examined by the Government of Papua New Guinea, there were just eight Nations exporting LNG and eight Nations importing LNG. The LNG industry has grown significantly into a truly global industry providing a flexible form of energy, often as an alternative to fixed pipeline gas supply arrangements, or exhausted domestic natural gas supplies. LNG usage has grown by 363% since the year 2000. According to many reports, that growth will continue with Shell, a major player in the LNG markets, saying that it expects it to grow to 65% from today’s level of 578 billion cubic metres (BCM) gas per year up to 955 BCM gas per year (equivalent to 700 mta LNG) by 2050 as countries continue to prioritise flexible and reliable energy security

16 PNG BUSINESS NEWS

Figure 8: An LNG tanker berthing at the Guangdong Dapeng LNG terminal in Shenzhen, Guangdong Province, China, after PetroChina. Figure 9: Total global LNG export by years in billion cubic meters of natural gas equivalent from 2000 to 2025, data after the Statistical review of World Energy, 2026.

offered by gas and LNG. This would be just a 2.4% growth per annum in LNG production and demand. Papua New Guinea will likely contribute to that growth with the development and inception of LNG production by the planned Papua LNG and P’nyang LNG Projects.

GAS QUALITY AND SPECIFICATIONS When natural gas emerges from its subterranean reservoir, either dissolved in liquid oil or with natural gas liquids dissolved in a gaseous vapour, it is typically in a mixture of petroleum fluids. Whenever oil and gas are produced, it is a fundamental requirement to separate the liquids

from the gaseous components, and the various petroleum fluids from any contained water and sediment. Most often this is performed near the location of the producing natural gas field and these are the first processing steps, which are known as gas conditioning. With separation, filtering and dehydration done, the gas may yet contain toxic and corrosive gases like hydrogen sulphide (H₂2S) and carbon dioxide (CO2₂). These components have to be removed to prevent damage to pipes and vessels, and to avoid their freezing and solidification in the cryogenic sections (typically at temperatures around minus 160°C) in a process

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PNG BUSINESS NEWS

COMMENTARY

< Page 16 known as acid-gas removal, or gas sweetening. Further dehydration of the natural gas has to be undertaken to almost completely remove (to less than 1 part per million) any vestigial water which might freeze and cause blockages in the liquefaction plant. Another troublesome impurity in natural gas is mercury which may cause severe corrosion and cracking in the aluminium cold boxes and heat exchangers used in liquefaction facilities. LNG feedstock with high nitrogen content causes operational issues by lowering the liquefaction temperature and generating excess boil-off gas. To utilise or fix it, operators use cryogenic distillation to separate the gas, blend it with leaner feedstocks, or route the vapourised nitrogen for use for facility safety and maintenance. Sometimes there may be some helium content in the natural gas. Helium is a valuable commodity used in semiconductor manufacturing, aerospace, and MRI machines. Even if the natural gas feedstock has a low helium concentration (less than 0.1% to 0.3%), the massive scale of an LNG plant concentrates the helium significantly, making extraction highly profitable. As natural gas is liquefied, helium remains a gas. It builds up in various parts of the LNG plant. Plant operators then use specialised cryogenic extraction, membrane separation, and adsorption techniques to draw out crude helium (50-70% purity), and then refine it to grades >99.999% pure. Heavier hydrocarbons, or natural gas liquids, typically pentane, hexane, and benzene have to be removed to avoid premature freezing and the fouling of the liquefaction processes. The inclusion of some ethane, propane and butane in the liquefaction feedstock gas changes the quality of the LNG and its heating value, or energy content. The inclusion of these components is a matter of LNG product design and specification to meet customer requirements. Japan’s domestic gas pipeline network is strictly designed to handle “rich” gas (gas with more ethane, propane and butane). LNG imported into Japan typically has a higher heating value (HHV) of 39.7

18 PNG BUSINESS NEWS

to 43.3 megajoules per cubic metre (MJ/CM). Utilities consistently adjust the energy content to 45 MJ/CM (about 1,140 BTU/scf ) before distributing it to homes and businesses. Because LNG imported from the U.S. and Canada is typically “lean” (dry, and thus lower in heating value), Japanese buyers blend it with rich LNG or enrich it with LPG to meet their domestic heating standards. LNG imported into Europe has a typical HHV of roughly 50 MJ/CM (or about 1,267 BTU/scf ). However, the exact heating value of LNG shipments into Europe f luctuates depending on the source region and liquefaction process, ranging roughly from ±10% to 15%. LNG is paid for by customers on the basis of its heating value, so no value is lost if some ethane, propane and butane remain in the natural gas feedstock for liquefaction. Every component earns value according to its mass and contribution to the heating value. It has previously been argued that the PNG LNG Project should have stripped its ethane, propane and butane to serve as petrochemical feedstock. Whilst noble in notion, such stripping would have cost a lot of money, perhaps as much as US$ 400 million for the LPG stripping plant alone, and one wonders where the industries are that such stripped LPG could have supported. Studies found that below a crude oil price of US$ 60 per barrel, LPG stripping was not economically viable.

Chemical Formula

Molecular Weight

HHV (MJ/ CM)

HHV (MJ/kg)

Methane

CH4

16.042

39.8

55.5

Ethane

C2H6

30.068

70.4

51.9

Propane

C3H8

44.094

93.5

50.3

Butane

C4H10

58.12

121.8

49.5

Gas Type

Component of LNG

Content Limitation

Methane

>85 %

Ethane

<9 %

Propane

<4 %

Butanes

<2 %

Pentanes

<0.25 %

Nitrogen

<1 %

Hydrogen Sulphide

<6mg/CM

Total Sulphur

<30 mg/CM

Mercaptans

<30 mg/CM

Mercury

<10 mg/CM

Carbon Dioxide

<100 ppm by vol

Oxygen

<10 ppm by vol

Water

<0.1 ppm by vol

The specification of LNG produced by the PNG LNG Project seeks to meet the Japanese specifications as two of the major long-term customers for the PNG LNG Project are Osaka Gas Company Ltd and Tokyo Electric Power Company. The delivered LNG thus has a higher heating value of between 41.0-42.5 MJ/CM (1100 to 1140 Btu/scf). LNG production aims to have at least 85% methane content, and strictly limits other components to try to remain within an acceptable range of gas specifications.

Figure 10: A simplified process flow diagram of the PNG LNG Project liquefaction plant, after ExxonMobil’s PNG LNG Project Environmental Impact Statement. Figure 11: Thermal properties of typical gases contained in LNG. Figure 12: A typical LNG specification by mole percent. Note the tight limitations on impurities.

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COMMENTARY Figure 13: Media release by ExxonMobil 7 December 2009 announcing the LNG Sales and Purchase Agreement with Tokyo Electric Power Company Inc for 1.8 mta of LNG.

< Page 18

GAS QUANTITIES AND MEASUREMENT Whilst the oil and gas exploration industry likes to measure gas flows in standard cubic feet per day (SCFD) (or standard cubic metres per day in the metric system [SCMD]), volume is not an appropriate measurement for what is sought by buyers: energy content. As seen in Figure 11, the energy content (typically, the higher heating value) per cubic metre of natural gas rises in proportion to the carbon number of the particular type of gas, whilst the energy content per mass stays more or less similar, though there is a small systematic decline. Thus, measurement of the mass of the gas supplied as LNG is normally the critical quantity in gas sales agreements. Then, knowing the energy content per unit mass of the LNG, it is relatively easy to determine the amount of energy provided. We commonly hear reports of the PNG LNG project shipping millions of tonnes (mta) of LNG to its customers. The heating value will still vary from time to time within agreed limits, depending on gas field operations for the production of natural gas and depending on which fields are contributing to the flow of natural gas feedstock to the LNG plant. The measure of energy content of natural gas or LNG is typically provided in terms of energy units per unit of mass, such as kilojoules per kilogram (or in imperial units as BTU per pound). It is sufficient for gas explorers to use volumetric measurements, such as million standard cubic feet per day (MMSCFD where M denotes 1000, or mille), or million standard cubic metres per day (MSCMD, where M stands for million). However, for LNG sales, the heating value of the gas is what the customers pay for. Yes, the units can be confusing, and one constantly has to check one’s units and abbreviations, especially the use of ‘M’. In the gas industry, one needs to be most conversant with all manner of units of measurement and their abbreviations, and be on constant guard against incorrect interpretation. It is always good to give the numbers a sense check. So, in the case of the PNG LNG Project, it is reported that

20 PNG BUSINESS NEWS

it produced 7.9 mta LNG in 2025 which had a higher heating value of less than or equal to 1,140 BTU per cubic foot, or 42.5721 MJ/CM. Such a gas would have a specific gravity with respect to air of 0.633798. If the density of air is 1.2250 kg/CM (as used in ISO conditions at 15 °C and 101.325 kPa), the density of the natural gas that has been liquefied is 0.7764 kg/CM. So, for 7.9 mta of LNG production, at 7.8% gas usage during liquefaction and 95% plant uptime, gives us an estimated natural gas feedstock rate of about 1,124 MMSCFD, or 1.124 billion SCF (BCFD). This is not a rigorous calculation, but only one to show the scale of the current PNG LNG Project development and how much natural gas it produces. By direct comparison, the Hides Gas to Electricity Project uses just 15 MMSCD to power the Porgera Mine electric power station, which produces 75 MW of electricity. It is simple arithmetic to show that the volume of gas used by the PNG LNG Project is an approximate equivalent to 5,620 MW or 5.62 gigawatts (GW). This has to be compared to Papua New Guinea’s estimated total installed electricity generation capacity of just around 600 MW.

LNG SALES Sales of LNG are typically made to distant customers beyond the reach of gas pipeline supply, and obviously to those countries that are energy deficient, either by having little or no endowment of oil and gas resources, or not having enough to satisfy their present-day needs. Quite often countries take to importing LNG when their own gas resources have been depleted after the clamour to monetise them when first discovered by export and the earning of valuable foreign exchange. Most often LNG Sales and Purchase Agreements are negotiated and agreed prior to the development of a particular LNG export project for a substantial period of time, at least ten years, and often spanning as long as 15 up to 25 years. These agreements effectively provide financial guarantees for the financing of the development of that project. Though there are some spot trades of LNG cargoes on the open market, most LNG supply is governed by term agreements for the supply of a specified amount of LNG per year for a given period. Spot sales are for individual cargoes for immediate delivery without a long-term supply contract.

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PNG BUSINESS NEWS

COMMENTARY Figure 14: Natural gas prices during the last year, showing JKM, TTF and Henry Hub prices, after JOGMEC.

< Page 20 The PNG LNG Project, which cost US$ 19 billion to develop, initially secured long-term binding agreements with four major Asian energy buyers: Tokyo Electric Power Company (TEPCO); Osaka Gas Company; China Petroleum and Chemical Corporation (Sinopec) and CPC Corporation of Taiwan. The PNG LNG Project routinely produces up to 8 mta LNG, significantly above its nameplate capacity of 6.6 mta. Amounts of LNG above and beyond the original contracted amounts have been the subject of some mid-term sales to the likes of PetroChina and BP Singapore, and some spot sales to CPC in Taiwan. Typically, LNG Sale and Purchase Agreements are strictly held in commercial confidence and rarely ever see the light of day, but once done, the sellers and buyers usually announce their arrangement with enthusiasm. Taiwan recently oddly halted approximately US$ 800 million in scheduled spot LNG purchases from the PNG LNG Project after Papua New Guinea ordered the closure of Taiwan’s Taipei Economic Office in Port Moresby. However, long term contracted LNG volumes are legally insulated and are much harder to unwind, so Taiwan’s response has specifically targeted uncommitted spot market cargoes only. In a reassuring statement PetroChina expressed interest in buying surplus LNG from the PNG LNG Project. The necessity for foundation buyers of LNG is very important for LNG projects, and recently there has been considerable speculation about the initial buyers for the LNG that will be produced from the forthcoming Papua LNG Project. No news has been announced about potential buyers, leading some observers to speculate that the Project might be having difficulties with identifying suitable buyers. However, it is more likely that the Papua LNG Project joint venture led by TotalEnergies is just being tightlipped about its LNG marketing. With the events of the past few months in the Middle East, Pacificbased LNG sources ought to be prized, especially as they are not compromised by any strategic maritime straits. PNG has openocean access to East Asian LNG customers. The closure of the Strait of Hormuz removed a substantial

22 PNG BUSINESS NEWS

amount of global LNG supply from the market. This has demonstrated that the risk of physical disruption of LNG supply is now real, and that in turn damages the guarantees of supply that exist in LNG sales and purchase agreements. There is now a premium emerging for LNG supply from reliable producers through reliable routes of supply. The supply of LNG into the energy deficient markets of East Asian economies seeks more assurance of physical security of supply. This has caused customers to turn to US LNG exports as well as Australasian suppliers such as Papua New Guinea. This bodes well for the Papua LNG Project, its capture of foundational customers, and the continued sale of cargoes from the PNG LNG Project. As the Papua LNG Project is still finalising its commercial framework and working towards a final investment decision (FID), the Project will most likely be targeting major international buyers in key Asian markets, such as Japan, China, and South Korea due to the region’s geographic proximity and carefully assessing the ability of those countries to afford to buy energy in the form of LNG at a premium price. Less buoyant economies within the region, although would-be buyers and wishing to import LNG as an energy-providing expedient, may have more difficulty demonstrating their financial capability to pay for cargoes and may have difficulty demonstrating that they have ready access to foreign exchange with which to pay for purchases. Again, the banks that are providing project financing would want to see not only binding Sales and Purchase Agreements, but such binding agreements would have to be with customers with good credit ratings and with guaranteed access to foreign exchange.

LNG PRICING LNG sales are made on the basis of energy content sold to the buyer, typically measured in Million British Thermal Units (MMBTU) globally, especially in international spot and long-term contracts tied to US and Asian markets. However, the metric energy unit GigaJoules (GJ) is also widely used, particularly in domestic Australian and some regional European frameworks. Oil referenced pricing has been a feature of LNG markets for a long time. The price paid for LNG is determined by reference to a formula linked to the crude oil price, typically the Japanese Customs Cleared ( JCC) crude index, or Brent crude. The former is the weightedaverage price of crude oil imports into Japan based on official customs clearance statistics, and is widely used as a benchmark price in East Asian energy markets. Platts JKM is the LNG benchmark price assessment for spot sales of physical cargoes. It is referenced in spot deals, tenders and short-, medium- and long-term contracts both in Northeast Asia and globally. It reflects the spot market value of cargoes delivered ex-ship (DES) into Japan, South Korea, China and Taiwan. Deliveries into these locations equate to the majority of global LNG demand. In Europe the Dutch TTF natural gas benchmark trades in Euros per megawatt-hour (MWh). The TTF index refers to the Title Transfer Facility, a virtual trading hub in the Netherlands that serves as the primary price benchmark for natural gas in Europe. Prices fluctuate daily based on regional demand, geopolitical updates, and liquefied natural gas cargo shipments. In the USA, the Henry Hub is a physical natural gas pipeline distribution point in Erath, Louisiana. It serves as

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PNG BUSINESS NEWS 23

COMMENTARY Figure 15: Gas flaring in the Middle East, after BBC and Google Earth, Google GB, Landsat, and Date SIO.

< Page 22 the official delivery location and pricing benchmark for the New York Mercantile Exchange (NYMEX) natural gas futures contracts, setting the standard price for the North American natural gas market. The historical reason for LNG pricing being linked to crude oil is that early LNG trades were primarily designed around substitution of oil for power generation and industrial supply of energy. Substitution values were essentially based on energy-value equivalence. More than 50% of LNG cargoes are still priced using crude referencing, particularly in the Asia Pacific market. The crude oil price referencing provides a durable, stable and predictable pricing mechanism that is transparent and genuinely market responsive. To provide added stability, LNG sales and purchase agreements include cap-and-floor mechanisms that limit the indexing by reducing the reference to crude oil during abrupt spikes and troughs in crude oil price. This gives comfort to both the producers and the buyers, and enables them to continue production supply and cargo receipt during periods of crude oil volatility. Admittedly, crude oil and natural gas as LNG have different markets. Whilst crude oil has an integrated and global price reference system, LNG pricing can be affected by regional and seasonal factors, especially LNG spot sales prices. During the massive economic disruption caused by the Covid-19 pandemic, LNG oversupply caused prices in Asia to fall to as low as US$ 3 per MMBTU, or about US$ 15 per barrel of oil equivalent (boe). Meantime, the European energy crisis of 2021-2022 caused Asian spot LNG prices to spike at US$ 60 per MMBTU, or about US$ 300 per boe. More recent crises in the Middle East have again heightened crude oil prices, and hence LNG prices that are crude oil referenced, plus security of supply concerns have added a further premium. Global LNG storage hubs are evolving to buffer the supply of LNG. Within Asia, there are LNG storage hubs in the key importing nations such as China, Japan and Korea. Singapore is trying to replicate its success as a crude oil hub by providing LNG commercial and bunkering hub facilities. Thailand, Vietnam and the

24 PNG BUSINESS NEWS

Figure 16: Natural gas flaring in the USA, after phys.org and Skytruth.

Philippines are also variously creating regional and domestic supply hubs. Some large integrated oil and gas companies are also intent on being global LNG suppliers gathering LNG from various LNG projects in which they are involved and selling equity LNG to customers.

THE USEFULNESS OF LNG LNG is a cleaner burning fuel than coal or oil, in terms of its combustion and consequent air pollution and carbon dioxide output. Its total climate impact has been the subject of considerable debate due to LNG’s energyintensive processing and leaks of natural gas from the system of gas supply. However, the combustion of natural gas releases about 40% less carbon dioxide than burning coal, and fewer noxious substances are released. The combustion of LNG produces almost no sulphur dioxide or heavy particulates, or soot. However, there are some hidden emissions. Natural gas can escape

(so-called fugitive emissions) during its extraction, pipeline transportation, and liquefaction, and methane, its main component, is about 80 times more potent in trapping heat in the atmosphere than carbon dioxide. The process of cooling natural gas to liquefy it at -162°C and shipping it overseas on large tankers requires a considerable amount of energy, which adds to the overall greenhouse gas footprint. The PNG LNG Project is said to use about 7.8% of the feedstock gas stream for liquefaction. But that still represents the combustion of 88 MMSCFD, or about six times more than the Hides Gas to Electricity Project produces and consumes for electric power generation. The so-called fugitive emissions of natural gas are not normally entertained by respectable oil and gas companies which always try to keep petroleum of any kind, be it liquid or gas enclosed behind

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PNG BUSINESS NEWS 25

COMMENTARY Figure 17: The PNG LNG Project terminal with the LNG plant in the background, after ExxonMobil.

< Page 24 steel at all times. Much depends on the quality of the operating company and regulatory standards. Moreover, it is not uncommon for some oil-rich nations to still persist in burning off or venting associated gas when producing crude; such is simply arrogantly prof ligate. Overall, the Intergovernmental Panel on Climate Change (IPCC), the United Nations body for assessing the science related to climate change, says that naturalgas power produces 50% fewer emissions than coal power — even when fugitive natural gas emissions are taken into account. The IPCC says, “Taking into account revised estimates for fugitive methane emissions, recent lifecycle assessments indicate that specific GHG emissions are reduced by one half (on a per-kWh basis) when shifting from the current worldaverage coal-fired power plant to a modern natural gas combined-cycle (NGCC) power plant.” Coal currently accounts for about 45% of global carbon dioxide emissions from fuel combustion, and the world burns over one million tons of coal every hour. So, clearly a replacement of coal by LNG is a step in the right direction, but inevitably the burning of any hydrocarbons will result in carbon dioxide as a product of combustion. Both within the Middle East and the USA, this process continues unabated where natural gas is often f lared and wasted as operators seek to produce and sell just the petroleum liquids. Throughout the energy industry there is a constant quest for lower emissions. Specifically, new LNG plants vie to become cleaner, either by reducing the amount of gas consumed in powering liquefaction processes or replacing the energy for such with alternative nonhydrocarbon supplies, such as solar or hydroelectric and/or wind power. The International Energy Agency has said that new technology can cut LNG emissions by up to 60%. In general, operators of LNG plants are also endeavouring to improve operations for heightened safety, resilience, and efficiency. The application of the latest automation, digitalisation, and

26 PNG BUSINESS NEWS

cybersecurity strategies are helping facilities optimise performance across the LNG value chain. Such may also provide better uptime, cost efficiency, compliance, and asset performance.

PAPUA NEW GUINEA’S LNG PROJECTS In the absence of a developed economy that might provide domestic, commercial and industrial markets for Papua New Guinea’s gas resources, successive Governments have elected to permit exportfocused gas development projects to be pursued. This has been allowed on the basis of Papua New Guinea garnering a significant share of the net take of such projects, and gaining a boost to its overall economy. Whilst the pursuit of revenue-raising gas development projects may provide valuable financial inputs into the economy of the Nation today, they will ultimately exhaust the gas resources upon which they are based. Most likely further gas resources will indeed be identified, but that requires exploration, which needs to be incentivised somehow. In recent years, incremental progress has been made towards some domestic gas

utilisation, but with such a dispersed and disparate demand for energy, LNG development still remains the main focus, one might say, somewhat akin to cash cropping rather than subsistence farming. The PNG LNG Project is operated by ExxonMobil PNG Limited on behalf of its fellow venture partners which include Santos, Kumul Petroleum Holdings Limited, the Mineral Resources Development Company and ENEOS Explora. Natural gas is produced from the well sites of the Hides and Angore gas fields in Hela Province and then treated at the Hides Gas Conditioning Plant, and joined by gas from the Kutubu and Agogo fields in the Southern Highlands Province. The natural gas is transported through an onshore and offshore gas pipeline system of overall length of approximately 700 kilometres to a two-train liquefaction plant at Caution Bay in Central Province. The LNG is then stored and loaded onto oceangoing LNG tankers for transport. Natural gas condensates recovered during gas conditioning are blended with Kutubu crude oil and exported through the Kumul Marine Terminal as Kutubu Blend.

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PNG BUSINESS NEWS 27

COMMENTARY

< Page 26 Naphtha is also produced from final processing at the LNG plant. The PNG LNG Project currently produces up to 8 mta LNG. Since LNG production commenced in 2014 to the end of 2025, the PNG LNG Project has loaded 1,259 cargoes of LNG plus some 123 cargoes of naphtha containing 94.5 mta LNG equivalent primarily for long-term customers across East Asia. The Papua LNG Project proposes a development of the Elk-Antelope gas field for the production of 6 mta LNG. TotalEnergies is the operator of this project on behalf of coventurers ExxonMobil, Santos and ENEOS Explora. The Papua New Guinea government has a statutory right to take up to a 22.5% equity interest in the project. It seeks to become the country’s second LNG project by commercialising natural gas resources in the Gulf Province for export to the global market. Gas will be produced and conditioned in the field for pipeline transmission to four new electrically-driven 1 mta liquefaction trains to be located adjacent to its existing PNG LNG Project liquefaction facilities. Ullage in the PNG LNG Project liquefaction plant is also expected to provide a further 2 mta processing capacity. ExxonMobil as a co-venturer has been delegated as the Papua LNG Project’s downstream operator. The P’nyang LNG Project plans to develop the P’nyang gas field discovered in 1990 and located in the northern part of the Western Province in Petroleum Retention License 3. The field is estimated to have recoverable gas resources of about 4.6 TCF. In 2022, the P’nyang LNG Project Gas Agreement was executed, followed by its Fiscal Stability Agreement in 2024. The field, which is located 130 kms northeast of the Hides gas field will most likely be developed after the Papua LNG Project development, and will most likely link into existing gas pipeline infrastructure and the LNG plant. It is planned to produce 2.7 mta LNG. The project is led by ExxonMobil as operator on behalf of co-venturers Santos and ENEOS Explora. The Papua New Guinea government has a statutory right to take up to a 22.5% equity interest in the project.

28 PNG BUSINESS NEWS

Figure 18: Papua LNG Project map, after TotalEnergies.

Figure 19: A well on the P’nyang gas field, after PNG Business News.

Figure 20: Map of petroleum projects in Papua New Guinea, after PNG Chamber of Mines and Petroleum, now PNG Chamber of Resources and Energy, alias CORE.

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PNG BUSINESS NEWS 29

BUSINESS

Marape Says PNG Entering New Era of Resource Development

apua New Guinea is entering a new phase of resource development, with the government seeking higher national returns from major mining and petroleum projects while maintaining the country’s appeal to international investors, Prime Minister James Marape said. Speaking at the opening of PNG Resources Week 2026 in Port Moresby, Marape said the government’s resource policy focused on securing greater economic benefits for Papua New Guinea without undermining investor confidence. “We are not new to mining, petroleum or energy,” Marape said. “Papua New Guinea has been engaged in mining since the 1920s, while our modern petroleum industry has been producing for more than 40 years. We are a proven resource nation with a long record of hosting world-class investments.” Marape thanked resource companies and investors for their long-term commitment to Papua New Guinea, describing the sector as the country’s largest source of foreign exchange earnings and a major contributor to employment, government revenue, royalties and infrastructure development. He said the continued operation of projects such as Kutubu, Ok Tedi, Porgera and PNG LNG despite global economic uncertainty demonstrated Papua New Guinea’s reliability as a resource investment destination. Marape said the renegotiation of the Papua LNG Gas Agreement illustrated the government’s approach of improving national returns while preserving commercial viability. “We have successfully renegotiated the Papua LNG Gas Agreement to secure around 55% total national benefits for Papua New Guinea before the project proceeds into construction,” he said. “This shows that our Government can secure stronger national returns while maintaining investor confidence and preserving Papua New Guinea’s reputation as a reliable destination for world-class resource investment,” he added. Marape reiterated that the government’s benchmark is to secure

30 PNG BUSINESS NEWS

at least 55% in total national benefits from major resource projects, stressing that the figure encompasses more than government equity. He said the calculation includes taxes, royalties, dividends, landowner benefits, local business participation, downstream processing, employment and other economic gains flowing to Papua New Guinea. “Investors must make a fair return on their investment. We fully respect that. But our responsibility is to ensure Papua New Guinea also receives a fair share,” he said. Marape highlighted progress on the government’s priority projects, known as the “Four Ps and One W”— Porgera, Pasca, Papua LNG, P’nyang and Wafi-Golpu. Porgera has resumed operations under agreements delivering about 55% in total national benefits, while Papua LNG has secured similar returns through renegotiated terms, he said. Negotiations for the P’nyang gas project are nearing completion and are expected to deliver more than 63% in total national benefits, while Pasca A is projected to provide approximately 70% benefits to the state. Negotiations for the WafiGolpu copper-gold project are also approaching completion, with only a small number of outstanding issues remaining, Marape said. Rejecting criticism that the government had delayed major resource developments, Marape said negotiations had focused on maximizing long-term national value rather than pursuing quick project approvals.

“In the past seven years we have been building strong foundations rather than chasing short-term headlines,” he said. Looking ahead, Marape said Papua New Guinea has more than 19 resource projects at various stages of development, including Wafi-Golpu, Frieda River, Tolukuma, Woodlark, Misima and Yandera, alongside continued petroleum exploration by TotalEnergies and ExxonMobil. He also emphasized the government’s commitment to responsible environmental management, saying future projects must balance economic development with internationally recognized environmental standards. Marape said downstream processing, local participation and skills development would become increasingly important as the country expands its resource sector. He urged Papua New Guinean businesses to build sustainable enterprises capable of supporting the industry over the long term. He added that Papua New Guinea’s diplomatic engagement with Australia, Japan, France and China was helping attract investment, technology and export opportunities for the resource sector. “The next twenty years will be one of the most exciting periods in our country’s history,” Marape said. “With sound policies, stable partnerships and stronger national participation, Papua New Guinea is well positioned to become one of the leading resource economies in the Asia-Pacific region while ensuring greater benefits remain with our people.” ISSUE 3, 2026 – www.pngbusinessnews.com

INVESTING IN PNG’S RICE FUTURE

Trukai Industries General Manager Andrew Grace, Agriculture Manager Aina Davis, with Professor Issac Pue UNRE Vice Chancellor and Mr Hosea Turbarat Manager Kairak Centre for Sustainable Rural Development.

TRUKAI SMART FARMER PROGRAM EXPANDS INTO NEW GUINEA ISLANDS REGION Trukai Industries Limited is delighted to announce the expansion of its flagship Smart Farmer Program through a new partnership with the Papua New Guinea University of Natural Resources and Environment (PNGUNRE).

The 20-week program provides training and capacity-building initiatives to local farmers, leveraging the expertise of partner universities to improve rice farming techniques, productivity and livelihoods.

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ISSUE 3, 2026 – www.pngbusinessnews.com

PNG BUSINESS NEWS

BUSINESS

Smaré Calls for Stronger Partnerships in Resource Development By: ROSELYN EREHE

NG Chamber of Resources and Energy (PNG CORE) President Anthony Smaré has called for stronger collaboration among government, industry, landowners and communities to ensure the country’s next generation of resource projects delivers lasting economic and social benefits. Speaking at the opening of PNG Resources Week 2026 at APEC Haus in Port Moresby on July 13, Smaré said Papua New Guinea’s resources sector was at a critical juncture, with major mining, petroleum and energy projects expected to drive the next phase of economic growth. Addressing delegates before Prime Minister James Marape’s keynote speech, Smaré commended government reforms undertaken in 2025 and 2026 to advance major resource projects and strengthen the investment framework. “PNG CORE stands ready to work with government, landowners, communities, education institutions and investors so that the next fifty years of resource development build trust, capability, shared opportunity and national dignity,” Smaré said. He said the event, which was expected to draw about 1,100 delegates and speakers, would focus on practical measures to ensure resource development delivers longterm national benefits. “The value of the week will be judged by the quality of the discussions, the honesty of the exchanges and the practical actions we follow, particularly the relationships, networks and new partnerships that are created,” he said. Discussions during the week will cover national content, landowner participation, benefit sharing, resource revenue management, workforce development, community investment, environmental stewardship, energy transition, economic diversification and project delivery. Smaré said the common goal

32 PNG BUSINESS NEWS

should be to develop projects that are commercially viable, legally sound, socially accepted and capable of benefiting generations of Papua New Guineans. He stressed the need for stable, predictable and practical policies and regulations that protect national interests while providing certainty for investors and communities. Smaré cited the establishment of the National Petroleum Authority and the amalgamation of the Mineral Resources Authority and the Department of Petroleum as important reforms aimed at improving efficiency and governance. He also called for Memorandums of Agreement to be completed transparently with the participation and endorsement of all stakeholders.

BUILDING LOCAL CAPACIT Y Smaré said national content must go beyond policy commitments and create measurable opportunities for Papua New Guineans to become skilled workers, engineers, managers, entrepreneurs, suppliers and investors. He said several major projects expected to advance in the coming years would put pressure on the country’s workforce and supply chains, requiring closer cooperation among government, industry and educational institutions. PNG CORE, the PNG University of Technology and industry partners will also launch an initiative during PNG Resources Week to better align higher education, research and workforce development with the needs of the resources and energy sector.

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BUSINESS

< Page 32 Smaré urged resource developers to recognize PNG businesses that continued investing in local skills and capabilities during slower periods and consider them for opportunities as new projects enter construction and production.

LANDOWNERS, REVENUE AND INCLUSION Smaré said landowners must be treated as development partners from the outset, with transparent processes for landowner identification, benefit sharing and recognition of customary rights, as well as greater participation by women and young people. He said resource projects must earn and maintain community confidence throughout their lifespan while providing legal certainty for investors. He also called for better management of resource revenues through mechanisms such as sovereign savings, beneficiary funds

34 PNG BUSINESS NEWS

and institutional investment to convert resource income into longterm national wealth. “Revenue becomes legacy only when it builds sustainable incomes, services, infrastructure and opportunities for future generations,” he said. PNG CORE will also launch its council-approved Industry Policy Statement on Gender Equality and Social Inclusion during the week. Smaré said greater inclusion would broaden the country’s skills base, improve workplaces and promote a more equitable distribution of development benefits. The event will also feature the PNG CORE Legacy Awards, while Community Champion Awards will be introduced next year to recognize individuals who have turned resource benefits into lasting improvements in their communities. Smaré said government, industry and landowners each had responsibilities in ensuring responsible resource development.

“No single party can deliver those outcomes. Progress depends on honest dialogue, mutual accountability and a willingness to address difficult issues before they become project delays, community disputes or lost opportunities,” he said. During the opening ceremony, Smaré announced the appointment of Richard Kassman as PNG CORE’s new executive director and acknowledged John Lewis, who has assumed the role of senior vice president. Smaré congratulated Marape for promoting investment in the resources sector and expressed optimism that expected Final Investment Decisions on several major projects in the coming months could usher in another phase of economic development. He stressed, however, that the projects must create meaningful opportunities for PNG businesses, landowners and communities and leave a lasting legacy for future generations.

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Transparency, Governance Critical to Investor Confidence in PNG Extractive Sector By: ROSELYN EREHE

trengthening transparency, governance, accountability and compliance across Papua New Guinea’s extractive sector is critical to attracting investment, ensuring resourceowning communities receive a fair share of development benefits and supporting sustainable economic growth. The issues were highlighted during Session 10A—Governance & Economic Standards at PNG Resources Week 2026 on July 15 at APEC Haus in Port Moresby. Moderated by Institute of National Affairs executive director Paul Barker, the session focused on “Strengthening Transparency, Governance and Compliance to Build Trust and Investment Confidence.” Barker said resource developments inevitably generate both benefits and costs, but the overall gains must outweigh the impacts. This requires transparent investment arrangements, equitable benefit-sharing, strong oversight and active participation by government, industry and civil society, he said. These measures promote community harmony, reduce conf lict and create a more stable investment environment while supporting employment and broader economic opportunities. A keynote presentation was delivered by Papua New Guinea Extractive Industries Transparency Initiative (PNG EITI) executive director George Kauli, who outlined the organization’s role in improving transparency and accountability across the mining, petroleum and gas industries. Kauli said the Extractive Industries Transparency Initiative is a global standard promoting transparency, accountability and good governance in countries with extractive industries. As of 2025, the EITI Standard was being implemented in 57 countries, including Papua New Guinea. Under the framework, extractive companies and government agencies are required to publicly

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disclose contracts and licenses, production and export data, revenue collection and allocation, beneficial ownership, social and environmental spending, subnational payments and state participation. PNG EITI operates through a multi-stakeholder governance model comprising government agencies, extractive companies and civil society organizations that oversee implementation of the EITI Standard. Government representatives include the National Petroleum Authority, Department of Mineral Policy and Geohazards Management, Internal Revenue Commission, Customs, Treasury and Department of National Planning. Industry members comprise mining and petroleum companies, while civil society is represented by organizations including the Consultative Implementation and Monitoring Council, PNG Council of Churches, National Council of Women, GINA and members of the PNG Resource Governance Coalition. Kauli said the collaborative model strengthens transparency through collective decision-making, improved policy coordination and greater public trust and accountability.

PNG EITI reporting covers the extractive value chain, from the award of licenses and contracts through exploration, production, exports, government revenue collection, benefit distribution and community development spending. The framework captures production volumes, exports, taxes, royalties, dividends, revenues earned by state-owned enterprises, corporate social responsibility projects, employment, gender participation and the sector’s contribution to the national economy. Kauli said the extractive sector remains one of PNG’s largest contributors to government revenue, export earnings, foreign direct investment, infrastructure development, employment and economic growth. However, he said the country’s natural resource wealth can deliver its full value only when revenues are managed transparently, institutions remain accountable and resourceowning communities receive their rightful share of benefits. A core function of PNG EITI is independently reconciling payments reported by extractive companies with revenues received by government agencies. Kauli said taxes, royalties and

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< Page 36 other statutory payments reported by companies are matched against records held by recipient agencies, including the Internal Revenue Commission. Discrepancies are published in the annual EITI Report, allowing regulators, communities and other stakeholders to seek clarification and strengthen accountability. The reconciliation process helps citizens understand how resource revenues are managed while providing developers with greater certainty through improved transparency and community trust, he said. Since PNG joined the EITI in 2013, the National Secretariat has published 12 annual EITI reports, with the latest, covering 2024, released in March 2026. Work on the 2025 report is under way and is expected to be completed early next year. Kauli also outlined PNG’s progress toward embedding the EITI framework in national legislation. Following a National Executive Council decision in 2011, a working group was established to facilitate the country’s EITI membership. In 2013, the NEC formally approved PNG’s participation, with the Treasury minister leading implementation. Further NEC decisions in 2017 directed government agencies responsible for regulating the mining and petroleum sectors to implement EITI recommendations and corrective actions. In 2019, the NEC approved the National Policy for Transparency and Accountability in the Extractive Sector, which called for two new laws: an Establishment Bill to create the PNG EITI Commission and a Reporting Bill to strengthen compliance with EITI reporting requirements. Kauli said the draft Establishment Bill has been completed, while consultations on the Reporting Bill are expected to begin later this month before both bills are submitted to Parliament. He noted that PNG EITI implementation remains voluntary until the legislation is enacted. Kauli also highlighted PNG

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EITI’s partnership with the Japan International Cooperation Agency and the Auditor-General’s Office to strengthen confidence in extractive revenue reporting. The initiative introduces an Agreed-Upon Procedures framework under International Standard on Related Services 4400, allowing independent verification of extractive revenue data without requiring a full financial audit. Under the arrangement, government agencies submit extractive revenue data to the Auditor-General’s Office, which independently verifies the information before its findings are incorporated into PNG EITI’s annual reports. Kauli said the process provides greater assurance over the accuracy and reliability of publicly disclosed revenue information. Another initiative is PNG EITI’s expansion into subnational reporting to improve transparency over royalties, equity payments and benefit-sharing arrangements involving provincial governments, local-level governments and customary landowners. Kauli said previous reporting focused largely on national-level payments, leaving gaps in reporting benefits f lowing directly to communities. To address this, PNG EITI has begun incorporating EITI reporting provisions into Community Development Agreements, Memoranda of Agreement and other

benefit-sharing arrangements for resource projects. This will enable payments made by companies to be reconciled with amounts received by provincial governments and landowner groups. Awareness programs were conducted in East New Britain, Madang and Morobe provinces in 2025, followed by Enga and Southern Highlands provinces this year. Additional provinces will be included in future reporting. Kauli encouraged resource developers, government agencies and regulators to adopt EITI standards in agreements and operational processes, saying greater transparency throughout the resource value chain would help identify governance gaps, reduce revenue leakages and maximize benefits for Papua New Guineans. He also confirmed that PNG is undergoing its latest international EITI validation, which began in April 2026. A draft validation report is expected to be presented to the Multi-Stakeholder Group before the final assessment is completed later this year. The session underscored the importance of internationally recognized governance standards, transparent reporting and institutional accountability in ensuring PNG’s natural resource wealth delivers inclusive economic growth, strengthens public trust and supports a more competitive investment environment. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG, Solomon Islands Seek Stronger Economic Ties Through Investment Corridor

apua New Guinea and Solomon Islands are seeking to deepen economic cooperation, expand cross-border investment and strengthen business partnerships as the two Melanesian neighbours work to turn longstanding political ties into greater economic gains. PNG Prime Minister James Marape made the call at the inaugural Papua New GuineaSolomon Islands Business Investment Forum in Honiara, held under the theme “From Opportunity to Investment: Building the PNGSolomon Islands Growth Corridor.” The forum brought together government leaders, investors, business executives, financial institutions and private-sector representatives from both countries. Marape said the forum should mark the start of sustained economic engagement focused on investment, trade, employment, downstream processing and greater economic independence. “What good is political independence without economic independence?” Marape said, calling on both countries to build economies strong enough to stand on their own. He said PNG and Solomon Islands were permanent neighbours whose economic interests were closely linked by geography, culture and history. “We must construct a future that is fair and balanced, respects our people and our businesses, and allows us to walk step by step, side by side, into the future,” he said. The forum followed Solomon Islands Prime Minister Matthew Wale’s official visit to Port Moresby in June, when the two countries signed the Framework Agreement on Development and Economic Cooperation 2026-2030. The agreement provides a framework for cooperation in trade and investment, mining, fisheries, agriculture, infrastructure and other areas of mutual economic interest. Marape said the Honiara forum was intended to turn the governmentlevel agreement into private-sector projects and partnerships. “When Prime Minister Wale visited Port Moresby, we agreed

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that our relationship must produce tangible outcomes for our countries,” he said. “We have established the government framework. Now we want our private sectors to identify projects, establish partnerships and turn those opportunities into investment.”

PNG INVESTMENT PRESENCE PNG already has a significant commercial presence in Solomon Islands, with 126 PNG-origin registered investments across 18 sectors recorded over the past 30 years. These include agriculture, communications and information technology, construction, financial services, fisheries, mining, insurance, professional services, retail and wholesale, tourism and transportation. The investments have proposed employment for more than 7,500 Solomon Islands citizens, with agriculture, professional services and fisheries among the largest employment-generating sectors. Marape said PNG businesses had shown they could invest successfully beyond the country’s borders while creating jobs and contributing to a neighbouring economy. “Papua New Guinean businesses have demonstrated that they can successfully invest beyond our borders while creating employment and contributing to the economy of a neighbouring Pacific country,” he said. He encouraged Solomon Islands businesses to explore similar opportunities in PNG.

JOINT INVESTMENT OPPORTUNITIES Marape identified mining, fisheries,

agriculture, energy, tourism, infrastructure, financial services, telecommunications, transport and downstream processing as potential areas for joint investment. He particularly encouraged joint ventures and partnerships between businesses from both countries. “If we can source capacity from each other, let us source it. If we can have joint ventures amongst each other, let us have those joint ventures,” he said. He also urged PNG businesses operating in Solomon Islands to develop local partnerships and support Solomon Islands-owned small and medium-sized enterprises. “PNG businesses, as you work here, incubate a local business to be your value partner,” he said. “A good relationship, a good business venture and a good reputation is premium capital.”

MINING, FISHERIES OPPORTUNITIES Marape said the two countries’ marine resources offered another area for cooperation, particularly fisheries. PNG and Solomon Islands have large exclusive economic zones with significant tuna resources. Marape called for greater domestic processing and manufacturing instead of simply harvesting and exporting fish. “We have been open for business for so long. We now want to go into partnership,” he said. “We want to step up processing of our catches in our respective countries.” He said greater cooperation could help build regional value chains for tuna and other marine products while creating jobs and retaining more economic value domestically.

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< Page 40 Marape also encouraged responsible investment in mining and energy, saying investors should receive reasonable returns while host countries, landowners and local businesses benefit through taxes, royalties, equity and local content. During a separate bilateral meeting with Wale at the Heritage Park Hotel, Marape said Solomon Islands had again invited PNG investors to participate in its economy. He said more than K1 billion in PNG investment was already present in Solomon Islands, with more than 59 PNG companies operating there. The two countries could also explore joint participation in major mining projects, including equity structures that would allow Solomon Islands government entities, companies, provincial governments and landowners to retain majority interests while PNG companies contribute capital, expertise and experience. “We are not coming here simply to take resources out. We want genuine partnerships in which Solomon Islanders remain beneficiaries of their

42 PNG BUSINESS NEWS

own resources while our companies contribute capital, expertise and experience,” Marape said.

ECONOMIC RELATIONSHIP The leaders also discussed trade and investment, border arrangements, mining, fisheries, agriculture, education, policing and security, air connectivity and other areas of bilateral cooperation. Marape said the direct air connection between Honiara and Port Moresby would help facilitate the movement of businesses, investors and people between the two countries. He said both governments needed to ensure bilateral agreements translated into practical economic outcomes. “Our political relationship is strong, our cultural and historical relationship is permanent, and now we must build the economic relationship to the same level,” Marape said. “A stronger PNG-Solomon Islands economic corridor will strengthen both countries and contribute to a more economically resilient Melanesia and Pacific,” he said. Marape said PNG’s economic

diplomacy should also encourage domestic companies to expand internationally rather than focus solely on attracting foreign investment. “Papua New Guinea must also become an investor in the Pacific and, increasingly, beyond our region,” he said. He identified banks, telecommunications companies, resource businesses, superannuation funds, agricultural companies, professional firms and SMEs as potential regional investors. Marape said stronger economic integration between PNG and Solomon Islands could serve as a model for wider Melanesian and Pacific economic cooperation. “A healthy Solomon Islands is a healthy PNG. A healthy PNG is a healthy Solomon Islands,” Marape said. “Our strength is in economic prosperity.” He urged businesses attending the forum to focus on practical opportunities, identify projects and establish joint ventures as the two countries work to strengthen their economic relationship.

ISSUE 3, 2026 – www.pngbusinessnews.com

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Sheraton Debuts in Papua New Guinea with Opening of Port Moresby Hotel

heraton Hotels & Resorts, part of Marriott Bonvoy’s portfolio of over 30 hotel brands, has announced its debut in Papua New Guinea with the opening of Sheraton Port Moresby Stanley Hotel & Suites – a 394-key hotel located in Port Moresby’s central business and government district, five minutes from Jacksons International Airport and connected to the Vision City Mega Mall – marking Marriott International’s second property in the country and a significant milestone for the brand’s expansion in the Pacific. Jason Nuell, Regional Vice President Marriott International – Australia, New Zealand and the Pacific, said: “The opening of Sheraton Port Moresby Stanley Hotel & Suites marks a significant milestone as we introduce one of Marriott International’s most global brands to Papua New Guinea. With Sheraton’s focus on intuitive design, technologyenabled experiences and spaces that foster connection, the hotel is positioned to become a central gathering place for both international travellers and the local community, seeking trusted hospitality.”

A SPACE TO GATHER, CONNECT, AND BELONG Sheraton Port Moresby Stanley Hotel & Suites’ lobby embodies the brand’s design philosophy and serves as a welcoming heart of the hotel, a vibrant, open space thoughtfully designed to foster community connection, productivity, and a sense of belonging. With large windows welcoming natural light, the spaces create a warm and inviting atmosphere designed to bring people together. Whether it’s families, business travelers, or longer stay guests the expansive lobby has been repositioned as an open, shared space, aiming to promote social interaction and collaboration. Anchored by Sheraton’s signature Community Table the space invites guests to gather, work, or unwind in an environment that blends residential warmth with modern functionality. Guests can also retreat

44 PNG BUSINESS NEWS

into the soundproof Booths, offering a quiet space with privacy without breaking the flow of the open lobby experience. Tech-enabled Studios provide a polished but informal setting for guests to engage, innovate, and connect effortlessly.

REFINED ACCOMMODATIONS DESIGNED FOR EVERY TYPE OF STAY Sheraton Port Moresby Stanley Hotel & Suites features 394 accommodation rooms, including 284 guestrooms, 15 suites and 95 apartments, designed to meet the needs of both

business and leisure travellers. The apartments include separate living areas, kitchens and dining spaces, supporting extended stays and family travel, while rooms reflect Sheraton’s contemporary design approach with functional layouts and integrated technology.

MEETINGS & EVENT SPACES MEANT TO FOSTER CONNECTION The hotel features over 2,500 square metres of meeting and event space, with the largest ballroom in Papua New Guinea. Designed for large-

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< Page 44 scale conferences, corporate meetings and social gatherings, the flexible venues are supported by integrated technology and dedicated event planning services. This scale positions the hotel as a key hub for government, corporate and resource sector events in Port Moresby.

DINING AND SOCIAL SPACES: DESTINATION DINING AND ALL-DAY GATHERING PLACES Sheraton Port Moresby Stanley Hotel & Suites brings together a collection of distinctive dining and social venues designed to serve both hotel guests and the local diners, from refined destination dining and vibrant allday restaurants to intimate cocktail experiences and relaxed poolside spaces. Silverleaf, the hotel’s exclusive destination restaurant, offers an elevated à la carte dining experience centred on premium seafood and meat grilled over the Josper, complemented by Mediterraneaninspired flavours, private dining and sweeping city views. Greenhaus delivers a vibrant, contemporary buffet experience across all meal periods, with live cooking stations, artisan breads, New Guinea coffee, freshly baked pastries and globally inspired themed dining experiences. At the heart of the lobby, &More by Sheraton is a dynamic fusion of a coffee shop, market stall, and laidback bar, where guests can seamlessly transition from a morning coffee to an evening cocktail. The space is designed for both social gatherings and solo relaxation, with locally inspired beverages and freshly made pastries. The broader dining offering also includes Monsoon Bar & Lounge, a lively sports and entertainment venue with cocktails, premium beverages and Australian and American-style pub favourites, and the Pool Bar & Café, a relaxed resort-style escape serving international favourites.

WELLNESS FACILITIES THAT INVITE GUESTS TO RELAX AND RESET The hotel offers a range of wellness facilities including an infinity swimming pool with panoramic views, Sheraton Fitness – one of the city’s most comprehensive fitness

46 PNG BUSINESS NEWS

offerings, and a full-service day spa. These facilities are designed to support both short stays and extended visits, catering to business travellers and leisure guests alike. Prime Location Positioned for Ease & Discovery Located in Port Moresby’s government, sporting, commercial and cultural hub, the hotel is positioned just five minutes from Jacksons International Airport and is directly connected to Vision City Mega Mall, one of the city’s leading retail and entertainment destinations. Directly across the road, the Papua New Guinea Football Stadium offers guests direct access to the nations favourite sporting matches. The integration with retail, dining and entertainment offerings reinforces the hotel’s role as a central hub for both visitors and locals and offers guests continual security and peace of mind to enjoy an array of shopping, dining and entertainment experiences while in Port Moresby. Sheraton Port Moresby Stanley Hotel & Suites General Manager, Shin Ching, said: “The opening of Sheraton Port Moresby Stanley Hotel

& Suites after it’s transformative renovation represents an important milestone for Papua New Guinea’s hospitality sector - bringing the global Sheraton brand and much-loved hospitality experiences to Papua New Guinea. We are thrilled to welcome guests to Sheraton Port Moresby Stanley Hotel & Suites, a place where travelers from around the world and locals can connect, relax, and create memories. We look forward to the Grand Opening Event slated for later this year, where we will officially launch Sheraton’s arrival to Papua New Guinea” Sheraton Port Moresby Stanley Hotel & Suites strengthens Sheraton Hotels & Resorts’ presence of 8 other Sheraton properties across the Australia, New Zealand and Pacific region, where the brand continues to evolve through its global transformation focused on design, experiences and community connection. As Marriott International’s second property in Papua New Guinea, the opening reinforces the company’s long-term commitment to growth in the Pacific region. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG Clears 5G Spectrum for Mobile Operators

apua New Guinea has cleared the way for 5G mobile services, as the National Information and Communications Technology Authority (NICTA) confirmed that spectrum in the 2.6 GHz and 3.5 GHz bands is available for licensing to qualified mobile operators. NICTA board chairman Brian Riches said the decision was a milestone for the country’s digital economy, following several years of legal, technical and regulatory work. The regulator has completed the required process for the internationally harmonised 2.6 GHz and 3.5 GHz bands, which are classified as High Demand Spectrum. Their release gives operators the regulatory certainty needed to plan and invest in next-generation mobile networks. The move puts Papua New Guinea among more than 150 countries that had launched or soft-launched 5G networks by July 2026, according to the Global Mobile Suppliers Association. The decision followed detailed spectrum planning, market assessments, industry consultation, reviews of international best practice and an assessment of future mobile broadband demand. NICTA said the licensing framework would encourage investment and innovation while protecting competition. Allocating both bands also reflects NICTA’s commitment to technological neutrality, allowing operators to deploy advanced 4G or 5G services according to their business needs and customer demand. Larger, contiguous spectrum assignments are expected to improve network efficiency, lower deployment costs and increase capacity. They should also enable faster speeds, lower latency, greater reliability and a better customer experience.

ROLLOUT OBLIGATIONS Vodafone PNG has committed to providing 5G services across the National Capital District and at least one additional city within 18 months. Its rollout targets include reaching at least 20 per cent of Papua New Guinea’s population within 36 months and at least 30 per cent within 60 months. NICTA has also negotiated publicinterest obligations requiring each

48 PNG BUSINESS NEWS

mobile operator acquiring High Demand Spectrum to extend 4G coverage to 20 new sites identified under the Universal Access and Service programme. These requirements aim to extend the benefits of the new spectrum beyond major urban centres and help narrow the country’s digital divide. NICTA said High Demand Spectrum would be licensed for a fair and reasonable fee. Revenue from the licences will support initiatives that extend digital connectivity to underserved and unserved communities. Under this approach, the commercial development of advanced mobile services in urban areas will help fund greater connectivity in rural and remote parts of Papua New Guinea. The regulator will independently audit rollout commitments, coverage obligations and quality-of-service requirements. Operators that fail to meet their obligations could face enforcement measures and penalties.

BOOST FOR THE DIGITAL ECONOMY NICTA said better connectivity would support the Government’s broader digital transformation agenda, including the digitisation of public services, e-government platforms, digital education, healthcare and private-sector innovation. For businesses, better connectivity is expected to raise productivity, support cloud computing and digital services, facilitate electronic commerce, and strengthen links with regional and global markets. Consumers should gain improved access to information, education, financial services, entertainment and government services.

The benefits of 5G are therefore expected to extend beyond mobile phone services and contribute to the wider development of Papua New Guinea’s digital economy. NICTA added that the licensing framework signals to investors the country’s commitment to modern digital infrastructure and a stable, predictable regulatory environment.

NEXT PHASE OF SPECTRUM REFORM The licensing announcement marks the beginning of a new phase for NICTA, rather than the end of the regulatory process. The authority will work with licensed operators to facilitate deployment, monitor compliance with licence conditions, oversee spectrum utilisation and network performance, and ensure rollout commitments are achieved within agreed timeframes. NICTA will also continue with wider spectrum reforms, including making additional High Demand Spectrum bands available where appropriate, supporting satellite and non-terrestrial network services, expanding opportunities for licence-exempt and Wi-Fi services, and keeping PNG’s spectrum management framework aligned with international best practice and future technological developments. Riches said the licensing decision marked an important stage in Papua New Guinea’s digital development. “Today marks an important milestone in Papua New Guinea’s digital journey,” he said, adding that NICTA remained committed to affordable, reliable and inclusive connectivity for Papua New Guineans wherever they live. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG Launches K2.5-Billion Port Moresby Airport Redevelopment By: ROSELYN EREHE

apua New Guinea has launched the K2.5 billion Port Moresby International Airport (PMIA) Redevelopment Project, one of the country’s largest aviation infrastructure investments. The project aims to transform Jacksons International Airport into a modern gateway and strengthen PNG’s role as a regional aviation and economic hub over the next 50 years. Launched by the National Government and the National Airports Corporation (NAC), the project will be delivered in four phases over six and a half years. Public investment and privatesector participation will expand capacity, improve passenger services and support long-term growth in trade, tourism and investment. Speaking at the launch, Minister for Civil Aviation Waki Goi thanked Prime Minister James Marape and the National Executive Council (NEC) for backing what he described as a transformational national investment. Goi said the project would begin with a K25-million government investment and was expected to attract substantial additional funding from both the public and private sectors over its lifetime. “Investing in areas that bring big returns is the way to go forward for the next 50 years,” he said. The redevelopment includes major runway upgrades, expansion of the domestic and international terminals, and the replacement of ageing airport infrastructure with modern aviation facilities. “You will see many changes over the coming years. We will improve the runway, upgrade the domestic and international terminals, and replace ageing facilities with modern infrastructure,” Goi said. A key component of the redevelopment is the creation of “airport cities” around major airports to stimulate commercial development and attract private investment.

50 PNG BUSINESS NEWS

Goi said investors were ready to commit significant capital to PNG’s aviation sector if the country demonstrated sound financial management and fiscal discipline. He urged the restructured NAC board and management to keep expenditure below revenue and maintain strong governance to reinforce investor confidence. NAC said the project would increase capacity, improve operational efficiency and bring passenger services up to international standards. It is also intended to support PNG’s preparations for APEC 2033 and the long-term growth of the aviation sector. The minister also called for closer collaboration between the country’s major aviation centres, including Tokua, Lae and Mount Hagen, describing them as important drivers of future economic growth. “I would like to encourage all of you, we must not fight for positions, we must not fight for the cake, we must fight for the real development that must take place. This is where our major income for Papua New Guinea lies. We must partner equally, talk equally, understand each other and move forward,” he said.

FOUR-PHASE REDEVELOPMENT The project will proceed in four stages: Phase One will relieve congestion by extending the domestic terminal by 110 metres and upgrading airfield ground lighting and power systems. Phase Two, funded through the Civil Aviation Development Investment Programme (CADIP III), will expand and reconfigure the domestic terminal. Works include new check-in counters and aerobridges, upgraded baggage systems, VIP lounges, larger

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BUSINESS

< Page 50 retail and concession areas, and better access for passengers with disabilities. Phase Three will expand apron facilities to accommodate Air Niugini’s new Airbus A220 and Boeing 737 aircraft. Phase Four will deliver a new international terminal with self-service check-in, advanced baggage screening, walk-through metal detectors and expanded commercial facilities. The final phase will also extend the runway from 2,750 metres to 3,500 metres, build rapid-exit and parallel taxiways, expand cargo and maintenance facilities, incorporate green-energy solutions, and develop associated landside infrastructure through publicprivate partnerships. Prime Minister James Marape described airports as critical national infrastructure supporting trade, investment, tourism and economic growth. “Airport is crucial, airport is key,” he said. Marape commended the NAC board, chaired by Shannon Anga, and Acting Managing Director Conway for prioritising the expansion of the domestic terminal, describing it as the corporation’s strongest revenue-generating asset and the financial engine needed to sustain airport operations nationwide. To accelerate the first stage of the project, Marape announced K20 million in National Government funding, complemented by K5 million allocated internally by NAC. Marape linked the redevelopment to Papua New Guinea’s broader economic outlook, noting that the country’s nonresource sector has recorded annual growth of around four per cent over the past four years. He pointed to strong occupancy rates at major hotels, including the Hilton and Airways Hotel, as evidence of rising business activity and increasing visitor numbers. The Prime Minister said Papua New Guinea was preparing for a significant increase in passenger and business travel, driven by major resource developments

52 PNG BUSINESS NEWS

expected through the late 2020s and early 2030s. These include Papua LNG, PNG LNG expansion, Pasca gas development, the reopening of the Porgera gold mine, the Waf iGolpu and Yandera projects, the Frieda R iver project, and the 20-year extension of the Ok Tedi mine. “By 2028, the volume of traffic will decrease, but into 2033 with APEC coming aboard, I see future growth in the economy,” Marape said.

PASSENGER GROW TH UNDERPINS EXPANSION Rising passenger numbers underline the need for expansion. NAC data shows that PMIA handled 779,039 passengers in 1997 and 1.68 million in 2025—an increase of almost one million over 28 years, equivalent to compound annual growth of 2.8 per cent. Based on an estimated annual growth rate of four per cent, passenger numbers are projected to reach 2.5 million by 2035 and 3.7 million by 2045. Across NAC’s 22-airport network, passenger movements rose from 1.9 million in 1997 to 3.04 million in 2025. NAC projects 4.4 million movements by 2035 and 6.6 million by 2045, underscoring the need for continued nationwide investment.

EXPANDING INTERNATIONAL LINKS Marape said Papua New Guinea was also strengthening international connectivity. Following recent talks with China’s president, Marape said China Southern Airlines had increased Guangdong–Port Moresby services from one f light a week to three, strengthening tourism, trade and business links. The Prime Minister also emphasised the importance of transparency and accountability within the National Airports Corporation, saying the organisation must remain free from corruption, favouritism and nepotism to maintain investor confidence and safeguard the country’s aviation sector. In a direct message to Air Niugini, he urged the national

carrier to settle outstanding debts owed to NAC. “I know you owe NAC some money. For goodness’ sake, Chairman of Air Niugini, pay NAC the money. Don’t hold back. If you don’t have enough to pay ASAP, pay something and not nothing. Work as a business with NAC and sequence your payments,” he said. Marape also commended Airlines PNG for maintaining strong operational reliability and encouraged the airline to continue complementing the domestic aviation market as demand continues to grow.

BUILDING ON DECADES OF INVESTMENT The redevelopment builds on decades of investment at Jacksons International Airport. Since shifting from military to civilian operations in 1945, the airport has undergone several major upgrades, including new terminal facilities in 1963, refurbishment for the 2015 Pacific Games and the opening of the APEC Terminal in 2018. The launch also demonstrated a whole-of-government commitment to the project, with the Minister for Foreign Affairs, the Minister for Works and Highways, and the Governor of the National Capital District joining the project team. Goi called on government agencies, industry and development partners to work together to ensure the success of Papua New Guinea’s aviation sector. “If you are listening now, please contribute one way or the other to make civil aviation work for us all as we move into the future,” he said. The phased redevelopment is expected to provide immediate relief from congestion while laying the foundation for long-term expansion of Papua New Guinea’s principal international gateway. Feasibility studies and financing for Phase Four are scheduled to begin in 2027. NAC is expected to invite investors, contractors and development partners to help deliver one of PNG’s most significant aviation projects—one intended to reshape the sector and support economic growth for decades. ISSUE 3, 2026 – www.pngbusinessnews.com

ISSUE 3, 2026 – www.pngbusinessnews.com

PNG BUSINESS NEWS 53

BUSINESS

New Zealand Envoy Visits Lae to Deepen Economic Ties With PNG

ew Zealand High Commissioner Georgina Roberts reaffirmed her country’s commitment to closer economic and people-to-people ties with Papua New Guinea during her first official visit to Lae, the country’s industrial and commercial hub. Accompanied by New Zealand Honorary Consul in Lae Zoe Harrison, Roberts met local authorities, business leaders and academic representatives last week to explore greater cooperation in trade, education, skills development and sustainable growth. The visit came as New Zealand and Papua New Guinea advance the Economic Plan of Action announced in 2025 to strengthen bilateral trade, investment and development cooperation. “Lae’s role as a key economic gateway presents strong opportunities for collaboration,” the New Zealand High Commission said in a statement.

Lae, in Morobe Province, is Papua New Guinea’s largest cargo port and a centre for manufacturing, agriculture, logistics and resource industries. Its economic importance makes it a strategic base for expanding commercial links between the two countries. Roberts also toured the Lae Temporary Market, which offers secure, accessible trading space

for up to 1,000 vendors while the city’s main public market is redeveloped. The delegation met vendors and sampled local produce, highlighting the contribution of agriculture and small enterprises to household incomes and the local economy. The Lae Main Market is being redeveloped through a partnership among the Lae City Authority, New Zealand and Australia. The

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BUSINESS

ICCC Launches 5-Year Plan Focused on Consumer Protection, Competition

apua New Guinea’s Independent Consumer and Competition Commission (ICCC) has launched its 2026–2030 Corporate Plan, outlining priorities to strengthen consumer protection, competition enforcement and economic regulation. Minister for Rural and Economic Development Joseph Lelang and ICCC Commissioner and Chief Executive Officer Roy Nunts Daggy launched the plan at APEC Haus in Port Moresby on 28 August 2026. Developed with support from the Pacific Private Sector Development Initiative (PSDI), the plan centres on four goals aligned with the ICCC’s statutory duties: protecting consumers, promoting competitive markets, and regulating industries and prices where necessary. It also sets an institutional objective to improve the ICCC’s performance and reinforce its role as an independent, expert economic regulator. In his introduction, Daggy said the plan explains how the Commission will use “its independence, expertise, and integrity to deliver real results” for families, businesses and communities across Papua New Guinea.

FOCUS ON WOMEN, DISADVANTAGED CONSUMERS The plan emphasises better outcomes for women consumers, women traders and disadvantaged groups. The ICCC will conduct targeted outreach, train investigators and identify ways its regulatory work can support greater participation by women in the formal economy. This focus recognises that

< Page 54 upgraded facility is expected to improve infrastructure, sanitation, safety and accessibility for vendors and customers. Scheduled to open in 2027, the market is expected to become a

56 PNG BUSINESS NEWS

effective regulation depends on engaging diverse groups and making information, enforcement and services accessible to people who face greater barriers to formal markets.

enforce the expanded framework once the legislation is enacted.

STRENGTHENING THE REGULATOR

The strategy also anticipates changes to the ICCC’s mandate under a new competition and consumer protection bill being developed through consultations supported by PSDI. The proposed law is expected to broaden Papua New Guinea’s consumer protection framework, including fair-trading provisions on misleading and deceptive conduct and guarantees for the quality of goods and services. To prepare, the ICCC will strengthen enforcement capability, develop guidance and expand education for consumers and traders. These measures aim to ensure the Commission can implement and

The plan links the ICCC’s regulatory responsibilities with efforts to strengthen its institutional capability. Its four goals cover consumers, competition and regulated sectors, while addressing the organisational performance needed to deliver those functions effectively. The emphasis on independence, expertise and integrity supports the ICCC’s ambition to deliver practical outcomes for consumers, businesses and communities. Attendees included ICCC Associate Commissioner, NonResident Marcus Bezzi; Associate Commissioner, Resident Jack Timi; and other officials. The plan gives the ICCC a fiveyear roadmap as Papua New Guinea prepares for potentially significant changes to its competition and consumer protection regime.

major commercial hub for farmers, traders and small businesses across Morobe Province and neighbouring regions. New Zealand is a longstanding development partner of Papua New Guinea, supporting initiatives in education, agriculture, renewable

energy, governance and economic development. Officials said the visit underscored New Zealand’s commitment to stronger economic and people-to-people partnerships and to sustainable, inclusive growth in Papua New Guinea.

PREPARING FOR EXPANDED COMPETITION, CONSUMER POWERS

Photo, from left: Marcus Bezzi, ICCC Associate Commissioner, NonResident; Joseph Lelang, Minister for Rural and Economic Development; Jack Timi, ICCC Associate Commissioner, Resident; and Roy N Daggy, ICCC Commissioner and CEO.

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MINING

PNG Opens Door to Long-Term Mining Investment with Major Regulatory Reforms By: ROSELYN EREHE

apua New Guinea has reaffirmed its commitment to attracting responsible longterm investment in the mining sector, unveiling a package of regulatory, legislative and digital reforms aimed at strengthening investor confidence while ensuring resource development delivers lasting benefits to communities. Speaking at PNG CORE Resources Week 2026 at APEC Haus, Mining Minister Solen Loifa said mining remains one of the country’s strongest economic pillars and a key driver of PNG’s long-term development agenda under the conference theme, PNG Resources Beyond 50. Loifa said Papua New Guinea welcomes credible investors committed to long-term partnerships and sustainable growth. Mining, together with the oil and gas sector, accounts for more than 80% of PNG’s export earnings and remains a major source of government revenue, foreign exchange, employment and infrastructure development. Mineral exports reached a record K32 billion in 2025, while the alluvial and small-scale mining sector generated more than K1 billion in export revenue. Mining communities also received more than K474 million in royalty payments. “However, the value of mining must also be measured by the improvements it brings to the lives of our people. Mining must support stronger communities, better infrastructure, local employment, business opportunities and sustainable development,” Loifa said.

REFORMS AIMED AT BOOSTING INVESTOR CONFIDENCE To improve PNG’s competitiveness as a mining destination, the government is pursuing reforms designed to provide greater certainty for investors. Loifa said the Mineral Resources Authority (MRA) has begun reviewing the Mining Act, with proposed amendments including extending exploration licence terms

58 PNG BUSINESS NEWS

to five years, introducing a new Mining Retention Licence, enabling online mineral tenement applications and modernising the country’s mineral tenement administration system. The reforms are intended to give exploration companies more time to complete geological studies, drilling programmes, feasibility assessments and stakeholder engagement, while streamlining regulatory processes. The government is also drafting new mine safety and health legislation to align PNG’s workplace standards with international mining practices.

DIGITAL OVERHAUL A central part of the reform programme is the digitalisation of mineral tenement applications. Loifa said the MRA is migrating its mineral tenement database into Papua New Guinea while introducing an online application platform to improve accessibility, transparency and regulatory oversight. “The online system will improve accessibility, transparency and the monitoring of applications. It will also reduce unnecessary delays and provide investors with a clearer and more accountable process,” he said.

STABLE REGULATORY ENVIRONMENT Loifa reaffirmed the government’s commitment to a stable legal and regulatory framework. “Investor confidence depends on consistency, certainty and respect for the law. The Government will ensure that mining decisions are made in accordance with the Constitution, the Mining Act, environmental legislation and other applicable laws,” he said. He added that investors are expected to meet their environmental, taxation and community obligations, with disputes resolved through established legal and administrative processes.

COMMUNITIES AT THE CENTRE Loifa said community support remains essential to the success of mining projects and stressed

that resource development must deliver tangible benefits through improved roads, schools, healthcare, water supply, communications, employment, skills training and greater participation by local businesses. The government will continue working with provincial governments, landowners and industry to strengthen Community Development Agreements and maximise regional economic benefits. He also urged landowner groups to resolve leadership disputes so communities can fully benefit from resource development.

POSITIONING FOR CRITICAL MINERALS Loifa said PNG is positioning itself to benefit from rising global demand for critical minerals used in renewable energy, battery storage, electric vehicles and advanced manufacturing. The government is developing a policy framework for critical minerals and rare earth elements while expanding geological surveys

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MINING

Solomon Islands, PNG Deepen Mining Reform Cooperation

olomon Islands and Papua New Guinea have agreed to strengthen cooperation on mining governance. Papua New Guinean officials are expected to visit Solomon Islands as both countries pursue reforms to increase the benefits from their mineral resources. The agreement followed a roundtable in Port Moresby involving Solomon Islands Prime Minister Matthew Wale, Papua New Guinea Prime Minister James Marape, Kumul Minerals Holdings Ltd. and the Mineral Resources Authority. Wale said Solomon Islands could learn from Papua New Guinea’s experience in managing its mining industry as his government advances reforms to improve mineral resource governance. He said reforming the mining

sector, particularly the alluvial gold industry, remains a government priority. The government is seeking greater structure, transparency and national benefit through measures that include a dedicated gold export unit and, in the longer term, a national gold refinery. “This will allow us to refine our own gold, control pricing and retain more value within our economy,” Wale said. He also emphasised the need for trusted partnerships across the mining value chain, from extraction and processing to export. “We want a model where all parties benefit fairly and value is retained within our economy to support national development,” he said. Marape said Papua New Guinea

has faced major challenges in developing its mining sector but remains committed to delivering greater benefits to its people. He said landowners should remain central to resource policy, while fiscal arrangements for mining projects must be transparent and clearly defined. “There is often confusion between taxes, royalties and equity. Investors must know upfront what they will pay and what benefits will f low to landowners and the State,” Marape said. The leaders agreed that strong governance, clear laws and effective regulation are essential for the fair and sustainable management of mineral resources. They also agreed that Papua New Guinea’s mining authorities would visit Solomon Islands soon to support its reforms.

< Page 58

The government is strengthening inter-agency enforcement, improving gold traceability systems and considering international responsible sourcing standards to boost confidence among global buyers, refiners and investors.

He said Papua New Guinea would continue improving regulatory certainty, modernising mining legislation, strengthening government coordination and promoting transparent decision-making. “Our task is to convert our geological potential into sustainable prosperity,” Loifa said, inviting investors to partner with the government, landowners and communities to responsibly develop the country’s mineral resources.

and strengthening the country’s mineral database through new partnerships. Improved geological information, he said, will reduce exploration risk, attract investment and support future discoveries, helping keep the sector competitive well beyond 2060. Loifa also highlighted efforts to curb illegal mining and gold smuggling.

60 PNG BUSINESS NEWS

INVITATION TO INVESTORS Loifa reaffirmed the government’s support for commercially viable, environmentally responsible and socially sustainable mining projects.

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MINING

Adyton Secures Environmental Permit for Wapolu Gold Mine Restart

dyton Resources Corp. has secured an environmental permit for its Wapolu Gold Project in Milne Bay Province, clearing a major regulatory hurdle as it works to restart mining operations later this year. The Papua New Guinea Conservation and Environment Protection Authority (CEPA) granted Environment Permit EPL2(1080), confirming the project’s environmental management plans meet national regulatory requirements. The approval supports Adyton’s plan to redevelop the historic mine in partnership with local communities and other stakeholders. Adyton Chief Executive Officer Tim Crossley said the approval was a significant milestone that reduced project risk and advanced Wapolu’s redevelopment. “The grant of the Wapolu Environment Permit is a significant de-risking milestone and ref lects the considerable work undertaken by our team, government agencies, local landowners and communities to responsibly advance the project,” Crossley said. Crossley said Adyton remained committed to redeveloping the mine in a way that delivered long-term value. The company will continue working with the Mineral Resources Authority (MR A), CEPA and host communities to secure the remaining approvals required before mining can resume. The key outstanding approvals are a Mining Lease and a Lease for Mining Purposes, both administered by the MR A. EVIH Project Director Louis Wang also welcomed the permit, saying it marked another important step towards restarting operations. The environmental permit follows the MR A’s June approval of a variation to Exploration Licence 2549, which allows the extraction and processing of an approximately 20,000-tonne bulk sample. Together, the approvals keep the project on track to restart

62 PNG BUSINESS NEWS

mining and processing in the fourth quarter of 2026, targeting annual throughput of 300,000 tonnes of run-of-mine ore. Wapolu and the neighbouring Gameta licence area on Fergusson Island are among Adyton’s most advanced development assets in Papua New Guinea. According to the company, the Fergusson Island projects contain an indicated mineral resource of f ive million tonnes

grading 1.28 grams of gold per tonne, equivalent to an estimated 206,000 ounces of gold. They also contain an inferred resource of 23.2 million tonnes grading 0.99 grams per tonne, or 733,000 ounces of contained gold. Adyton is also advancing the Feni Island gold-copper project in New Ireland Province as part of its broader Papua New Guinea exploration and development portfolio.

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MINING

Great Pacific Gold Confirms Shallow Mineralisation at Wild Dog

reat Pacific Gold Corp has confirmed broad, shallow gold mineralisation at the Kavasuki target in Papua New Guinea’s East New Britain province, defining a priority near-surface exploration window within its Wild Dog Project. The maiden diamond drilling programme returned multiple broad intersections, led by 58.90 metres grading 2.43 grams of gold per tonne (g/t) in hole KVH-01. The 12-hole, 1,844.8-metre programme was designed to confirm historical mineralisation, test continuity of the Kavasuki vein system and investigate historical geophysical anomalies. Other significant results included 18.10 metres at 2.08g/t in KVH-01, 38.40 metres at 2.07g/t in KVH-03 and 59.90 metres at 1.38g/t in KVH04. Higher-grade intervals included 1.20 metres at 17.93g/t and 2.20 metres at 15.78g/t.

64 PNG BUSINESS NEWS

The strongest mineralisation identified to date extends from surface to about 70 metres vertical depth, while the main Kavasuki vein continues below this horizon. The drilling refined the company’s understanding of the system and defined an elevation-controlled exploration window. Kavasuki is a structurally controlled epithermal quartz-vein system within the 15-kilometre Wild Dog corridor. Drilling confirmed historical mineralised intervals and continuity of the main vein at depth. Better grades, generally 1g/t to 2.5g/t, were concentrated in the shallow window, with narrow zones reaching about 18g/t. Deeper holes tested below the more favourable window and returned low concentrations of gold and associated pathfinder elements. The company also revised its interpretation of historical threedimensional induced polarisation

(3DIP) data. It now attributes Kavasuki’s main chargeability response to disseminated pyrite in an interbedded volcanic-siltstone sequence rather than directly to gold mineralisation. This reinterpretation will provide a new filter for ranking geophysical targets along the Wild Dog corridor. Chief operating officer and vicepresident exploration Callum Spink said the maiden programme achieved its core technical objectives. “Our maiden programme at Kavasuki delivered broad zones of shallow gold mineralisation, including 58.9 metres at 2.43g/t gold, and achieved its core technical objectives by confirming historical mineralisation, demonstrating continuity of the vein system at depth and resolving the principal source of the historical chargeability response,” Spink said. He said the results clarified where higher grades occur and how to

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ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 65

MINING

Geopacific Reports High-Grade Gold Hits at Woodlark

eopacific Resources Ltd has reported significant highgrade gold intersections from its latest drilling at the 1.98-millionounce Woodlark Gold Project in Papua New Guinea, highlighting potential resource growth and a longer mine life. The Australian-listed company said results from 29 reverse-circulation and diamond drill holes confirmed mineralisation at near-mine and regional targets including Wayai Creek, Little MacKenzie, Woodlark King, Busai Deeps and Great Northern. Drilling was completed in May, and all assays have now been received. The strongest result was 1.4 metres at 29.40 grams of gold per tonne from 257 metres at Busai Deeps, including 0.4 metres at 76.30g/t. Other notable results included 2.3 metres at 16.40g/t from 114.7 metres at Little MacKenzie; 2.7 metres at 9.34g/t from 110 metres at Great Northern; and a broad 36 metres at 1.48g/t from 60 metres at Woodlark King NW. The programme tested extensions to existing resources, evaluated emerging discoveries and refined the geological understanding needed for mine planning and development. At Wayai Creek, drilling tested the main lode’s southern extension and increased drill density for future resource updates. Results included 9 metres at 4.20g/t from 141 metres, 11 metres at 2.38g/t from 44 metres and 2 metres at 13.40g/t from 59 metres. Geopacific said the results defined a coherent zone of shallow, structurally controlled mineralisation, with several significant intersections from

< Page 64 target the system, while helping rank prospects across the broader corridor. Great Pacific Gold plans further surface work at Kavasuki, including priority trenching south of the drilled area, where higher elevations may preserve the prospective window. The company will also trench and map north towards Kavasuki Creek, including follow-up work on a known

66 PNG BUSINESS NEWS

surface to about 50 metres. This could support near-surface resource growth and strengthen confidence in the geological model. Little MacKenzie also returned broad mineralised intervals, including 7.2 metres at 3.30g/t from 97.8 metres, alongside higher-grade zones. The company said the results supported its revised geological model and indicated continuity along strike and at depth. At Woodlark King NW, the 36-metre intersection at 1.48g/t defined a broad, continuous mineralised zone and increased confidence in its geometry and grade distribution ahead of future resource updates. The results follow completion of Woodlark’s definitive feasibility study, which Geopacific said confirmed the project as a technically robust development opportunity. The study forecasts annual production of more than 100,000 ounces at all-in sustaining costs below A$2,000 an ounce. It estimates a posttax net present value of A$1.3 billion at an 8 percent discount rate, a post-tax internal rate of return of 50.6 percent and an 18-month payback period.

Woodlark’s mineral resource stands at 70.1 million tonnes grading 0.88g/t for 1.98 million ounces of contained gold. Its ore reserve totals 34.3 million tonnes at 1.09g/t for about 1.2 million ounces. Managing director Hamish Bohannan said the drilling had strengthened the company’s geological understanding of Woodlark and reinforced the project’s scale. “The latest results from drilling across Woodlark continue to strengthen our geological understanding of the project, reinforce the scale of the opportunity ahead of us and provide potential upside to the DFS,” Bohannan said. He said Geopacific was building a pipeline of near-mine and regional exploration programmes, including tests of extensions to known mineralisation beneath shallow cover in underexplored areas. The company will now complete detailed geological interpretation, review its models and continue surface geochemical sampling at selected targets. It is also assessing additional geophysical surveys to guide the next exploration phase.

3–4-metre-wide vein about 600 metres north-north-east of the drilled area that returned 4.4g/t. It also plans to drill-test the ridge between Sinivit and Kavasuki using the revised 3DIP interpretation and the newly defined elevation window. With drilling at Kavasuki complete, the company’s two diamond rigs have moved to Magiabe and Mengmut ahead of work on the Morgan and EK targets. The company also corrected

previously reported Kavasuki results after final database validation. The revised figures supersede earlier releases, but none materially changes the interpretation. Great Pacific Gold cautioned that the reported intercepts are core lengths and true widths remain unknown. Some final multielement assays are also pending, and geological interpretations may change as more data become available. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 67

MINING

Revised Hidden Valley CDA Signed, Clearing Way for Community Benefits By: ROSELYN EREHE

L-R Nakuwi Association President Kawa, Mr Boshoff, MP for Bulolo Hon Sam Basil Jr, Minister Loifa, Governor Paita, Wau-Waria MP Hon Marsh Narawec and Acting MD of MRA Mr Harry Kore.

he revised Community Development Agreement (CDA) for the Hidden Valley Mining Project has been formally signed, clearing the way for participating landowners and communities in Morobe Province to receive benefits from the gold operation. Mining Minister Solen Loifa signed the revised CDA on behalf of the State in Lae. Witnesses included Morobe Governor Rainbo Paita, Bulolo MP Sam Basil Junior, WauWaria MP Marsh Narawec, Acting Managing Director of the Mineral Resources Authority Harry Kore, representatives of Harmony Gold, the State team, project landowners and affected communities. The agreement brings together the State, mine operator, landowners, and local- and provincial-level governments under a framework for distributing development benefits from the Hidden Valley operation. The CDA parties are Nakuwi Association Inc.; the Bulolo Urban, Wau Urban, Watut Rural and Wau Rural local-level governments; the Morobe Provincial Government; the Independent State of Papua New Guinea; and Morobe Consolidated Goldfields Limited, which operates the Hidden Valley Mine under Harmony Gold.

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At the Aug. 11 ceremony, the State, Nakuwi Association Inc. and Morobe Consolidated Goldfields Limited formally signed the revised agreement. The other five parties are expected to sign once the provincial benefitsharing arrangements are agreed. The Provincial Executive Council is scheduled to consider how benefits will be divided among the relevant local-level governments and the Morobe Provincial Government.

BENEFITS AND DEVELOPMENT FOCUS Loifa said the signing was an important step towards giving CDA parties access to the agreement’s benefits. He acknowledged the efforts of the Marape-Rosso government, landowners, affected communities and the late former Morobe Governor Luther Wenge, whom he credited with helping advance the CDA. He also recognised Governor

Rainbo Paita and the Morobe Provincial Government for helping bring the revised agreement to the signing stage. The CDA provides a framework for directing Hidden Valley Mine benefits to the communities and institutions covered by the agreement. Loifa urged landowners and communities to manage the benefits responsibly and invest in initiatives that improve living standards and support sustainable development. He said all parties must take ownership of the CDA and honour their commitments. For Hidden Valley, the revised CDA strengthens the link between mining and local economic and community development, particularly in directly affected areas. It also requires participating parties to manage benefits effectively and deliver sustainable outcomes that endure beyond the life of the mine. ISSUE 3, 2026 – www.pngbusinessnews.com

Mt Kare: Exploration Licence Application Augustus has acquired ACM Contract Mining (PNG) Ltd, (ACM PNG) which holds the Exploration License Application ELA 2446 that covers the Mt Kare Project. Mt Kare is located 15km from, and is geologically analogous to, Barrick (Niugini) Limited’s Porgera gold mine (33Moz Au). Mt Kare is an alkali epithermal gold deposit, a rare class of gold deposit, that includes Porgera, Lihir (PNG) (47Moz Au), CadiaRidgeway (NSW) (>50Moz Au) & Cripple Creek (Colorado) (26Moz Au). Augustus is actively pursuing pathways to secure the licence which may include: objecting to other license applications, and/or negotiating with other applicants More than A$100m historically invested in exploration and mining studies including 454 diamond drill holes for 73,639m.

Why Mt Kare? Why PNG? Why Now? Mt Kare is one of the largest undeveloped gold assets in Australasia Chairman, Brian Rodan, has long standing relationships with local stakeholders and governmental authorities, developed over 15 years operating in Papua New Guinea. Mineral Resources Authority of PNG Expected Minimum Criteria of the Applications: tangible work programs necessary to advance the project into feasibility studies, backed by sound technical team with proven mine development record, and healthy financial standing.

Ref: Augustu s Minerals Lim ited (ASX:AUG “Music Well Go ) ASX Announ ld Project Ex cement ploration Up date” on 18.11 .24

Augustus Minerals strategy will focus on: Rapid development of an underground adit to better drill, understand and develop bonanza grade zones. Aggressive drilling program and advanced studies on structural geology and alteration geochemistry to understand and effectively target high-grade zones. Rapidly advance mineral resource studies, feasibility studies and development pathways for both high-grade underground and open pit scenarios.

Why Mt Kare? Why PNG? Why Now? Improved security situation. Improved landowner relationships. Record gold prices. Australia’s commitment to Papua New Guinea as a long-term strategic partner. Exec Chair, Brian Rodan, has strong working relationships with PNG Government and land holders in the Mt Kare developed over 15 years. Mt Kare licensing process has been held up for over 10 years but is now advancing. Warden is advancing the in-time applications

former first in time applicant being removed

AUG is second-in-line applicant with a fully valid application.

ASX Code: AUG

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admin@augustusminerals.com.au PNG BUSINESS NEWS 69

MINING

Tolu Minerals Celebrates Significant Increase in Underground Production

olu Minerals Limited (TML) has recorded a significant improvement in its underground operations following a notable increase in production under new Underground Leadership at the Tolukuma site. The improved performance reflects the continued commitment, teamwork and dedication of the underground workforce, whose efforts have contributed to significant progress across the operation. To recognize and celebrate the Underground team’s achievements, TML held a special “Rockstar BBQ” at the Tolukuma site, bringing employees together to acknowledge the hard work behind the operation’s recent performance. iPi Catering provided catering for the celebration, including a BBQ and refreshments for the Underground team. The event was well received by employees, with positive feedback on the quality of the food and the professionalism of the catering team. The Integrated Site Service

70 PNG BUSINESS NEWS

Manager commended the iPi Catering team for its contribution, particularly its effort and professionalism in supporting the workforce. “From VIP breakfast in the morning to the BBQ provided for the Underground team in the evening, the energy, effort, dedication, and professionalism shown by everyone was greatly appreciated. “The UG miners were absolutely over the moon with the spread provided for them. They were genuinely thankful and I witnessed firsthand their delight and the smiles on their faces. It was great to see how

much they appreciated the effort that had gone into making the BBQ a special occasion for them.” TML also acknowledged iPi Catering for its contribution to the event and for its continued provision of quality food, professional service and support to the Tolukuma workforce. The achievement marks an encouraging milestone for the Tolukuma operation as the team continues to focus on maintaining strong performance, teamwork, safety and operational excellence. Tolu Minerals Limited is committed to responsible mining operations and supporting the development of its people, operations and surrounding communities. iPi Catering is part of the iPi Group and provides catering and food-service solutions for corporate, industrial and remote-site operations. The business is committed to delivering quality food and reliable catering services tailored to the needs of its clients.

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MINING

K92 Mining Posts US$84.6m Q2 Profit as PNG Operations Hit Production Records

92 Mining Inc reported a 116% rise in quarterly net income to US$84.6 million after its Kainantu operation in Papua New Guinea set records for ore processing and mine development in the second quarter. Revenue for the three months ended June 30 rose 113% from a year earlier to US$205.2 million. Net income reached US$0.34 per share, while EBITDA climbed 136% to US$140.7 million. The result was driven by higher production at Kainantu, where K92 processed a record 225,965 tonnes of ore—73% more than a year earlier and 59% above the previous quarter. The operation produced 46,093 gold-equivalent ounces, including 42,931 ounces of gold, 1.78 million pounds of copper and 50,109 ounces of silver. The company also recorded 46,682 ounces of gold, 1.81 million pounds of copper and 49,004 ounces of silver in sales during the quarter. The new 1.2-million-tonne-a-year Stage 3 processing plant continued to perform well after becoming fully operational in December 2025. Quarterly gold recovery reached 93.8%, exceeding the 92.6% assumption in the updated definitive feasibility study for the ninth consecutive quarter. Processing gains were matched by record mine development. Kainantu advanced 3,326 metres during the quarter, up 35% year-onyear and 11% from the first quarter of 2026. A monthly record of 1,220 metres followed in July, lifting development above the 1,000 metres a month required for Stage 3 and the 1,200 metres needed for the planned Stage 4 expansion. Chief executive John Lewins said production should be strongest in the second half of 2026, with the fourth quarter expected to lead the year. Expansion advances in PNG K92 is also investing heavily in expanding its PNG operation. As of June 30, 98% of Stage 3 expansion growth capital had either been spent or committed, with the project remaining on budget. Several supporting infrastructure

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projects are complete or nearing completion. A second material pass became operational in June and is expected to significantly increase handling capacity at the Main Mine and Lower Kora. Phase 2 of the primary power station expansion was completed in May, increasing output from 10.7MW to 15.3MW. K92 said the facility can meet Stage 4’s total power needs while providing standby capacity during disruptions to the local hydroelectric grid. Work has also progressed beyond the mine. The Baupa Bridge was completed in April and the Kokomo Bridge in late July; the Kasese River Crossing is due in the third quarter. Together, the projects are expected to triple surface haulage payloads from 20 to 60 tonnes, shorten cycle times and support higher Stage 3 and Stage 4 throughput. K92 is also expanding its mining and haulage fleet. By quarter-end, it had added four Sandvik LH517i underground loaders in 2026, with a larger LH621i due in the fourth quarter. Four 60-tonne surface trucks have also been delivered and are expected to enter service in the third quarter; another four are due by year-end. Arakompa exploration expands Meanwhile, drilling at Arakompa continues to identify high-grade gold mineralisation near Kainantu. During the quarter, K92 reported the sixth batch of results from its

maiden surface diamond drilling programme. Results have now been reported for 100 holes, all of which intersected mineralisation. Forty intersections exceeded 5 grams per tonne gold equivalent, including 20 above 10g/t AuEq. Drilling has expanded and upgraded the near-surface AR1 highgrade zone, now defined across about 400 metres of strike and up to 300 metres vertically. It has a weighted average grade of 9.47g/t AuEq and an average true width of 4.32 metres. Drilling has also outlined a substantial near-surface bulk-tonnage zone, while sampling indicates mineralisation reaches the surface along more than two kilometres of strike. K92 is targeting a maiden mineral resource estimate for Arakompa in the second half of 2026. Exploration will continue alongside the Stage 3 and Stage 4 expansions. One new rig arrived in April and another was being commissioned, potentially increasing the drilling fleet to 16 rigs. K92 ended the quarter with US$349.4 million in cash and cash equivalents and a record net cash position of US$310 million. Lewins said the balance sheet would support both expansions and increased exploration in Papua New Guinea. K92 reiterated its 2026 production guidance, saying higher development rates, additional mining fronts, infrastructure upgrades and fleet growth should lift production in the second half. ISSUE 3, 2026 – www.pngbusinessnews.com

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MINING

Simberi Gold Mine Process Laboratory Achieves ISO/IEC 17025:2017 Accreditation

he Papua New Guinea Laboratory Accreditation Scheme (PNGLAS), the accreditation arm of the National Institute of Standards and Industrial Technology (NISIT), has awarded ISO/IEC 17025:2017 accreditation to the Simberi Gold Mine Process Laboratory. The accreditation recognises Simberi Gold Company Limited’s commitment to technical excellence and strengthens Papua New Guinea’s national quality infrastructure. The Simberi Gold Mine, part of the St Barbara Group, is one of Papua New Guinea’s major gold mining operations. Located in New Ireland Province, it is supported by the Process Laboratory that received the accreditation. The certificate was presented at NISIT headquarters in Port Moresby on Wednesday, 29 July 2026. Simberi Gold Company Limited was represented at the presentation by management representative Danielle Gunnell and senior chemists Alois Tanguri and Nathan Aputi. Presenting the certificate, NISIT Director General Joe Panga congratulated Simberi Gold Company Limited on attaining ISO/IEC 17025:2017 accreditation and commended the laboratory team for its dedication to technical excellence. “ISO/IEC 17025:2017 accreditation demonstrates that the laboratory meets internationally recognised standards and gives clients confidence in the reliability and technical competence of its testing services,” Panga said. Simberi Gold Company Limited applied for accreditation in April 2025. After a comprehensive assessment and the close-out of all findings, PNGLAS granted accreditation effective 6 July 2026. The certificate presentation formally recognised the achievement. On behalf of Simberi Gold Company Limited, Danielle Gunnell thanked NISIT and

74 PNG BUSINESS NEWS

PNGLAS for their guidance and acknowledged the laboratory team’s commitment throughout the accreditation process. “This has been a long journey for our laboratory, and today marks only the beginning. We have set a high standard for ourselves, and our next challenge is to maintain it. This achievement belongs to our entire team, particularly those who led the accreditation process. We thank PNGLAS for its continued support and willingness to assist us in the future.” Senior chemist Nathan Aputi, who led much of the accreditation work, described the process as both challenging and rewarding. “Achieving accreditation required us to build our systems while maintaining day-to-day laboratory operations. It demanded commitment, teamwork and a willingness to adopt international best practices. The process was challenging, but it strengthened our laboratory and reinforced the importance of quality, accuracy and integrity in the services we provide to our company and clients,” he said. PNGLAS Executive Manager Christopher Mosoro commended the Simberi laboratory team for meeting the international standard’s requirements. He also recognised the PNGLAS

technical team, led by Laboratory Accreditation Manager Doreen Amuki, for its support throughout the process. “Accreditation is not simply about obtaining a certificate. It requires robust management systems, demonstrated technical competence and a culture of continual improvement. Simberi Gold Company Limited has shown its commitment to quality, and we encourage other laboratories across Papua New Guinea to pursue international accreditation and help strengthen the country’s quality infrastructure,” Mosoro said. Established in 2008 to support Simberi Gold Mine’s operations, the Process Laboratory is central to mineral processing and quality assurance. Its accreditation recognises the team’s professionalism, technical competence and dedication, and confirms that the laboratory’s testing services meet internationally accepted standards. Accreditation gives stakeholders confidence that laboratory test results are accurate, reliable and internationally recognised. In Papua New Guinea’s mining sector, accredited laboratories can improve operational performance, strengthen confidence in test results and enhance international credibility. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 75

MINING

Ok Tedi Declares K450 Million Interim Dividend, Operations Continue Despite Dry Weather

k Tedi Mining Limited has declared a K450-million interim dividend for the first half of 2026, while mining and processing continue despite prolonged dry weather lowering water levels on the Fly River. The dividend will be distributed to the State and Western Province landowner interests in line with their shareholdings. Managing Director and Chief Executive Officer Kedi Ilimbit said K300 million would go to Kumul Minerals Holdings Limited on behalf of the State, reflecting its 60% shareholding. The remaining K150 million would be paid to the Mineral Resources Development Company (MRDC), which manages Ok Tedi landowner interests. “The K450 million interim dividend benefits all Ok Tedi shareholders,” Ilimbit said. “While K300 million is payable to the State, K150 million is equally payable through MRDC on behalf of the people of Western Province.” Ilimbit said the distribution highlights Ok Tedi’s continuing contribution to Papua New Guinea’s economy and delivers direct benefits to the State and Western Province.

OPERATIONS REMAIN UNINTERRUPTED The announcement comes as Ok Tedi

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manages logistics challenges caused by prolonged dry weather in Western Province. Although Fly River water levels are below normal, Ilimbit said mining and processing remain uninterrupted. The company has introduced contingency and alternative logistics arrangements to maintain supplies of fuel, consumables, equipment and other critical requirements, minimising potential disruption. It continues to monitor river conditions and adjust logistics plans as needed. “While the dry weather is presenting logistical challenges, our teams have implemented contingency measures to ensure operational continuity,” Ilimbit said. “Mining and processing operations continue, and our focus remains on safe, reliable operations while delivering value to our shareholders, communities and the country.” Ok Tedi said it remains committed to safe, responsible and sustainable operations and will provide updates as conditions change.

STATE-OWNED COPPER AND GOLD PRODUCER Ok Tedi operates an open-pit copper, gold and silver mine in the Star Mountains of Western Province and is majority state-owned. Operating for more than 40 years, it exports copper concentrate to smelters and refineries

in Japan, the Philippines, Indonesia, South Korea, India and Germany. Its operations support development in Western Province through employment, royalties, compensation payments and business opportunities. Ok Tedi is also expanding into Milne Bay Province by acquiring Gallipoli Exploration Limited, a wholly owned subsidiary of Australian miner Kingston Resources Limited, for the Misima mine. ISSUE 3, 2026 – www.pngbusinessnews.com

ISSUE 3, 2026 – www.pngbusinessnews.com

PNG BUSINESS NEWS 77

MINING

OTML, Milne Bay Stakeholders Agree to Sustain Development of Misima Project

k Tedi Mining Limited (Ok Tedi), through its wholly owned subsidiary Misima Minerals Limited (MML), has reaffirmed its commitment to working closely with government at all levels, landowners and local communities as planning and early works for the proposed Misima Project continue. Representatives from Ok Tedi, Misima Minerals Limited, the Milne Bay Provincial Government, relevant state agencies, landowner groups and other key stakeholders recently met in Alotau to discuss project progress, address stakeholder concerns and identify priorities that will help guide the parties’ focus on project development. The meeting provided an opportunity for open dialogue on project activities, including feasibility studies and environmental and social impact assessments, both of which are required for mining and environmental permits, infrastructure planning and future opportunities for local participation. Ok Tedi General Manager, Social Performance and Sustainability, Jesse Pile, said the company remains committed to ensuring stakeholders are actively engaged throughout the development process. “The Misima Project can only succeed through genuine partnership between government at all levels, landowners, mine-associated communities and the developer,” Pile said. “Meetings such as this are critical to ensuring we are listening to key stakeholders while sharing information openly to assist them in understanding the project’s status as it evolves from exploration to mining,” he said. “Meaningful partnerships are built through regular engagement and open communication. We are committed to working alongside the Provincial Government, landowners, communities and local businesses to ensure stakeholders’ perspectives continue to inform project planning and help maximise long-term benefits for Misima, Milne Bay Province and Papua New Guinea,” Pile added. General Manager of Misima Minerals Limited, Ben Burger, said

78 PNG BUSINESS NEWS

stakeholder engagement continues to play a vital role in shaping project planning and decision-making. “Stakeholder feedback remains critical as we progress feasibility studies, environmental assessments and project planning activities. The insights shared during this meeting will help inform our work as we continue to evaluate the project’s technical, environmental and social aspects,” he said. Burger also provided an update on the project’s development stages, including: • Early works, including camp and access road development; • Exploration and resource drilling activities; • Feasibility study and permitting processes; • Environmental and Social Impact Assessment (ESIA) activities and environmental permitting requirements with the Conservation and Environment Protection Authority (CEPA); and • Preparation of the Mining Lease application and approval process. Speaking on behalf of the Milne Bay Provincial Administration, Deputy Provincial Administrator, Technical and Advisory Services, Michael Viula, welcomed Ok Tedi and MML to Alotau and expressed appreciation for the continued collaboration between the Provincial Government, the project developer and landowners. “We support the company’s commitment to constructive engagement, transparency and collaboration. Working together is essential to achieving sustainable development outcomes that deliver lasting benefits for the people of Milne Bay Province,” Viula said. A leader from Narian village, Elijah Gwama, said the ongoing consultation process is important in ensuring community voices remain central to project planning, execution and

decision-making. Gwama said: “We appreciate the opportunity to engage directly with the company and government representatives. Open dialogue allows our concerns, aspirations and expectations to be heard and considered as the project moves forward. We look forward to continuing to work together to ensure positive outcomes are achieved for our communities and future generations.” The participants discussed a range of issues and opportunities associated with the project and agreed on the importance of maintaining open communication and regular engagement as studies and project work continue. The meeting forms part of Ok Tedi’s broader commitment to responsible project development and ensuring stakeholders remain informed and involved as the Misima Project advances through feasibility, permitting and development planning stages. Ok Tedi Mining Limited (OTML) is a majority state-owned entity that operates an open-pit copper, gold and silver mine located in the Star Mountains of Western Province, Papua New Guinea. It ships copper concentrate to smelters and ore refineries in Japan, the Philippines, Indonesia, South Korea, India and Germany. The company has been operating in the region for more than 40 years and has made a significant contribution to development in Western Province through direct and indirect employment, royalties, compensation payments and business opportunities. Ok Tedi is expanding its operations to Milne Bay Province through the acquisition of Gallipoli Exploration Limited, a wholly owned subsidiary of Australian mining company Kingston Resources Limited, for the Misima mine. ISSUE 3, 2026 – www.pngbusinessnews.com

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MINING

Toroama Issues Certificate for Panguna Redevelopment Works

utonomous Bougainville Government President and Mining and Petroleum Minister Ishmael Toroama has issued a certificate allowing initial technical and feasibility work to begin for the proposed redevelopment of the Panguna mine. Toroama issued the LSML-01 Preparatory Works and Feasibility Commencement Certificate to Bougainville Minerals Ltd in the presence of its approved development partner, Lloyds Panguna Metals & Energy Ltd. The certificate was issued under the special redevelopment pathway established by the Bougainville Mining (Amendment) Act 2026. It authorizes Bougainville

Minerals, through Lloyds Panguna Metals & Energy, to undertake approved preparatory works and feasibility studies for the project. The activities include technical, engineering, environmental, social and economic assessments needed to evaluate and plan the proposed redevelopment. The Autonomous Bougainville Government stressed that the certificate does not authorize mine construction or commercial production. Those stages will require separate statutory approvals and additional commencement certificates. Toroama said the issuance marked an important milestone while reaffirming the government’s

commitment to responsible resource development under Bougainville’s legal framework. “The issuance of this Commencement Certificate today marks the beginning of a new chapter for Bougainville. It ref lects our confidence in our own laws, our institutions and our ability to responsibly manage our natural resources,” Toroama said. “The redevelopment of Panguna will proceed one step at a time—guided by transparency, accountability, respect for our landowners and communities, and a shared commitment to ensuring that our mineral wealth creates lasting opportunities and prosperity for all Bougainvilleans,” he added.

Ramu Nickel Production Dips in Q2 As Sales, Prices Rise

roduction of contained nickel at the Ramu Nickel-Cobalt operation in Papua New Guinea fell 4% in the second quarter of 2026, while nickel and cobalt sales increased as prices strengthened, according to Nickel 28 Capital Corp. Ramu produced 8,234 tonnes of contained nickel in mixed hydroxide precipitate (MHP) in the three months to June 30, down from 8,564 tonnes in the same quarter of 2025. Cobalt production, however, rose to 811 tonnes from 787 tonnes. Nickel sales increased 14% to 8,967 tonnes from 7,846 tonnes, while cobalt sales rose 23% to 881 tonnes from 719 tonnes. Nickel 28 holds an 8.56% jointventure interest in Ramu, which is operated by Metallurgical Corporation of China. The company said the operation maintained strong production despite completing one of three scheduled annual high-pressure acid leaching (HPAL) train maintenance shutdowns during the quarter. For the first half of 2026, Ramu produced 17,019 tonnes of contained nickel and 1,666 tonnes of contained

80 PNG BUSINESS NEWS

cobalt, up from 15,534 tonnes and 1,435 tonnes, respectively, in the first half of 2025. Higher nickel and cobalt prices also supported the operation during the quarter. The average London Metal Exchange nickel price rose 20% year-on-year to US$8.24 a pound, while the average cobalt price increased 68% to US$25.65 a pound. However, higher sulphur prices pushed production costs higher. Costs, net of byproduct credits, rose to US$4.81 a pound of nickel produced in MHP from US$3.21 a pound a year earlier. First-half costs increased to US$3.78 a pound from US$3.39 a pound. Nickel 28 Chief Executive Officer Craig Lennon said the results demonstrated Ramu’s reliability despite the scheduled maintenance shutdown. “Ramu delivered another strong quarter of operational performance during the second quarter of 2026, with robust production and sales volumes that continue to demonstrate the reliability and consistency of the operation,” Lennon said.

He said the remaining two planned shutdowns were completed shortly after the end of the quarter, positioning the operation for a strong second half. Lennon said market conditions remained supportive, with higher nickel and cobalt prices and strong payable terms for both metals supporting operating cash f low. He identif ied sulphur as the project’s main cost pressure, citing tight global supply following disruptions that have kept prices elevated across the HPAL industry. Nickel 28 also cited Indonesian government production quotas under the RKAB system as a key factor in the global nickel market, saying future quota allocations could affect Indonesian supply and global nickel prices. Ramu’s nickel inventory stood at 1,094 tonnes as of June 30, down from 1,828 tonnes at March 31. Nickel 28 said the operating figures were preliminary and unaudited and remained subject to audit, final adjustments and potentially material changes. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 83

MINING

PNG Government Takes 13% Stake in Central Lime Project for US$16.3m

he Papua New Guinea government has acquired a 13% stake in Pacific Lime and Cement’s Central Lime Project for US$16.3 million, exercising its equity participation rights under the Project Development Agreement signed in March. Pacific Lime and Cement (ASX: PLA; PNGX: PLC) said the investment will be held through the state’s nominee, Kumul Mineral Holdings Ltd. The government and the company have executed the required Shareholders Agreement and Equity Acquisition Agreement, giving the state a 13% interest in Mayur Industrials PNG Ltd., the project’s special purpose vehicle. The stake was acquired at a discounted valuation based on the project’s base-case net present value under a negotiated sovereign participation discount. Kumul Mineral Holdings also has an option to acquire an additional 5% stake for about US$6.8 million. The option may be exercised within 180 days after operations begin, with first quicklime production targeted for the first quarter of 2027. The state also has the right to acquire up to a 30% interest in the Central Cement Project’s special purpose vehicle. That option may be exercised two months before the project’s targeted final investment decision in the fourth quarter of 2026. The project has a disclosed net present value of US$339 million, with the final valuation to be determined by an independent expert. The investment marks the PNG government’s first capital commitment under the Project Development Agreement framework, which governs the development, fiscal, equity and regulatory arrangements for the Central Lime and Central Cement projects. Pacific Lime and Cement Managing Director Paul Mulder described the investment as a milestone that strengthens government backing for the project. “The PNG Government’s

84 PNG BUSINESS NEWS

decision to invest directly in the Central Lime Project is a landmark milestone that further strengthens the sovereign and institutional foundations of what we are building,” Mulder said. He said the investment ref lected more than a decade of collaboration among the company, government and project-area landowners and would ensure the project’s economic benefits are shared directly with Papua New Guineans. Kumul Mineral Holdings Managing Director Sarimu Kanu said the project would reduce PNG’s reliance on imported quicklime from the Middle East and Asia by supplying locally manufactured products to the mining and infrastructure sectors. “We are proud to support this nation-building project and its long-term contribution to PNG’s economic growth,” Kanu said. The announcement follows the recent passage of PNG’s trade defense legislation, which establishes a framework to protect domestic industries from unfairly traded imports.

Special Adviser to the Prime Minister Isaac Lupari said the measures would help strengthen domestic manufacturing and reduce reliance on imported construction materials. Pacific Lime and Cement said it is preparing for first quicklime production while advancing work toward a final investment decision on the Central Cement Project later this year. Construction is expected to transition from the lime project to the cement project in the first half of 2027. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 85

MINING

South Pacific Metals Identifies New Copper-Gold Targets at Kili Teke

outh Pacif ic Metals Corp. has identif ied new coppergold targets outside the existing mineral resource at its Kili Teke project in Hela province, Papua New Guinea, after surface sampling returned grades of up to 12.8 percent copper, 0.30 grams of gold per tonne and 104 grams of silver per tonne. The company said results from its f irst-phase exploration program strengthened evidence of mineralization west and east of the Central Main Porphyry, which hosts a 237-million-tonne inferred resource grading 0.34 percent copper and 0.24 g/t gold, equivalent to about 4.2 million ounces of gold equivalent. The highest-grade surface sample came from an outcrop of massive sulphide along a northsouth fault contact on the western margin of the Central Porphyry. The unit has been mapped for more than 200 meters and remains open. Eight samples collected across part of a historic trench also conf irmed mineralization, averaging 0.36 percent copper and 0.72 g/t gold. South Pacif ic Metals is focusing on two areas outside the current resource—the Ieru-Yalopi zone west of the Central Main Porphyry and the Ridge Gold-Kwaki Creek area to the east. At Ieru-Yalopi, the company is investigating a large gold-in-soil anomaly, the historic Ieru trench and the newly mapped massive sulphide unit. The historic trench returned 132 meters at 0.55 percent copper and 0.6 g/t gold, including 27 meters at 0.97 percent copper and 1.25 g/t gold. At Ridge Gold, historic soil sampling returned gold values of up to 9,390 parts per billion, or 9.39 g/t, within a strong gold-insoil anomaly. The company said elevated tellurium could indicate an alkalic, Porgera-style target. A 205-sample soil grid has been completed at Kwaki Creek, while mapping has identif ied additional altered and mineralized outcrops,

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including monzonite. The company said the target area is larger than previously understood. South Pacif ic Metals exploration manager Octavio Garcia said the western and eastern targets were developing differently but were both providing useful exploration information. “On the western side we have strong outcrop exposure in the creek beds, including sulphide mineralization we can trace along strike for a couple of hundred metres,” Garcia said. He said Ridge Gold would be def ined more by soil geochemistry than surface exposure, with the company working to develop a ranked, structurally informed drilltarget inventory. South Pacif ic Metals is also assessing mineralization at depth beneath the existing Central Main Porphyry resource. Historical drilling by former operator Harmony Gold covered about 37,500 meters, with the existing resource def ined within the upper portion of the porphyry center. The company said several long and high-grade historical intersections extend below the current resource model, with some holes ending in mineralization. Historical hole KTDD022

returned 187 meters at 1.10 percent copper equivalent, including 0.62 percent copper and 0.44 g/t gold, from 501 meters. Another hole, KTD025, intersected a high-grade skarn zone running 8 meters at 13.31 percent copper and 11.75 g/t gold from 920 meters. The company said the historical results point to potential mineralization beyond the current resource model and will form part of its deeper targeting work. South Pacif ic Metals has a further 205 soil samples and 60 rock samples awaiting assay. It is also conducting geochemical analysis, structural work, mapping and interpretation, alongside planned LiDAR and airborne magnetic surveys to support drill planning. The company expects to def ine drill-ready targets in the two priority areas by the end of October 2026, ahead of a planned maiden diamond drilling program. Chief executive Timo Jauristo said the company’s f irst exploration program in almost a decade was providing evidence that Kili Teke could extend beyond the historically drilled Central Porphyry. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 87

MINING

Simberi Mining CDA Signed After Three Decades Of Delays By: ROSELYN EREHE

fter three decades of negotiations and delays, the Community Development Agreement (CDA) for the Simberi Mining Project has been signed, paving the way for implementation of commitments to the Simberi and wider Tabar Island communities. The agreement was signed Aug. 28 at the New Ireland Provincial Government Assembly in Kavieng by representatives of the State, New Ireland Provincial Government (NIPG), Sentral Niu Ailan Local Level Government (SNALLG) and Simberi Mining Area Association (SMAA). Mining Minister Solen Loifa signed for the State, while New Ireland Governor Byron Chan represented the provincial government. SNALLG President Terence Kamari signed for the local-level government, and SMAA Chairman Pius Vaket Maris signed for the Simberi mining area landowners. Simberi Gold Company Pty Ltd. (SGC) was represented by country manager Randy McMahon, but the company did not sign because of an administrative hold-up. SGC has indicated it will sign at a later date. The signing marks the latest step in a process that began with the first CDA in 1996. The agreement was reviewed in 2012 and finalized in 2013. From 2014 to 2016, statutory approvals were sought for fiscal and legal clearance, alongside preparation of the Business Development Plan and Training and Employment Plan. In 2017, the National Executive Council approved implementation through NEC Policy Decision No. 95/2017. Implementation was later delayed after the New Ireland Provincial Government sought increased benefits under arrangements including the Special Support Grant, Infrastructure Development Grant and Tax Credit Scheme. Further delays resulted from internal disputes within the SMAA, the COVID-19 pandemic and a 2023 court case concerning the association’s leadership. The signing now allows the parties to move toward implementing their commitments under the CDA, which

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provides a framework for community development and the distribution of mining benefits. Focus shifts to long-term benefits Loifa congratulated the parties for completing the agreement and urged Simberi landowners and communities to take a long-term approach to mining benefits. He said the islands’ gold resources are finite and will eventually be exhausted, making it important to invest current mining revenues in sustainable projects and businesses that can benefit future generations. Mineral Resources Authority Acting Managing Director Harry Kore reaffirmed the authority’s commitment to facilitating implementation of the CDA. Kore said the MRA would work with stakeholders, particularly landowners, to ensure benefits are delivered in accordance with the agreement. Chan said the signing was a significant achievement for Simberi landowners, who he said had missed out on benefits for about 10 years while the agreement remained unresolved. He congratulated the parties and recognized the landowners for their patience throughout the prolonged process. Landowners welcome agreement Maris described the signing as a historic achievement and the beginning of a new chapter for Simberi Island and the wider Tabar community. “Today is a proud day for the people of Simberi Island and the wider Tabar community. We are not simply signing a Community Development

Agreement—we are signing a new chapter in the history of our people,” Maris said. He said wealth generated from Simberi’s mineral resources must translate into lasting improvements for communities in the mining area. Maris acknowledged that large-scale mining had brought both opportunities and challenges, but stressed that land should not be viewed solely as an economic resource. “Land is identity, history, culture, livelihood and the foundation of the future,” he said. “Our ancestors did not inherit land to sell it away; they held it in trust for future generations. Likewise, we hold it in trust today for those who will come after us. That is why this agreement is so important,” he said. Maris said the agreement followed extensive consultations and negotiations, including difficult discussions among stakeholders, but the parties ultimately reached consensus through mutual respect and a shared commitment to progress. With the CDA signed, attention now shifts from negotiations to implementation. For Simberi and Tabar communities, the agreement is expected to provide a structured framework for development and the distribution of mining benefits while strengthening relations among the mining operation, government and landowners. It also places renewed emphasis on using finite mineral wealth to create sustainable economic opportunities that can support communities beyond the life of the Simberi mining operation. ISSUE 3, 2026 – www.pngbusinessnews.com

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MINING

Tolu Minerals Secures K95 Million Facility To Fund Tolukuma Restart

olu Minerals Ltd. has secured a K95 million (about A$30 million) debt facility from Papua New Guinean bank National Banking Corporation Ltd. (NBC), providing funding for the remaining capital works needed to restart the Tolukuma Gold Mine in Central Province. Tolu said the facility, combined with about A$50 million in cash as of June 30, 2026, leaves the company fully funded for the restart, with production targeted for the first quarter of 2027. The five-year facility carries an annual interest rate of 9.60 percent and is secured against the company’s assets. Drawdown is expected in September, subject to customary conditions, including registration of security. The funding will support major infrastructure and mine restart works, including the Major Infrastructure Project access road and incline, dewatering exploration drives, underground tailings facilities, processing plant refurbishment, power upgrades, the hydro plant and camp expansion. Tolu managing director and chief

executive Chris Muller said the financing marked a defining moment for the company, with the focus now on completing capital works, delivering an updated Mineral Resource Estimate and returning Tolukuma to production. “With the balance sheet now in place, with the existing cash balance plus the additional A$30m to complete the restart of Tolukuma, our focus is squarely on execution,” Muller said.

RESTART WORKS ADVANCE Tolu said underground development at Tolukuma recommenced on the 1560 Level during the June quarter, with early face sampling returning multiple intervals exceeding 30 grams per tonne of gold. Refurbishment of the processing plant is substantially complete, while supporting infrastructure works are continuing. The staged restart is expected to increase processing capacity to about 500 tonnes per day by the end of 2027. The company said the debt facility would fund completion of the incline access road and tunnels, processing plant and power infrastructure

refurbishment, camp upgrades and construction of the tailings facility.

RESOURCE ESTIMATE DUE Tolu expects to release an updated Mineral Resource Estimate within the next 14 days, describing it as the most comprehensive review of the Tolukuma resource undertaken to date. Independent consultants H&S Consultants are preparing the estimate, which incorporates an updated three-dimensional geological model and historical and recent drilling data. Tolu said the database includes results from its most intensive drilling program at Tolukuma to date. The updated resource is expected to underpin a new mine plan covering the Southern Expansion, Northern Expansion and Central Mine Zones. Tolu is continuing a more than 75,000-meter drilling campaign while advancing capital works and preparing for production in the first quarter of 2027. The company said the development puts it on track to transition from an explorer to a producer in the coming months.

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PNG BUSINESS NEWS

MINING

Sandvik Unveils Autonomous Electric Drill Concept for Surface Mining

andvik has unveiled a fully autonomous, battery-electric surface drilling concept designed to demonstrate its vision for the next generation of surface mining. The concept machine, known as Sami, was unveiled at Sandvik’s Future of Mining event in Tampere, Finland. It combines artificial intelligence, robotics, electrification and digital connectivity to demonstrate how mine-wide systems could improve safety and productivity. “For years, Sandvik has helped define the future of underground mining through automation, electrification and digital technologies that have fundamentally changed how mines operate,” said Patrick Murphy, president of Mining at Sandvik. “Our latest concept brings that same ambition to surface operations. By challenging conventional ways of working, we’re helping to create the next generation of safer, more productive, more reliable and increasingly autonomous mines,” he said. Built on a boom-drill platform, Sami has no operator cabin and operates fully autonomously. It carries drill bits, collar pipes and down-the-hole hammers onboard, while an integrated robotic manipulator performs bit changes, installs collar pipes and replaces hammers. The machine can measure hole depth and deviation after drilling and navigate autonomously through the mine environment. It can also identify, track and classify people, equipment and other objects, allowing it to distinguish between moving and stationary obstacles and respond accordingly. LED matrix displays communicate the machine’s operational status to nearby personnel. Sami is also connected to a continuously updated digital twin and managed through Sandi, Sandvik’s artificial intelligence agent. Sandi assigns drilling tasks and coordinates activities across the wider mining fleet, while Sami plans and executes its work cycle autonomously and adapts to nearby equipment and changing site conditions.

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Operators can interact with Sandi using natural language and intervene when human judgment is required. Sandvik said the concept was developed to explore how electrification, autonomous operation, robotic tool handling and digital integration could be combined into a single system. The company has developed similar concept platforms for underground and surface mining applications. Its AutoMine Concept Loader, introduced in 2020, was designed as a proving ground for emerging technologies before their potential integration into commercial equipment. Riku Pulli, president of Digital Mining Technologies at Sandvik, said the main innovation was the integration of the technologies into an intelligent mining ecosystem. “By combining AI, autonomy and a continuously updated digital twin,

we move from optimizing individual assets to optimizing the entire mining operation,” Pulli said. “That’s where the next step change in productivity and decision-making will come from. Sami is a concept rather than a product, but the technologies behind it are very real,” he said. Sandvik said many of the capabilities demonstrated by Sami could influence the development of future surface mining solutions. Although demonstrated on a boom-drill platform, the technologies are intended to be scalable across Sandvik’s wider surface drilling portfolio, including rotary blasthole drills. The company said the concept is intended to encourage collaboration with customers and industry stakeholders while accelerating development of future commercial solutions for surface mining. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 93

MINING

Sandvik Unveils Toro TH663i Gen2 Underground Truck

andvik has introduced the Toro TH663i I Gen2 underground truck, the latest version of its 63-metricton haulage platform, with more than 30 enhancements aimed at improving reliability, productivity, operator safety and total cost of ownership. The updated truck builds on operating experience and customer feedback from the Toro TH663i platform rather than representing a complete redesign. Performance data from underground operations indicate a 25% reduction in mean time to repair (MTTR) and a 12% increase in mean time between failures (MTBF) compared with earlier Toro TH663i models. The improvements translate to more than 170 additional operating hours per truck annually, based on reference data. “Customers are looking for predictable performance they can rely on every shift,” said Esa-Pekka Kantola, product line manager for Load and Haul at Sandvik Mining. “With Toro TH663i I Gen2, we have used years of underground operating experience to refine a proven platform and help customers

improve productivity, increase availability and control their cost per ton,” he said. The more than 30 updates cover the engine, electrical systems, powertrain, software and structural systems. Sandvik said the changes are designed to increase equipment availability and durability, improve serviceability and lower cost per ton and total cost of ownership over the truck’s operating life.

The Toro TH663i I Gen2 can be integrated with Sandvik’s digital and automation technologies, including My Sandvik Digital Services and AutoMine solutions. It is also supported by Sandvik’s global parts, service and training network. The truck will be showcased during Sandvik’s customer day in Turku as part of Future of Mining 2026, where it will be displayed and demonstrated in live operations.

Byrnecut Expands Global Fleet With Sandvik Equipment Investment

nderground mining contractor Byrnecut has ordered 20 Sandvik underground drills, loaders and trucks and five raise boring systems to support its operations across Australia, Canada, West Africa and Southern Africa. The investment includes four Sandvik DD422i development drills, four Toro LH621i loaders equipped with AutoMine, four Toro TH663i underground trucks, two Sandvik DL432i longhole drills and one Sandvik DL422i longhole drill. The orders also include four Rhino 100 mobile raise boring machines and one Rhino uphole module. The orders were booked in June 2026, with equipment deliveries continuing through June 2028. Byrnecut will deploy the equipment

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across multiple operations, supporting new and existing underground mining projects. Byrnecut managing director Pat Boniwell said the investment would strengthen the company’s fleet as it expands its global operations. “Our relationship with Sandvik has been built over many years on trust, collaboration and consistent performance,” Boniwell said. “As our business continues to grow globally, we need equipment that delivers the productivity, reliability and technology our customers expect. This investment strengthens our fleet with proven underground equipment, automation capabilities and the global support we need to deliver for our customers,” he said. Sandvik president of Mining Patrick

Murphy said Byrnecut remained a key global underground mining partner. “Byrnecut has been a trusted partner for many years, and we are proud to continue supporting its global growth through this significant fleet investment,” Murphy said. “This investment demonstrates Byrnecut’s confidence in Sandvik’s underground equipment portfolio and our ability to support customers consistently across multiple continents. Together we are focused on delivering safer, more productive and increasingly automated underground mining operations,” he said. Byrnecut will also use Sandvik’s global support network to maintain equipment availability and productivity throughout the fleet’s operating life. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 95

OIL & GAS

Santos to Raise Papua LNG Stake to 21% as Exxonmobil Takes Operatorship

antos Ltd. will increase its participating interest in the Papua LNG project to 21% after agreeing to acquire an additional 3.3% stake from TotalEnergies as part of a broader restructuring of the project’s ownership and operatorship. TotalEnergies has agreed to transfer operatorship of Papua LNG to ExxonMobil PNG Antelope Limited while partially selling its participating interest to the other joint venture partners in proportion to their existing interests. Santos said it has signed a binding agreement to acquire the additional 3.3% interest, calculated after the Papua New Guinea state’s back-in, in Petroleum Retention Licence 15 and the Papua LNG project for approximately US$189 million. The transaction remains subject to regulatory approvals and Papua LNG reaching a final investment decision (FID), currently targeted for the fourth quarter of 2026. If completed, the acquisition will be effective from Jan. 1, 2026. Santos expects the additional interest to increase its equity LNG production from Papua LNG by about 19% to approximately 1.2 million tonnes per annum.

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The company said the acquisition is consistent with its strategy of disciplined growth around existing infrastructure and greater exposure to Asian LNG demand.

EXXONMOBIL TO OPERATE PAPUA LNG The proposed transfer would give ExxonMobil operatorship of Papua LNG while it continues to operate the existing PNG LNG project. Santos said the arrangement could generate operational synergies and strengthen project execution. Santos managing director and CEO Kevin Gallagher said the transaction would better align the company’s interests across PNG LNG and Papua LNG ahead of the planned FID. “The Papua LNG project is a world-class development, strategically positioned to supply premium Asian markets and offering multiple value streams for Santos,” Gallagher said. “ExxonMobil brings a proven track record of project delivery and reliable operations in Papua New Guinea, including PNG LNG, and is expected to realise significant synergies by operating both the upstream and midstream project scopes,” he said.

Gallagher said Santos was prepared to increase its investment in Papua LNG because of the project’s expected long-term production profile. “Papua LNG is a world-class project and this is the right time to increase our position,” he said. Santos said the proposed changes to ownership and operatorship would improve alignment among the Papua LNG and PNG LNG joint venture participants.

FID REMAINS KEY MILESTONE Completion of Santos’ acquisition remains conditional on regulatory approvals and Papua LNG reaching FID. Santos said it would provide an update at FID on the project’s cost, schedule and economics. The transaction comes as Papua LNG moves toward its targeted FID in the fourth quarter of 2026, a key milestone for the proposed development and its future LNG production capacity in Papua New Guinea. Santos also acknowledged TotalEnergies for its work advancing Papua LNG over the past decade and said the project remains on track for FID later this year. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 97

OIL & GAS

Santos Names First All-PNG Leadership Team at Kumul Marine Terminal

antos has appointed Jackson Jim and Willie Mapal as team leaders at the Kumul Marine Terminal (KMT), marking the first time the Papua New Guinea facility has been led entirely by PNG nationals. Jim will serve as team leader, working back-to-back with Mapal. Santos said the appointments ref lect decades of investment in developing its Papua New Guinean workforce and leadership. Located in the Gulf of Papua, KMT is the primary offshore export terminal for PNG’s crude oil production. It began export operations in 1992 and has since supported the country’s petroleum industry through oil exports. Santos PNG vice president for PNG Operations Rhys Ward said the appointments demonstrated the capability of the company’s national workforce. “The appointment of Jackson and Willie to lead the Kumul Marine Terminal is a proud achievement for Santos and Papua New Guinea. It ref lects the dedication, professionalism and capability of our national workforce and demonstrates what can be achieved through longterm investment in people and leadership development,” Ward said. “KMT is a critical asset within our operations. Seeing it fully led by Papua New Guinean nationals is a testament to the depth of talent within our workforce and our commitment to building sustainable careers for Papua New Guineans,” he said. Santos Country Chair PNG Leon Buskens said the milestone ref lected the company’s long-standing focus on developing PNG talent and leadership. “The Kumul Marine Terminal has been a cornerstone of Papua New Guinea’s oil export industry for many years, and seeing it now fully led by Papua New Guinean nationals is a significant and proud achievement,” Buskens said. Jim joined Santos as an apprentice in 2007 and said he hoped the achievement would encourage more

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Papua New Guineans to pursue careers in the petroleum industry. “I started with the company as an apprentice in 2007, so this is a proud moment for me personally. As PNG’s petroleum industry continues to grow, I hope this achievement encourages more Papua New Guineans to see the opportunities available and pursue careers in the sector,” Jim said. As team leader, Jim will oversee the safe and efficient operation of the terminal and support workforce development. Together with Mapal,

he will continue to oversee KMT’s operations and safety performance. Mapal joined the company in 2002 as a platform operator trainee. KMT loaded its first export cargo, consisting of 650,000 barrels of oil, onto the Ten-ei Maru tanker on June 27, 1992. As of Aug. 31, 2026, the terminal had completed 1,064 loadings and exported approximately 664.8 million barrels of oil. Santos said some KMT crew members have worked at the facility for more than 20 years. ISSUE 3, 2026 – www.pngbusinessnews.com

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OIL & GAS

KPHL Boosts State Protections in Papua LNG Marketing Deal

umul Petroleum Holdings Ltd. has secured stronger governance and economic protections for Papua New Guinea through an amended agreement with TotalEnergies on the joint marketing of LNG and gas from the Papua LNG project. The amended Shareholders Agreement covers Lakatoi Marketing Pte Ltd., the Singaporeregistered entity responsible for marketing the project’s equity LNG and gas volumes. According to KPHL, the agreement aligns governance with the combined 52.94% majority interest held by KPHL and Mineral Resources Development Co. in Lakatoi Marketing. Reserved matters, including pricing, will require unanimous shareholder consent, while stronger safeguards will limit potential exposures. KPHL said the structure supports Papua New Guinea’s compliance with its negative pledge obligations to the World Bank and International Bank for Reconstruction and Development, while maintaining balanced commercial participation among shareholders. It also preserves KPHL’s decision-making rights and protects the state’s commercial interests. The agreement provides for Lakatoi Marketing’s general manager to rotate every four years and for KPHL personnel to be seconded to key roles. KPHL said these measures will accelerate the transfer of LNG marketing expertise to Papua New Guinean personnel and build its long-term institutional capability. “This outcome protects the State’s financial and contractual interests and strengthens Papua New Guinea’s participation in LNG marketing by ensuring governance arrangements ref lect the State parties’ majority interest,” KPHL Chairman Ambassador Isaac B. Lupari CBE, GCL, said. KPHL credited TotalEnergies— particularly Asia-Pacific Senior Vice President Mansur Zhakupov

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and the company’s business teams— for constructive engagement that led to what it called a balanced, mutually acceptable agreement. It also acknowledged Prime Minister James Marape GCL MP and Minister for State-Owned Enterprises William Duma LLM MP for their leadership and support.

The amended agreement marks another step toward the project’s Final Investment Decision, targeted for the end of November 2026. Developed by TotalEnergies and its partners in Papua New Guinea, Papua LNG is expected to contribute significantly to the country’s future LNG production and export capacity. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG BUSINESS NEWS 101

OIL & GAS

Revised Papua LNG Deal Sets December FID Deadline By: ROSELYN EREHE

apua New Guinea has signed a revised Papua LNG Project Agreement aimed at improving the project’s commercial viability while protecting the State’s long-term fiscal interests, with a firm deadline for a Final Investment Decision (FID) by Dec. 15, 2026. Petroleum Minister Jimmy Maladina said the revised agreement follows negotiations between the government and Papua LNG participants and provides temporary fiscal support to address weaker market conditions without permanently reducing the State’s overall fiscal take. “This is a balanced transaction, not a giveaway,” Maladina said. “The arrangement recognises the commercial realities facing a project of this scale while ensuring Papua New Guinea retains appropriate protection and participates in the upside when market conditions are stronger.” The fiscal mechanism is temporary, reciprocal and capped, with safeguards to protect government revenues. Royalty and development levy payments to landowners, provincial governments and local-level governments will remain protected. The agreement also gives a State nominee an option to acquire an

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additional 2.5% interest in Papua LNG, on top of the State’s existing entitlement under Section 165 of the Oil and Gas Act. Associated PNG LNG arrangements will provide an improved wellheadvalue basis for calculating royalty and development levy payments, potentially strengthening revenues for the government and project-area stakeholders. The package also provides cheaper gas for domestic power generation and free gas to produce up to one megawatt of discounted electricity for landowner communities in and around Caution Bay. Maladina said the government’s objective was to establish a commercially viable path to development while maintaining safeguards for the State. “Papua LNG represents a major investment in Papua New Guinea. It has the potential to generate employment, business opportunities, infrastructure investment and substantial future government revenue,” he said. The project is expected to create opportunities for local businesses in construction, logistics, transport, accommodation, catering, engineering, security and other support services.

FID DEADLINE The revised arrangements are conditional on Papua LNG securing an affirmative FID by Dec. 15, 2026. Maladina described the date as a “drop-dead deadline,” saying the negotiated fiscal arrangements are intended to secure a firm investment commitment rather than provide an open-ended concession. “The State has provided this negotiated pathway for one clear purpose: to secure a firm investment commitment and move Papua LNG into development,” he said. The signing shifts attention to the project participants and the remaining work needed to reach FID. If approved, the decision would mark a major step toward construction and development of another large-scale gas investment in PNG, with potential benefits for government revenues, employment, local contracting and infrastructure spending. The government’s immediate priority is to convert the revised agreement into a firm investment decision by the December deadline while ensuring the State and affected communities retain an appropriate share of the project’s long-term economic benefits. ISSUE 3, 2026 – www.pngbusinessnews.com

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OIL & GAS

Pasca A Gas Project National Content Plan Approved, Opening Opportunities for PNG Businesses By: ROSELYN EREHE

apua New Guinea’s petroleum sector has taken another step toward expanding local participation in the country’s gas industry, with Petroleum Minister Jimmy Maladina approving the National Content Plan (NCP) for the Pasca A Gas Project. Maladina approved the plan following a technical review and compliance assessment by the National Petroleum Authority (NPA). Submitted by project operator Twinza Oil (PNG) Ltd., the NCP was approved under Section 129 of the Oil and Gas Act 1998. The approval establishes a framework to increase opportunities for Papua New Guinean workers, locally owned companies and communities to participate in the project’s development and future operations. Maladina said the plan would support education, training, skills development and employment while increasing the participation of PNG-owned businesses in the supply and procurement of goods and services. “This approval gives effect to the objectives and principles of the Petroleum Sector National Content Policy 2023 and is intended to ensure that the development and implementation of the Pasca A Gas Project delivers meaningful and sustainable national benefits to Papua New Guinea,” he said.

OPPORTUNITIES FOR LOCAL BUSINESSES The approved NCP provides opportunities for Papua New Guinean citizens and locally owned companies to provide professional and technical services, including legal, accounting, financial and payroll services. The plan also provides for targeted investment in health care, education, critical infrastructure, research and development, and

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technology. For local businesses, implementation of the plan could create opportunities to build capacity, develop supply-chain relationships and compete for contracts throughout the project’s development phases. Maladina said implementation would promote the progressive development of national content throughout the relevant licence and project phases, with the aim of extending the economic benefits of resource development into the wider domestic economy. The government expects Gulf Province communities and Papua New Guineans more broadly to benefit from Pasca A alongside other major gas developments, including Papua LNG.

QUARTERLY MONITORING DURING CONSTRUCTION The approval includes regulatory conditions requiring Twinza to monitor and report on its implementation of the NCP. During construction, the company must submit quarterly

status and implementation reports through the Petroleum Sector National Content Office to the NPA. During production, it will submit annual reports. The reports will allow the NPA to assess progress against the commitments, targets, programs and outcomes in the approved plan. Twinza must also maintain complete records of NCP implementation and facilitate monitoring, verification, audits and compliance reviews by the NPA. The company is required to provide information and reasonable assistance needed to verify compliance. The approval remains subject to ongoing regulatory monitoring and compliance with the NCP, the Oil and Gas Act 1998 and applicable petroleum-sector policies. For PNG’s private sector, the effectiveness of the plan will ultimately depend on how successfully local companies access procurement opportunities, develop the required capabilities and participate throughout the Pasca A project lifecycle. ISSUE 3, 2026 – www.pngbusinessnews.com

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OIL & GAS

PNG Welcomes Offshore Oil & Gas Exploration Campaign

apua New Guinea has welcomed the start of a major offshore oil and gas exploration campaign near Kupiano in Central Province, with Prime Minister James Marape saying the investment ref lects international confidence in the country’s energy sector. The campaign, led by TotalEnergies and partner Petronas, involves the drilling vessel Viking and is expected to attract US$100 million to US$200 million in investment. Petroleum Minister Jimmy Maladina represented the government aboard the Viking as project partners and stakeholders marked the start of drilling operations. Marape said the campaign demonstrated PNG’s continued appeal to global energy investors and underscored the importance of exploration to sustaining the country’s petroleum industry. “The presence of the Viking offshore near Kupiano is a strong

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signal of confidence in Papua New Guinea’s resource potential,” he said. Marape said exploration was the foundation of the resource sector, creating opportunities for new discoveries, future projects, employment and government revenue. He said that while major developments such as Papua LNG and the P’nyang Gas Project remained priorities, continued exploration was needed to support the long-term growth of the

petroleum industry. Marape also stressed the need for a stable and competitive investment environment to attract capital for high-risk projects. “Deep-water exploration requires substantial investment, advanced technology and confidence in the future of our country,” he said. The government will continue working with industry partners to promote responsible resource development and encourage further exploration and investment across PNG.

ISSUE 3, 2026 – www.pngbusinessnews.com

Celebrating 10 Years of Biodiversity Partnership in the PNG LNG Project

Dendrobium cuthbertsonii a high elevation orchid in Hides, Hela Province

On World Biodiversity Day, we’re proud to celebrate a decade of biodiversity partnership through the PNG LNG Project. Over the past ten years, ExxonMobil PNG has implemented one of Papua New Guinea’s most comprehensive Biodiversity Conservation and Monitoring programs. Delivered through long-term partnerships with government agencies, conservation NGOs, universities, research institutions, and local communities, the program has made a significant contribution to biodiversity science, conservation outcomes, and National Protected Area objectives Through this work, we’ve expanded knowledge of priority species and ecosystems within the PNG LNG Upstream Project Area – including the discovery and documentation of species. The program identified over 20 new species and provided new data to the International Union of Conservation Network (IUCN) regarding PNG’s mammal and bird populations. The program also represents one of the country’s most sustained conservation-focused community engagement and capacitybuilding efforts, directly supporting the Government’s vision to protect habitats, species, and Papua New Guinea’s unique environmental and cultural heritage. In 2023 - 11 conservation deeds were signed by 100 clans in the lower Kikori area – the largest ever such initiative in PNG – demonstrating a strong, collaborative approach that integrates science and community participation with regulatory efforts. To learn more, visit pnglng.com to explore a decade of social and environmental reports, along with biodiversity monitoring study publications that showcase this incredible work.

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TOURISM

PNG Tourism Generates US$244m in 2025 Despite Lower Visitor Spending

apua New Guinea’s tourism sector contributed an estimated US$244 million (K1 billion) to the economy in 2025 as international visitor arrivals continued to recover, although average spending per traveller declined, according to the latest International Visitor Survey. The survey, released by the Pacific Tourism Organisation (SPTO) and the Papua New Guinea Tourism Promotion Authority (PNGTPA), found international visitor arrivals rose to 103,881 in 2025 from 100,223 a year earlier, supported by targeted marketing campaigns, improved air connectivity and government initiatives to strengthen tourism. The annual survey analyzed 4,827 responses from 5,139 questionnaires collected, representing about 7 percent of total visitors and a 19-percent response rate. The report found that 41 percent of respondents were first-time visitors, while the average household income of travellers ranged from US$80,000 to US$99,999.

Natural attractions, cultural diversity, business opportunities, visits to family and friends, and the country’s World War II heritage were among the main reasons visitors travelled to Papua New Guinea. Average spending per visitor was US$2,352 per trip, including US$2,087 in prepaid expenditure and US$995 spent within Papua New Guinea. About 65 percent of prepaid spending, equivalent to US$1,356 per visitor, flowed directly into the local economy. Despite the increase in arrivals, average visitor spending declined from 2024 as travellers stayed for shorter periods, averaging 10 nights, while the visitor mix shifted toward lowerspending segments. The report said the trend reflected changing travel behavior but also highlighted opportunities to increase tourism value through higheryield markets and improved visitor experiences. Visitor satisfaction remained high, with an overall rating of four out of

five. About 92 percent of respondents said they would return to Papua New Guinea, while 88 percent said they would recommend the country as a travel destination. Visitors identified the friendliness of local communities, the country’s natural beauty and its rich cultural heritage as among Papua New Guinea’s strongest attractions. They also cited safety and security, infrastructure, air transport reliability and travel costs as areas requiring further improvement. PNGTPA chief executive Eric Mossman Uvovo said the survey provides evidence to help refine tourism marketing strategies, strengthen partnerships and improve tourism products and services. “The International Visitor Survey provides critical insights into the motivations, behaviours and experiences of our visitors,” Uvovo said. SPTO chief executive Christopher Cocker said the findings would support evidence-based tourism

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TOURISM

PNGTPA Partnership to Revive Port Moresby Ferry, Open New Marine Tourism Opportunities By: ROSELYN EREHE

he Papua New Guinea Tourism Promotion Authority (PNGTPA) is moving to revive a dormant ferry in Port Moresby Harbour as part of efforts to expand marine tourism, develop new tourism products and unlock greater economic value from the capital’s coastline. PNGTPA has partnered with Happy Soles Ltd. and Marine Contract Management to operate and manage the vessel, which has been out of service for some time. The partnership was formally signed on Aug. 6, with the three organizations expected to work together to return the vessel to safe and professional operation. For PNG’s tourism industry, the initiative provides an opportunity to diversify the visitor experience beyond traditional land-based attractions while increasing privatesector participation in marine tourism. PNGTPA Chief Executive Officer Eric Mossman Uvovo said returning the vessel to service was an important step in making better use of tourism assets and developing new opportunities for the industry. “This boat has been sitting idle for some time, and today marks the beginning of a new chapter. Our goal is to get it back on the water as quickly and safely as possible so it can support PNGTPA’s work in promoting Papua New Guinea and creating more tourism opportunities,” Uvovo said.

NEW MARINE TOURISM PRODUCTS The vessel will initially be used for tourism promotion activities, official engagements and sightseeing around Port Moresby. It is also expected to provide a platform for developing commercial marine tourism products. Potential offerings include island cruises, private functions, family celebrations and sightseeing experiences, creating opportunities for local businesses to provide supporting services. Happy Soles Managing Director

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Yiannis Nicolaou said the company plans to upgrade the vessel with more comfortable seating and modern features while developing experiences that complement existing marine services in Port Moresby. “We want to give visitors something different by creating enjoyable experiences on the water,” Nicolaou said. The planned upgrades and operation of the vessel could generate business opportunities in hospitality, catering, events, transportation, maintenance and other tourism-related services. Marine Contract Management Managing Director Capt. Matthew Dieni said his company would focus on vessel maintenance, safety and professional operations. “It is an honor to partner with PNGTPA on this important project. My team and I are committed to ensuring the boat is well maintained, safely operated and ready to deliver quality services,” Dieni said.

EXPANDING MARINE TOURISM INFRASTRUCTURE The partnership forms part of PNGTPA’s broader effort to strengthen the country’s marine tourism infrastructure, including the development of jetties and waterfront facilities. Uvovo said Port Moresby would provide a starting point, with the potential to replicate similar initiatives in other coastal provinces and destinations. Papua New Guinea’s extensive coastline, islands and marine environment provide significant potential for marine tourism, but developing that potential requires

investment in infrastructure, transportation links, tourism facilities and professionally operated visitor experiences. For the tourism sector, expanding marine-based products could increase visitor spending and encourage longer stays by giving tourists additional activities while in the country. It could also create opportunities for local communities and small businesses to participate in the tourism supply chain as marine tourism products expand. PNGTPA said it would continue working with industry partners to unlock the potential of the country’s coastline and coastal attractions, with the broader objective of positioning Papua New Guinea as a destination offering authentic and memorable experiences. The return of the Port Moresby ferry therefore represents more than the reactivation of an idle tourism asset. It provides a potential platform for developing a new segment of PNG’s tourism economy, with longer-term opportunities to expand marine tourism services beyond the capital to other coastal destinations across the country. < Page 108 planning in Papua New Guinea while contributing to broader efforts to strengthen sustainable tourism development across the Pacific. Papua New Guinea is one of 10 Pacific island countries participating in the Pacific Tourism Data Initiative, funded by the New Zealand government to provide tourism data supporting policymaking and industry development across the region. ISSUE 3, 2026 – www.pngbusinessnews.com

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FINANCE

Nasfund CEO Rajeev Sharma Receives King’s Medal for 25 Years of Service in PNG Governor-General Grand Chief Sir Bob Dadae (center) with Mrs Shobhana Sharma (far right) and Nasfund CEO Rajeev Sharma at Government House in Port Moresby. Nasfund CEO Rajeev Sharma with members of the fund’s executive management team at Nasfund headquarters in Port Moresby.

ational Superannuation Fund (Nasfund) chief executive officer Rajeev Sharma has received the 50th Anniversary King’s Medal, recognising his 25 years of service in finance, accounting and corporate leadership in Papua New Guinea. Governor-General Grand Chief Sir Bob Dadae presented the medal on behalf of King Charles III at Government House in Port Moresby. At the ceremony, Sir Bob acknowledged Sharma’s contribution to Papua New Guinea, including his work to advance retirement security and strengthen confidence in the country’s superannuation industry. Sharma said he was honoured by the recognition and dedicated the award to his family and Nasfund staff. “I want to thank the people of Papua New Guinea for accepting us. I am very honoured and humbled to receive this award on behalf of my wife and children,” Sharma said. “This award is not only for me but for all the Nasfund staff who work tirelessly with me. I really appreciate this.” King Charles III approved the commemorative medal as part of Papua New Guinea’s 50th Independence Anniversary

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celebrations. It recognises Papua New Guineans and others who have contributed significantly to the country’s development over the past five decades.

NASFUND LEADERSHIP Nasfund chairman Christopher Elphick congratulated Sharma, calling the presentation a proud moment for the fund. “It is a proud moment for Nasfund to see our CEO receive such a distinguished national honour through the GovernorGeneral, His Excellency Grand Chief Sir Bob Dadae, on behalf of His Majesty King Charles III,” Elphick said. Elphick said Sharma had strengthened Papua New Guinea’s superannuation sector by promoting

sound governance and delivering long-term value for Nasfund members. “Rajeev’s commitment to strengthening Papua New Guinea’s superannuation sector, promoting sound governance, and delivering long-term value for our members has made a lasting impact,” he said. Elphick said the award reflected Sharma’s professional achievements and dedication to serving Papua New Guinea and the wider Pacific region. He added that Sharma’s leadership had helped establish Nasfund as one of Papua New Guinea’s most respected and trusted financial institutions. On behalf of the Nasfund board, management and staff, Elphick thanked Sharma for his leadership, dedication and service. ISSUE 3, 2026 – www.pngbusinessnews.com

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FINANCE

Sovereign Wealth Fund Key to PNG’s Economic Independence By: ROSELYN EREHE

he operationalization of Papua New Guinea’s long-awaited Sovereign Wealth Fund (SWF) could transform the country’s economic future by converting finite resource wealth into lasting national prosperity, according to SWF Chief Technical Adviser Ian Tarutia. Speaking during Session 3A, “Resource Revenue and Local Value,” at APEC Haus in Port Moresby on July 13 as part of PNG Resources Week 2026, Tarutia said establishing the SWF was one of the country’s most significant economic reforms and central to the government’s Reset at 50 agenda. “The operationalization of the Sovereign Wealth Fund (SWF) is the game-changer PNG needs. It is not just a financial tool; it is our bridge to long-term economic independence,” Tarutia said. He likened the SWF to a national superannuation fund, saying PNG should invest part of its resource revenues to benefit future generations. “The Sovereign Wealth Fund is the superannuation fund for the country,” he said. “It is the fund that collects wealth generated from our mining, petroleum and other natural resources. We must save some of that wealth to support our current socio-economic aspirations, but more importantly, save

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for our children, grandchildren and future generations.” Tarutia said PNG has abundant natural resources but has yet to fully convert those assets into long-term national wealth. He said the SWF would promote a culture of saving, reduce reliance on government borrowing and create an investment vehicle capable of generating sustainable returns for decades. Drawing on his experience in the superannuation industry, Tarutia said PNG’s retirement savings funds demonstrate how sound governance, transparency and merit-based management can protect and grow public wealth. He said the same principles would underpin the SWF. “Good governance, transparency, accountability and commercial decision-making have made our superannuation industry successful. Those are the same foundations we are embedding into the Sovereign Wealth Fund,” he said. PNG already has legislation governing the SWF, but the fund has never been operationalized despite the Organic Law being enacted in 2012 and amended in 2015. Tarutia said the government established a Technical Working Committee in October 2025 to

determine why implementation had stalled and recommend practical amendments to make the fund operational. Rather than rewriting the legislation, the committee focused on implementation barriers and targeted reforms. One key finding was that the original funding mechanism was impractical because it required 50 percent of mining and petroleum tax revenues to be transferred to the fund, significantly reducing revenue available to finance the national budget. The committee recommended reducing the contribution to a minimum of 5 percent, with the option to increase it to 10 percent during periods of stronger commodity prices. The review also recommends broadening the fund’s revenue base to include dividends from state-owned enterprises, equity interests in new resource projects and proceeds from future government asset sales. Under the proposed framework, the SWF would retain two core components—the Stabilisation Fund, which would support government finances during revenue shortfalls, and the Savings Fund, which would preserve wealth for future generations.

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FINANCE

< Page 114 Unlike the existing legislation, which requires the Stabilisation Fund to reach a specified size before transfers are made to the Savings Fund, the committee proposes that both funds grow simultaneously. Under the proposal, 80 percent of deposits would remain in the Stabilisation Fund, while 20 percent would automatically flow into the Savings Fund. Tarutia said the reforms would also strengthen governance by adopting the internationally recognized Santiago Principles, which set global standards for sovereign wealth fund management. The proposed amendments include stronger transparency requirements, independent board appointments, enhanced public reporting and measures to minimize political interference in investment decisions. Every investment decision and board action would be publicly disclosed within defined reporting timeframes, he said, reinforcing accountability and public confidence. The committee also maintained the principle that the fund’s investments should primarily be made offshore to

maximize diversification and returns, while allowing carefully assessed domestic investments that meet strict commercial and governance requirements. Tarutia said PNG had studied successful sovereign wealth funds around the world through engagement with the International Forum of Sovereign Wealth Funds and visits to countries in the Middle East. Recalling a visit to Oman, he said prudent management of oil revenues had significantly improved living standards. “They have the same oil and gas resources. The difference is they invested that wealth back into improving the quality of life of their people,” he said. “That is what we should be thinking about when we establish our Sovereign Wealth Fund. We save today, invest wisely, and the returns should improve the quality of life for Papua New Guineans.” Tarutia said the committee found that political commitment had not been the primary obstacle to implementation. Instead, structural flaws in the existing legislation had prevented the fund from becoming operational.

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He welcomed the government’s renewed commitment under the Reset at 50 agenda, noting that the minister responsible for the SWF, Joseph Lelang, had committed to operationalizing the fund before the 2027 National General Election. Lelang has also indicated that further amendments to the Organic Law will be introduced to make the framework robust, practical and capable of delivering benefits for current and future generations. Tarutia said establishing the SWF would mark an important milestone in PNG’s economic development by ensuring that revenues from today’s resource projects continue to generate wealth after those resources have been depleted. “This is about preserving our resource wealth for future generations. It is about creating lasting economic resilience and ensuring PNG benefits not only today, but for many decades to come,” he said. I tightened the repetition, particularly around the SWF’s purpose, governance and implementation history, while retaining the key policy details and quotes.

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FINANCE

TISA Chief Urges Finance Sector to Tap K15-Billion Informal Economy By: ROSELYN EREHE

apua New Guinea’s financial sector must bring an estimated K15 billion circulating outside the formal banking system into the economy to help the country fully capitalize on its growing resources and energy industries, TISA Group chief executive Michael O. Koisen said. Speaking during Day Three, Session 11A: Finance in Resources & Energy (FIRE) at PNG Resources Week 2026 on July 15 at APEC Haus in Port Moresby, Koisen said finance must become the engine that transforms temporary resource revenues into long-term and inclusive economic development. He said PNG’s expanding energy and mining sectors present significant opportunities, but financial institutions must evolve to ensure more Papua New Guineans benefit from major resource projects. Koisen said global investment trends are increasingly shaped by environmental, social and governance standards, with international lenders and investors assessing projects on both financial returns and sustainability outcomes. He said green development should be treated as a competitive advantage rather than a compliance burden, as projects incorporating climate resilience, community development and clean energy transition pathways are more likely to attract international financing. He also highlighted growing international expectations for greater localization in the resources sector, saying the traditional model of raising capital offshore, extracting resources and sending revenues overseas was being replaced by stronger requirements for local participation. Governments, investors and markets now expect landowners, local contractors and small and mediumsized enterprises to play a greater role throughout the resource supply chain, he said. While major multinational resource companies have relatively easy access to international financing, PNG’s biggest financing challenge lies with domestic businesses supporting largescale developments.

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“The true commercial bottleneck in PNG lies in access to capital for the domestic supply chain,” Koisen said. He said investment opportunities extend beyond extracting gas, gold and other minerals, with potential in downstream industries such as infrastructure, logistics, marine transport, heavy equipment leasing, engineering services and catering. However, many locally owned businesses struggle to fulfill supply contracts because they cannot secure flexible working capital, trade finance or invoice discounting from financial institutions. Koisen urged commercial banks to modernize lending through more flexible financing models and digital credit assessment systems that would enable local companies to participate more meaningfully in major resource developments. “PNG businesses should become active participants in resource projects rather than spectators in their own country,” he said. To help avoid the so-called resource curse, Koisen identified three priorities for converting finite resource wealth into sustainable national prosperity. Foremost, he said, is capturing the estimated K15 billion currently circulating outside the formal financial system. When royalties and wages from resource projects are paid to landowners, much of the money quickly flows into the informal economy, limiting its contribution to broader economic growth. Koisen proposed expanding digital financial infrastructure through lowbandwidth USSD platforms, mobile wallets and agency banking networks to connect rural communities with formal banking services. Such systems would allow landowners to save, invest and grow their wealth while increasing the economic multiplier effect across the country, he said. He also advocated integrating banking and insurance services into financial products tailored to businesses operating in the resources sector. Combining commercial lending

with insurance would reduce risks for local contractors by protecting assets operating in high-risk resource environments, while improving business sustainability and reducing loan default risks. Recognizing that mineral and petroleum projects have finite lifespans, Koisen said finance must ultimately redirect today’s resource income into sectors capable of supporting future generations. He urged greater investment in climate-resilient agriculture, renewable and sustainable energy, and digital education to build a more diversified economy beyond extractive industries. “As we look ahead through 2026 and beyond, the mobilisation of finance for resources and energy development cannot simply be about fuelling extraction. It must be about fuelling transformation,” Koisen said. “It is about ensuring that every project approved, every well drilled, and every ounce of gold mined directly translates into a stronger local SME, a more secure family bank account and a highly resilient green economy.” ISSUE 3, 2026 – www.pngbusinessnews.com

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FINANCE

TISA Insurance Wins Four Honors At 2026 Insurance Asia Awards

ISA Insurance Group won four awards at the 2026 Insurance Asia Awards, recognizing its operations in Papua New Guinea and Fiji and marking its second consecutive year of success at the regional awards program. The latest recognition brings the group’s total to six Insurance Asia Awards over the past two years as it expands its operations across the Pacific. TISA Insurance Papua New Guinea received the Domestic General Insurance Company of the Year and Strategic Partnership Initiative of the Year awards, while TISA Insurance Fiji was named International General Insurance Company of the Year and won the Bancassurance Initiative of the Year award. The Insurance Asia Awards recognize insurers for excellence, innovation and customer service across the region. TISA Group said the awards validate its strategy of integrating banking and insurance services under a single Pacific brand, offering customers savings, lending, investment and insurance solutions. TISA and TISA Insurance

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Group chairman Michael O. Koisen accepted the awards on behalf of the group during the ceremony. He was joined by TISA Group chairman Peter Mason, TISA Insurance Group chief executive Jeremy Norton, and TISA Insurance Fiji and Tonga chief executive David Ariff Chan. Koisen said the awards recognized the contributions of employees across the group’s operations in Papua New Guinea, Fiji, Solomon Islands, Tonga and Vanuatu. “These achievements belong to our people across Papua New Guinea, Fiji, Solomon

Islands, Tonga and Vanuatu. This recognition reinforces our commitment to serving our communities, customers, members, partners and regulators whose trust we work to earn every day,” he said. Koisen also congratulated TISA Insurance’s management and staff, saying the awards ref lected the company’s commitment to delivering value to customers across the Pacific. TISA has evolved from serving Papua New Guinean workers into a diversified financial services group operating in five Pacific countries, offering banking, insurance and other financial services. ISSUE 3, 2026 – www.pngbusinessnews.com

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FINANCE

Westpac: PNG Economy Enters Second Half Stronger, But Reforms Remain Critical

apua New Guinea’s economy has entered the second half of 2026 in a stronger position than expected at the start of the year, supported by elevated commodity prices, increased resource-sector activity and continued economic reforms, according to Westpac’s latest WAILIS PNG Economic Update and Outlook. The report said the macroeconomic outlook remained encouraging, with higher export earnings, stronger activity across mineral and non-mineral sectors and continued government infrastructure spending under the Connect PNG program supporting growth. Westpac Pacif ic senior economist Shamal Chand said the challenge was ensuring stronger economic activity translated into broader benef its for households and communities.

“PNG is benef iting from stronger commodity prices, improved resource-sector activity and IMF-backed reforms,” Chand said. “The bigger task now is making sure growth supports livelihoods, service delivery and broader economic resilience.” The report said the Bank of Papua New Guinea maintained the Kina Facility Rate at 5 percent during the period, while the kina continued to depreciate under the central bank’s crawl-like exchange rate regime. Year to date in 2026, the kina exchange rate moved from 0.2352 to 0.2267, representing a decline of about 3.6 percent. Westpac said foreign exchange conditions had improved, although remaining FX queues and central bank auctions indicated that the market had yet to fully clear. Formal employment grew 2.4 percent in 2025, with mining and

resources accounting for much of the increase in hiring. However, Westpac noted that formal employment remained relatively small compared with the country’s large informal economy, highlighting the need for better economic and household data to provide a clearer picture of livelihoods and living conditions across PNG. The report said maintaining reform momentum would be important to consolidate recent economic gains and ensure stronger resource-sector activity translates into wider economic resilience and improved living standards. It also pointed to the importance of continued f iscal and monetary discipline, infrastructure investment and reforms supported by the International Monetary Fund as PNG navigates the second half of 2026.

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FINANCE

Westpac PNG Signs Financial Abuse Prevention Code

estpac PNG has signed the PNG Empower Finance Code, becoming a founding signatory to the voluntary initiative aimed at strengthening the financial sector’s prevention of and response to financial abuse. The code was signed at a ceremony in Port Moresby and commits participating financial institutions to improving financial capability, promoting safer financial services, strengthening consumer protection and coordinating responses across Papua New Guinea’s financial sector. The Empower Finance Code was developed through the Bank of Papua New Guinea’s Empower Finance Kibung, a community of practice that brings together banks and other financial institutions to build a shared understanding of financial abuse, distinguish it from fraud and scams, and develop practical measures to reduce the misuse of financial products and services.

Westpac PNG chief executive Andrew Cairns said the signing marked an important step in the bank’s efforts to help customers and communities bank safely and confidently. “Financial abuse can limit a person’s independence and cause significant harm within families and communities. As a bank, we have an important role to play in recognising how financial products and services can be misused, strengthening safeguards, and supporting our customers with genuine care and practical help,” Cairns said. “By becoming a founding signatory to the PNG Empower Finance Code, Westpac PNG is reinforcing our commitment to financial inclusion and consumer protection. We look forward to continuing to work with the Bank of Papua New Guinea and industry peers to share learnings and contribute to safer banking experiences for our customers,” he said.

The code sets out four commitments for signatories covering awareness, staff capability, customer support, internal policy development and cooperation across the financial sector. Westpac PNG said the initiative supports its broader focus on financial inclusion and helping customers access banking services that are safe, fair and responsive to their needs.

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ENERGY

BUILT TO LAST: How NiuPay is building the digital infrastructure PNG’s energy sector needs

or Papua New Guinea’s petroleum and energy sector, digital transformation is no longer simply about putting existing processes online. The bigger challenge is building digital systems that can operate securely across complex organisations, connect fragmented data, support field operations, withstand demanding infrastructure conditions and remain reliable long after they go live. That is where NiuPay Limited sees an opportunity. The Papua New Guinean technology company designs, builds, deploys and supports digital platforms for organisations where security, interoperability, auditability and long-term operability are critical. Its delivery experience spans workflow automation, data integration, GIS, secure digital operations, cloud infrastructure and AI-enabled processing across PNG and the wider Pacific. For an industry built around long-life assets, remote operations and highly regulated activities, those capabilities have direct relevance. A petroleum project may involve information moving between field operations, corporate systems, regulators, contractors, communities and government agencies. Land access, spatial data, approvals, payments, reporting, identity and compliance can all depend on systems that need to work together. The question, therefore, is not simply whether a company can digitise a process. It is whether the technology can work in the operating environment and continue to work as that environment evolves. That question sits at the centre of NiuPay’s approach to what it calls practical modernisation.

FROM DIGITISING TRANSACTIONS TO MODERNISING OPERATIONS NiuPay’s origins were in solving a straightforward problem: making payments and government transactions less dependent on paperheavy processes and manual work. Founded in PNG in 2018, the

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company has since expanded beyond payments into the design, build, deployment and long-term support of secure digital platforms. Its operating model combines technical architecture, software engineering, cloud and infrastructure capability, security and governance controls, delivery management and ongoing support. That evolution is important for industries such as petroleum and energy. Large-scale projects rarely operate from a clean technology slate. Systems accumulate over time, data is held in different environments, workflows become dependent on manual coordination and different parts of an organisation can end up using systems that do not communicate effectively. Replacing everything at once is not always practical. NiuPay instead advocates a staged, evidence-led approach: understand the existing environment, map workflows and dependencies, establish the architecture and controls, then build and validate in manageable increments. The prospectus describes the methodology as discovery first, architecture before build, controlled enhancement over disruption, operational validation before scale and capability transfer as a core deliverable. For resource companies operating critical systems, that can mean modernising without unnecessarily disrupting the operations those systems support.

CONNECTING THE SYSTEMS BEHIND THE ASSET Interoperability is one of the less visible challenges of digital transformation — but potentially one of the most consequential. A company can have sophisticated individual applications and still struggle to obtain a reliable view of its operations if information remains trapped in disconnected systems. NiuPay’s data integration and harmonisation capability is designed around migration, data-quality improvement, system interfaces, reporting structures and controlled

movement of information across fragmented environments. For petroleum and energy companies, the application is potentially broad. Operational data, financial information, regulatory records, project documentation and stakeholder information can all sit in different systems. Connecting them can improve reporting, reduce duplication and provide decisionmakers with more consistent information. The objective is not integration for its own sake. It is to create a digital environment in which information can move securely between the systems and people that need it.

GIS BRINGS THE PHYSICAL AND DIGITAL WORLDS TOGETHER Few sectors are as dependent on geography as petroleum, energy and resources. Projects exist across physical landscapes. Land access, infrastructure corridors, environmental considerations, project boundaries and stakeholder interests all have a spatial dimension. That makes geospatial information more than a mapping function. NiuPay’s GIS capability covers spatially enabled systems, geospatial data services, business-to-spatial integration, mapping workflows and field-level location capture. Its work with PNG’s Department of Lands and Physical Planning provides a reference point. NiuPay supports nationalscale land administration functionality across records, billing, receipting and customer management, while its geospatial environment supports spatial dataset management, web-map visualisation, WMS/WFS services and QGIS integration. For the energy sector, the relevance lies in connecting business information with the physical environment in which projects operate. That can provide a foundation for more integrated approaches to land, project footprints, access,

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< Page 126 infrastructure and other locationdependent information. The value of GIS, in other words, is not simply a better map. It is making spatial information part of the operational system.

DIGITAL SYSTEMS THAT WORK BEYOND THE OFFICE One of the defining challenges for PNG’s energy industry is geography. Operations can extend far from major population centres, where connectivity and infrastructure cannot always be assumed. That changes the requirements for digital platforms. A system designed exclusively around continuous connectivity may struggle when it reaches the field. NiuPay’s Pacific delivery experience provides a practical reference point. During the 2023 Pacific Games border operations in the Solomon Islands, it built an offline-capable system with syncwhen-available functionality and on-device AI/ML for passport and travel-document reading. The underlying design principle has wider relevance. Field applications can continue operating locally and synchronise with central systems when connectivity becomes available. For organisations working across remote locations, that approach can help reduce the dependence of critical workflows on uninterrupted network access. The issue is not necessarily waiting for infrastructure to become perfect. It is designing technology that accounts for the infrastructure that exists today.

MAKING FINANCIAL FLOWS MORE TRANSPARENT NiuPay’s original payments capability remains an important part of its proposition. In partnership with Kina Bank, the company operates automated revenue-collection and reconciliation platforms for PNG public-sector clients, covering data ingestion, payment matching, crediting, receipting and reporting for EFT and card payments. The prospectus says the system typically matches around 99% of EFT payments automatically, while organisations see more than a

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90% reduction in reconciliation costs. For a resource economy, the underlying capability has obvious relevance. Petroleum and energy projects involve financial relationships among companies, governments, provinces, communities and other stakeholders. The ability to move and reconcile payments accurately, while maintaining an auditable record, can become particularly important where multiple parties are involved. The broader lesson is that automation should not be measured by how much manual work it eliminates. Its value lies in better data, stronger auditability and greater visibility over financial processes.

AI WITH GOVERNANCE BUILT IN Artificial intelligence is rapidly becoming part of enterprise technology strategies, but NiuPay’s prospectus takes a use-case-driven approach. Its AI capability includes computer vision, large language models, edge AI/ML and datafusion techniques, but the company says these are applied where the use case, governance and infrastructure fit. That distinction is particularly relevant to regulated industries. The question for an energy company should not simply be where AI can be introduced. It should be where AI can produce a measurable operational benefit while maintaining appropriate controls over data, access, decisionmaking and auditability. NiuPay’s work for PNG Immigration provides an example. Its Analysis Engine processes passports, identity documents, photographs, letters and supporting forms using computer vision and large language models in a controlled cloud environment. Lower-risk applications can be processed automatically, with officers intervening by exception. The same principle can inform enterprise AI adoption more broadly: start with the workflow, establish the controls and then determine where automation adds value.

SECURITY IS PART OF THE OPERATING MODEL For petroleum and energy

companies, cybersecurity cannot be treated as an IT issue sitting separately from operations. Digital platforms increasingly support processes that are integral to business continuity. NiuPay’s security model is built around least-privilege access, multifactor authentication for privileged users, encryption in transit and at rest, audit logging and environment hardening. Its cloud operations incorporate client-specific compliance requirements, backup and disaster recovery, while identity controls include role-based and attribute-based access and identity federation where appropriate. The emphasis is equally important after deployment. NiuPay’s model includes monitoring, backup verification, training, handover and sustained operational support. That reflects a central proposition in the company’s prospectus: a digital system is not finished simply because it has gone live. It has to be operated, maintained, understood and supported. For industries with long project cycles, that distinction matters.

CLOUD INFRASTRUCTURE WITHOUT VENDOR LOCK-IN NiuPay operates production environments on Amazon Web Services in the Sydney region, aligned with PNG Government Leased Cloud requirements and with familiarity with controls expected of regulated-sector hosting in PNG. Its prospectus also describes a vendor-informed but not vendorlocked approach to cloud and infrastructure operations. That is significant as organisations consider how to modernise their technology estates without creating new dependencies that could constrain future choices. The objective is to provide secure hosting, environment management, monitoring, performance, resilience and supportability while retaining the ability to evolve the underlying technology environment.

BUILT TO BE SUPPORTED For NiuPay, the defining measure of a successful technology project is not necessarily how sophisticated it looks when it launches.

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It is whether the organisation can continue using it effectively afterwards. That philosophy is embedded in the company’s operating model. NiuPay describes itself as locally grounded, security-first, focused on practical modernisation and structured for long-term support. Its model includes training, enhancement and managed operational support after go-live. That is particularly relevant to PNG, where technology projects can face the combined pressures of infrastructure constraints, skills availability, changing operational requirements and the need to maintain services while systems evolve. The company therefore treats capability transfer as part of delivery. Users and technical counterparts are trained, the environment is documented and handover is supported so clients can operate and extend the platform with greater confidence.

PNG’s petroleum and energy industries are entering an environment in which digital capability will increasingly intersect with physical infrastructure. Projects will continue to depend on reliable information, connected workflows, secure systems and accurate reporting. The challenge will be connecting those pieces. NiuPay’s six capability areas — workflow modernisation, data integration, GIS, security and identity, cloud infrastructure, and AI-enabled processing and analytics — are presented as a single operating model rather than isolated technology services. That integration is important. A field application may need to operate when connectivity is limited. A land-access process may depend on geospatial information. A payment workf low may require data from multiple systems. An AI application may depend on properly structured and governed information.

These are not separate technology problems. They are parts of the same digital operating environment. For NiuPay, practical modernisation means understanding that environment before attempting to change it. For PNG’s petroleum and energy sector, the opportunity is to build digital infrastructure that is not simply modern when it is deployed, but secure, interoperable, auditable and supportable throughout the life of the operation. That is ultimately what NiuPay’s “built to last” proposition means. Not technology for technology’s sake. But digital systems designed around how PNG organisations actually operate — and built to keep operating as their needs change. Learn more about NiuPay’s digital solutions and how they can help your organisation: www.niupay.com.pg | +675 323 9111 | enterprise@niupay.com.pg

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AGRICULTURE

PNG Agriculture Leaders Strengthen Export Pathways By: ROSELYN EREHE

apua New Guinea is stepping up efforts to expand domestic and international market access, with about 30 agriculture professionals joining an Australia Awards Short Course on agricultural trade, supply chains and export systems. Announced on Aug. 13, the initiative aims to equip PNG agriculture professionals with practical solutions to help farmers, businesses and exporters reach new markets and move products more efficiently from producers to consumers. The initiative has broad economic significance in PNG, where more than 85 per cent of the population depends on agriculture for their livelihoods. Better trade and market access are therefore closely tied to rural incomes, food security and economic growth. Delivered by the University of Queensland in partnership with Pacific Adventist University, the course brought together government and industry professionals to explore stronger partnerships, logistics, supply chains and export systems. It reflects Australia and PNG’s shared interest in expanding agricultural trade and building efficient supply chains that connect local producers with domestic and international markets. PNG Biosecurity Authority representative Douglas Siuta said the course underscored the need for closer cooperation across the sector. “This course is helping us understand how the whole system fits together and where we can work more closely. I will take these lessons and connections back to my organisation so we can contribute to real improvements,” Siuta said. The course builds on two earlier Australia Awards agriculture short courses and a study tour to Australia, further developing a professional network of Papua New Guinean agriculture specialists. The network is designed to deepen government-industry collaboration and address the supply chain, logistics

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and export processes that link producers to markets. Improving these systems could help PNG agricultural businesses and producers overcome barriers to increasing production, reaching new buyers and participating more effectively in domestic and international trade. Stronger market links could also turn higher production into greater economic opportunities for farmers

and rural communities. Australia has reaffirmed its commitment to helping Papua New Guinean leaders strengthen institutions and develop practical, long-term solutions for the agriculture sector. Through Australia Awards, it will continue investing in people and institutions so PNG leaders can turn knowledge, partnerships and shared priorities into lasting progress. ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG Opens Largest Cocoa Processing Facility; Paradise Foods Expands Chocolate Production

apua New Guinea has inaugurated expanded cocoa processing and chocolate-making capacity at Paradise Foods Ltd.’s Queen Emma Chocolate factory in Port Moresby, strengthening the country’s ability to process cocoa locally and export higher-value products. The facility now houses 12 types of new machinery valued at US$2.8 million. The equipment was provided through the European Union-funded EU-STREIT PNG Programme, implemented by the Food and Agriculture Organization of the United Nations. Paradise Foods expects the investment to double production while improving the consistency and quality of cocoa ingredients and finished chocolate for specialty buyers. By enabling more cocoa to be processed into semi-finished and finished products before export, the expansion advances the government’s push for downstream processing. Prime Minister James Marape said processing cocoa domestically could generate far more value than exporting it raw. “This is our own company, complementing the Government’s desire for 100 per cent downstream processing in-country,” Marape said at the inauguration. “And through this approach, we are making three times more than what we make when we export the raw product.” The investment also strengthens links between farmers and domestic processors. Through the EUSTREIT PNG Programme, cocoa farming groups in East and West Sepik now supply Queen Emma Chocolate directly with wellfermented, smoke-free beans. FAO’s head of country office in Papua New Guinea, Kachen Wongsathapornchai, said a reliable domestic market that rewards quality could encourage farmers to improve fermentation and drying. “Quality only becomes sustainable when the market pays for it,” Wongsathapornchai said.

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The programme has planted 3.4 million pest-tolerant cocoa seedlings and rehabilitated 4,960 hectares of cocoa blocks, achieving a reported grafting survival rate of 95%. It has also trained about 19,400 cocoa farmers in bud grafting, integrated pest and disease management, block management, climate-smart agriculture and postharvest handling. In addition, the programme has upgraded 500 cocoa dryers, introduced 100 solar combination dryers and begun establishing 120 cocoa storage facilities. It has also supported the formalisation and development of 363 cocoa agribusinesses. Paradise Foods chairman Anthony Smare said the company’s investment ref lected its confidence in Papua New Guinea’s future. “We were not told to invest in our country, we chose it,” Smare said, adding that Paradise Foods was “PNG-owned” and “PNG-made.” With support from the EUSTREIT PNG Programme, Paradise Foods has showcased Papua New Guinean cocoa and chocolate at trade events in Australia, New Zealand and Singapore, building relationships with specialty chocolate makers and niche ingredient buyers. EU Ambassador to Papua New Guinea Erika Hasznos said the

investment was part of the EU’s Global Gateway strategy to support the country’s cocoa value chain, from production in the Sepik to processing in Port Moresby. “By raising quality and consistency, EU-PNG cooperation brings more value for Papua New Guinean business and small farmers, and more opportunities to access premium European markets,” Hasznos said. The investment aligns with Papua New Guinea’s Medium Term Development Plan IV priorities for downstream processing, commercial agriculture, micro, small and medium enterprises, and private-sector partnerships. The EU-STREIT PNG Programme is the European Union’s largest grant-funded Global Gateway initiative in Papua New Guinea. It is implemented through a United Nations joint programme led by FAO in partnership with ILO, ITU, UNCDF and UNDP. As of June 2026, the programme had reached 513,000 individuals, benefited 85,400 families, supported 700 farmer groups and trained 34,000 farmers across 42 local-level government areas in East and West Sepik. Paradise Foods produces Queen Emma Chocolate and is described by the programme as Papua New Guinea’s leading domestic cocoa processor and chocolate maker.

Her Excellency Erika Hasznos, Ambassador of the European Union to Papua New Guinea, cuts the ribbon at the invitation of Prime Minister James Marape during the inauguration of the upgraded Queen Emma Chocolate factory in Port Moresby on 13 August 2026. ©FAO-STREIT/Amir Khaleghiyan

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PNG Coffee Exporters Project K9.7 Million in Sales After Melbourne Expo By: ROSELYN EREHE

apua New Guinea’s coffee exporters have strengthened their prospects, projecting K9.7 million (AUD3.2 million) in sales after participating in Australia’s largest coffee trade exhibition. Twelve PNG exporters attended the Melbourne International Coffee Expo (MICE) in March, showcasing premium coffee to international buyers and reinforcing the country’s position in the competitive specialty coffee market. Australia’s largest annual coffee trade event—and one of the AsiaPacific region’s biggest—MICE attracts thousands of producers, exporters, roasters, café operators and green bean buyers. It provides a platform to showcase products, share industry knowledge and form commercial partnerships. The event gave PNG exporters direct access to Australian and international buyers, roasters and café operators. They promoted the quality and diversity of PNG coffee while learning about consumer preferences, specialty coffee trends and buyer expectations. Exporters also built commercial relationships and gathered market feedback, helping them compete more effectively internationally. Gabiga Coffee representative Aida Igaso said the expo had revealed opportunities beyond exporting green beans. “Coming here helped me see another aspect that I can venture into for Gabiga Coffee – that’s roasting,” Igaso said. “So hopefully in a few years’ time, Gabiga Coffee will be into roasting. So, I am happy about that.” Her comments highlight opportunities for PNG coffee businesses to move into highervalue activities such as roasting and retain more value within the country’s coffee industry. Janet Gioven of Togoba Kofi said the expo had broadened her understanding of the global coffee value chain. “Representing coffee and

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Papua New Guinea as a whole and as a country has broadened my knowledge,” she said. “I have learned a lot in terms of connecting with consumers and getting feedback on what happens to the coffee when it leaves PNG. It is just a revelation, and it is a privilege to be here and be taking part in this.” Alongside the projected K9.7

million in sales, PNG exporters made 160 new international buyer contacts, opening the way for future export agreements and long-term partnerships. The expo results have strengthened PNG’s reputation for premium-quality coffee and expanded its presence in AsiaPacific and global markets. ISSUE 3, 2026 – www.pngbusinessnews.com

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EU-Backed Digital Upgrade Strengthens PNG Forest Authority Operations, Cuts Costs By: ROSELYN EREHE

he Papua New Guinea Forest Authority (PNGFA) has received new communications and video-conferencing equipment through the European Unionfunded Forestry-Climate ChangeBiodiversity (EU-FCCB) Programme. The upgrade is expected to improve efficiency, cut operating costs and support sustainable management of one of the country’s most important resource sectors. The equipment was officially handed over on 12 June 2026 under the programme’s national component, implemented by Expertise France. The package includes videoconferencing equipment, two computers, an uninterruptible power supply, a professional camera, a tripod and accessories to modernise PNGFA’s communications and improve digital connectivity. The investment supports PNGFA’s Communication, Knowledge Management and Visibility (CKMV) Strategy, which seeks to strengthen institutional communication, knowledge management, stakeholder engagement and public awareness of the Authority’s role in sustainable forest management. The upgrade should improve links between PNGFA headquarters and its 22 provincial offices, strengthening programme coordination, speeding decisions and enabling timelier information sharing. PNGFA Acting Managing Director John Mosoro said the handover followed discussions with the EUFCCB Programme and marked an important step in strengthening the Authority’s information and communications technology. “After discussions with EU-FCCB Programme Project Manager Alaric Vandenberghe, we recognised the need to update our systems. I am pleased these discussions have led to practical support that will improve PNGFA’s operations and service delivery,” Mosoro said. He said the equipment would improve links between headquarters and provincial offices, allowing forestry programmes to be coordinated more efficiently nationwide.

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“The equipment will bridge the gap between headquarters and our field offices. We can communicate more effectively with provincial teams, improve data management and reporting, and ensure critical information reaches decision-makers, including the Prime Minister’s Department and Finance, promptly,” he said. Mosoro said videoconferencing would deliver long-term savings by reducing staff travel while expanding opportunities for virtual meetings, training, workshops and consultations with national and international development partners. The improved infrastructure is also expected to support PNG Diwai Holdings Limited, PNGFA’s recently launched commercial arm, by strengthening engagement with investors, clients and other stakeholders. Alaric Vandenberghe, EU-FCCB Programme Project Manager at Expertise France, said the investment reflected the European Union’s commitment to stronger institutions for sustainable forest management, biodiversity conservation and climate resilience. “Strong institutions depend

on effective communication systems. This support will help PNGFA coordinate its provincial network, engage stakeholders and raise awareness of its vital role in managing PNG’s forest resources,” Vandenberghe said. He said the initiative went beyond providing equipment by strengthening transparency, knowledge sharing and institutional collaboration. “By enhancing PNGFA’s communication and digital skills, we are supporting an organisation central to biodiversity conservation, climate action and sustainable economic growth,” he said. The support builds on earlier EUFCCB assistance to develop PNGFA’s CKMV Strategy and corporate website, advancing the Authority’s transition to a more modern, transparent and digitally connected organisation. As forestry remains a key resource sector, the upgrade is expected to strengthen governance and accountability, improve engagement with government, industry and development partners, and support sustainable management of Papua New Guinea’s forests. ISSUE 3, 2026 – www.pngbusinessnews.com

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COMPANY

CE Group Strengthens Integrated Engineering Capability to Support Complex Infrastructure Projects

or more than two decades, CE Group has delivered complex electrical and engineering projects across Australia and the Pacific, building a reputation for providing practical, end-to-end engineering solutions in some of the region’s most challenging operating environments. From major mining operations and hospitals to water infrastructure and renewable energy developments, the company has supported clients with integrated engineering services across a diverse range of sectors. Founded in 2000 in South East Queensland, CE Group has steadily expanded its footprint beyond Australia into Papua New Guinea, Fiji, Solomon Islands, Vanuatu and New Zealand. Today, the privately owned business provides a full suite of services, from engineering design and electrical construction to switchboard manufacturing, commissioning and ongoing maintenance. Rather than engaging multiple contractors, clients increasingly turn to CE Group as a single integrated delivery partner capable of managing projects from concept through to completion. As infrastructure projects continue to grow in scale and complexity, integrated project delivery has become increasingly important. In response to this shift, CE Group has strengthened its in-house engineering capability, enabling it to become involved much earlier in the project lifecycle. Early engineering engagement helps reduce project risks while providing greater certainty around cost, quality and schedule. It also improves coordination and collaboration between project teams, identifies potential challenges before construction begins, and supports more efficient project delivery. By bringing engineers, designers, manufacturers and construction teams together under one roof, the company aims to deliver practical, buildable solutions that improve project outcomes. The move also reflects broader changes across the infrastructure sector. Throughout Australia and the Pacific, governments

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and private investors continue to increase investment in renewable energy, water security, mining, industrial facilities and other critical infrastructure. Many project owners are seeking delivery partners with the technical capability to support projects from early planning and design through construction, commissioning and long-term maintenance, rather than contractors focused solely on construction. For CE Group, expanding its engineering capability positions the business to meet that demand. The company says earlier involvement in project planning enables it to improve constructability, identify potential issues before construction begins, streamline project delivery and develop more efficient engineering solutions. These capabilities have already been demonstrated across a diverse portfolio of projects. In Papua New Guinea, CE Group has contributed to major developments including the Angau Memorial Hospital Redevelopment and APEC Haus, while across Australia it has delivered electrical and engineering solutions for mining, water and industrial infrastructure projects. Alongside strengthening its technical capability, CE Group continues to invest in its people and regional presence. The company now employs more than 450 people across multiple countries and maintains a strong focus on safety, workforce development and

local capability building. Investing in local talent remains a key part of its regional strategy, particularly across Pacific markets where demand for skilled engineering and technical expertise continues to grow. Looking ahead, the company expects continued investment in the energy transition, industrial expansion and essential infrastructure to create new opportunities across the region. With its expanded engineering capability and integrated delivery model, CE Group believes it is well positioned to support clients through every stage of increasingly complex projects. As infrastructure demands continue to evolve, the company’s strategy remains focused on combining engineering expertise, practical execution and long-term partnerships to deliver projects more efficiently, safely and reliably. In an environment where project certainty is increasingly valued alongside technical capability, CE Group’s integrated approach is designed to help clients achieve better outcomes throughout the project lifecycle. ISSUE 3, 2026 – www.pngbusinessnews.com

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Marape Visit Highlights Hastings Deering PNG’s Impact at Resource Week

astings Deering PNG recently showcased its long-standing commitment to Papua New Guinea’s resources sector at the PNG Resource Week event and highlighted how skills development and local capability support the nation’s growth. It included an exclusive visit from Prime Minister James Marape before the exhibition’s official opening. Accompanied by government ministers, industry representatives and media, Prime Minister Marape visited the Hastings Deering PNG stand, tried the Learning Simulator and spoke with the team about the company’s investment in training, capability development and workforce readiness. Prime Minister Marape acknowledged Hastings Deering PNG’s contribution to developing local talent through technical training, apprenticeships and longterm career opportunities. He also recognised the company’s more than 75 years of operations in PNG and its continuing contribution to economic growth and development. By investing in training and professional development, Hastings Deering PNG is helping build the skilled workforce required by the country’s growing resources and infrastructure sectors. Hastings Deering PNG Sales and Marketing Manager Anthony Rosson said the company’s success rests on the strength, capability and commitment of its workforce. “At Hastings Deering PNG, we help customers maximise productivity through industryleading Caterpillar equipment and the expertise of our local team. Every machine purchased through Hastings Deering PNG is a dual investment: in proven Caterpillar performance and in the Papua New Guineans whose technical support, service and expertise keep customer operations running. “PNG Resource Week provided an excellent platform to demonstrate the value Hastings Deering PNG delivers beyond

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equipment. Our customers gain access to world-class machinery while supporting local skills, jobs and capability, creating benefits that reach beyond the worksite and contribute to the long-term development of PNG communities.” During the four-day exhibition, the team connected with customers, business partners, government representatives and industry stakeholders. They demonstrated the company’s capabilities in equipment sales, product support, service solutions, and learning and

development. The event also created opportunities to strengthen relationships, explore future business and discuss the challenges and opportunities facing the industry. PNG Resource Week 2026 showcased the Hastings Deering PNG team’s expertise, strengthened industry partnerships and reaffirmed the company’s role in supporting the industries and communities driving the country’s future growth and prosperity. ISSUE 3, 2026 – www.pngbusinessnews.com

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Building Local Maritime Capability: JJ Ship Equip Agencies and PNG’s Shipping Future

apua New Guinea’s maritime future depends not only on vessels and infrastructure, but also on strong local businesses that support the industry. Technical services, equipment support and operational coordination will be vital to a more resilient and efficient maritime economy. JJ Ship Equip Agencies Ltd ( JJSEA) is positioning itself as a key local partner in that effort. For JJSEA, local capability is practical. “We see local capability as the ability to solve real maritime problems inside Papua New Guinea with local knowledge, local people, local responsiveness and stronger in-country support systems,” the company says. This means more than maintaining a market presence: it requires reducing reliance on slow external processes through dependable supplier access, effective coordination, technical expertise and consistent followthrough. For the wider industry, stronger local capability brings greater continuity, less downtime and improved resilience. This view has shaped JJSEA’s evolution from a marine supplier into an integrated support provider tailored to PNG’s needs. “Operators do not only need items delivered; they need

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help with urgency, technical fit, sourcing complexity, compliance expectations and operational coordination,” the company explains. JJSEA has therefore invested in supplier relationships, practical expertise and service capability, positioning itself as a problemsolving partner rather than a transactional vendor. Shipping companies in Papua New Guinea face long distances, remote routes, unpredictable weather, infrastructure constraints and lengthy procurement lead times. Reliance on foreign sourcing and rising compliance expectations add further pressure. JJSEA responds by providing a reliable

local point of contact. “We give clients a practical local point of contact that can help source equipment, coordinate support, advise on urgency, manage follow-up and keep communication moving when time matters,” the company says. Reducing operational friction is central to the value it provides. Coordination is a defining feature of JJSEA’s approach. Rather than treating supply as a standalone transaction, the company considers the wider operational context, including vessel schedules, locations and technical requirements. “In many cases we act as a coordination point — aligning suppliers, technical parties, logistics

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< Page 148 and delivery timing so the operator can resolve the issue with less disruption,” it notes. This approach also supports forward planning for inspections, maintenance and known bottlenecks. In PNG, where procurement alone rarely resolves operational challenges, coordination and follow-through are essential. As the maritime sector modernises, operators are placing greater emphasis on product quality, documentation, traceability, technical reliability and professional service. JJSEA observes “stronger demand for product quality, better documentation, more reliable technical support, greater traceability, and more professional operational follow-up.” In response, it is tightening supplier discipline, improving documentation and expanding its capacity to handle more complex technical requirements. The company sees this shift as positive:

modernisation depends not only on vessels, but also on the quality of the support ecosystem around them. Established in 2015, JJSEA has expanded across Lae, Port Moresby, Rabaul, Madang, Kimbe and Buka. It has also built relationships with operators including Consort Express, Pacific Towing, Steamships, Swire, P&O Maritime and Lutheran Shipping. Although it does not disclose financial metrics, its growth is evident in its wider market reach, repeat business and rising demand for dependable local support. Partnerships are central to building this capability. JJSEA operates within an ecosystem of vessel operators, regulators, ports, classification societies, technical providers and international suppliers. “No single business can do that alone,” the company says, underscoring the need for collaboration. It works with stakeholders, including the National Maritime Safety Authority

and technical partners, to support client outcomes and wider industry development. Over the next three to f ive years, J JSEA plans to deepen and strengthen its services. Its priorities include expanding technical capability, improving inventory planning, investing in people and systems, and increasing collaboration with credible partners. The goal is to build “a more capable local maritime support platform” for commercial operators and coastal shipping across Papua New Guinea. As the sector evolves, capable local businesses will become increasingly important. JJSEA’s trajectory ref lects a broader shift towards stronger domestic solutions, higher standards and more resilient support systems. By combining local knowledge with practical service, the company is helping build a more dependable and self-sustaining maritime sector that supports economic activity and national connectivity.

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Pacific Towing Re-Flags Another Tug in Solomon Islands

acific Towing (PacTow) is taking another significant step in its regional growth strategy, with the re-f lagging of its Honiara-based ASD tug Pacific Salvor to Solomon Islands. The move is more than a change of f lag. It represents a shift from having a Papua New Guinea vessel permanently deployed into the Solomon Islands market to embedding a major marine asset within the country itself. Once the re-f lagging process is complete, Pacific Salvor will legally become a Solomon Islands vessel, f ly the Solomon Islands f lag and be renamed. The process is expected to take approximately six months. PacTow General Manager Gerard Kasnari says the decision ref lects the company’s long-term commitment to both Solomon Islands and the wider Melanesian maritime industry.

A MAJOR CAPABILIT Y PERMANENTLY BASED IN SOLOMON ISLANDS Pacific Salvor is not just a harbour tug. The 50-tonne bollard-pull ASD vessel is also capable of emergency towage, salvage,

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wreck removal and long-distance ocean towage. It is equipped with specialist firefighting capability, enabling it to support vessels affected by onboard fires. Recent events have already demonstrated the value of having such a vessel available locally. When the cargo and passenger vessel MV Anjeanette caught fire at Honiara Port, Pacific Salvor was mobilised in the early hours of the morning, provided boundary cooling and towed the burning vessel away from the port and nearby fuel storage facilities. The tug was also deployed when general cargo vessel MV Wealth broke down while under Solomon Islands police escort, requiring an emergency tow to Honiara.

RE-FLAGGING REINFORCES A LONG-TERM REGIONAL STRATEGY The re-f lagging of Pacific Salvor also sits within a much larger PacTow f leet investment program. The company has invested PGK70 million in two technologically advanced new-build ASD tugs, Pacific Responder and Pacific Resolute.

With a 70-tonne bollard pull, Pacific Responder is more powerful than any other tug in the PacTow f leet and is equipped with advanced firefighting capability and highpowered forward and aft winches. The vessel has been designed to support not only complex harbour towage, but also salvage, emergency response and long-distance towage. A very similar vessel, but with a 60-tonne bollard pull, Pacific Resolute, further increases PacTow’s f leet capacity. While the two new-build tugs were acquired primarily to strengthen harbour towage capability in PNG, their significance extends well beyond PNG’s ports. In short, a stronger f leet in PNG creates a stronger f leet across the region. It improves PacTow’s ability to maintain harbour towage coverage while mobilising vessels for emergencies and major projects in other countries. In Solomon Islands, that regional investment is complemented by a very local commitment - the permanent deployment and now re-f lagging of a second tug, Pacific Salvor.

Edits 3 Kavachi and PacSalvor 2026 Caption 1: The re-flagging of PacTow’s second tug in Solomon Islands sits within the company’s much larger fleet investment program for the region.

ISSUE 3, 2026 – www.pngbusinessnews.com

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PNG Air Bids Farewell to Dash 8 Fleet, Transitions to ATR Aircraft

NG Air has retired its Dash 8 fleet, marking the completion of its transition to an all-ATR fleet and the end of an important chapter in the airline’s history. For decades, Dash 8 aircraft served Papua New Guinea, connecting communities, supporting key industries and operating on some of the country’s most challenging airstrips. All three Dash 8 aircraft will continue operating with new overseas carriers. One recently departed for Kenya, where it will join Renegade Air for domestic services and United Nations operations. PNG Air Chief Executive Brian Fraser said the fleet’s retirement marked a significant milestone for the airline. “The Dash 8 has been an extraordinary aircraft for PNG Air and for the people of Papua New Guinea. These aircraft have connected communities and supported our nation’s

growth for many years. While we bid farewell to an important part of our history, we are excited about the future as we continue our transition to a modern ATR fleet,” Fraser said. The retirement is part of PNG Air’s fleet modernization program, which includes ATR 72-600 and ATR 42600 aircraft. The ATR fleet offers improved fuel efficiency, lower carbon emissions, modern safety systems, greater

passenger comfort and stronger operational performance. The aircraft are also suited to PNG’s operating environment and regional and remote destinations. PNG Air has connected communities across Papua New Guinea for nearly four decades. It currently operates more than 460 flights a week to 22 destinations, providing passenger and cargo services throughout the country.

PNG Ports Declares K22.5-Million Interim Dividend for FY2025

NG Ports Corporation Limited has declared a K22.5 million interim dividend to its shareholder, Kumul Consolidated Holdings (KCH), for the 2025 financial year, based on an estimated net operating profit after tax (NOPAT) of K90 million. PNG Ports said the final FY2025 dividend will be declared after completion of its audited financial statements. The corporation’s 15-port network facilitates an estimated K28.9 billion in annual trade and cargo movements. In 2025, its ports handled 10.8 million tonnes of cargo across 4,838 vessel calls. PNG Ports chief executive Neil Papenfus attributed the result to disciplined operations, efficiency gains and sustained investment. “PNG Ports Corporation Limited has once again delivered consistent value to the State. This marks the second consecutive year that PNG

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Ports has declared the same interim dividend, underscoring our steady, reliable and disciplined financial performance,” Papenfus said. He said growth in revenue from wharfage, berthage, storage, pilotage and terminal leasing, along with investments to modernize facilities at Motukea, Lae and Kimbe, contributed to the result. Minister for State Enterprises William Duma said the dividend demonstrated progress under the Marape-Rosso government’s stateowned enterprise reform program. “This ref lects sound financial management and the determination of the Board, management and employees of PNG Ports to ensure our ports system remains both commercially viable and nationally beneficial,” Duma said. “ The profit once again delivered by PNG Ports is a shining example of how a state-owned enterprise can be successfully operated as

a commercial business while continuing to provide essential services to our people,” he added. PNG Ports also maintains 12 Community Service Obligation ports that operate below commercial viability but remain open to preserve maritime access for remote provinces. The corporation is continuing infrastructure upgrades under its 30-Year Port Infrastructure Master Plan. ISSUE 3, 2026 – www.pngbusinessnews.com

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Bizprint Brings Advanced Digital Print Technology to Pacific Region

izPrint, a member of the Remington Group, has invested in a Konica Minolta AccurioPress C12010S, the first digital press of its kind to be installed in the Pacific region. The investment brings five-color digital printing technology to Papua New Guinea, allowing BizPrint to offer an alternative to traditional offset printing. Remington Group chief executive Justin Kieseker said the investment would give BizPrint greater flexibility and expand its printing capabilities in PNG and the wider Pacific market. “We jointly identified an opportunity to give BizPrint a point of difference and to offer the PNG market the value that comes with a 5-color digital press with built-in finishing, giving exceptional quality, consistency and automation—not only in the PNG market, but across the Pacific region as a whole,” Kieseker said. Konica Minolta Australia managing director Yohei Konaka said the investment would allow local businesses to access new printing applications supported by technical training and service support. The AccurioPress C12010S can handle paper and cardstock up to 450 grams per square meter, as well as glossy and smooth finishes, stickers, textured linen and waterproof paper-plastic blends. These materials can be used for product packaging and manufacturing labels. The press also offers white-ink and spot-color capabilities alongside standard CMYK printing, allowing special

156 PNG BUSINESS NEWS

effects on underlying and overlying artwork. It is equipped with an integrated Plockmatic Booklet Maker that can automatically collate, fold, bind and trim booklets, handling covers of up to 250 gsm and pages of up to 150 gsm. Ahead of the installation, BizPrint sent two technicians to the Konica Minolta Training Centre in Sydney for a two-week intensive training course. Three Konica Minolta specialist trainers and technicians then spent three weeks in PNG supporting the installation of the digital press and

Plockmatic SD-450e booklet finisher. Kieseker said the company had also invested in training its staff to operate the new equipment and develop its printing applications. “The investment in hardware is one thing—however, it is the investment in our people that we are most proud of,” he said. “The key to its success lies in both our people and the creative work, and we have proudly invested in both to ensure BizPrint continues to be a market leader, both now and for years to come,” Kieseker said. ISSUE 3, 2026 – www.pngbusinessnews.com

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Matrix Constructions Builds on Decades of PNG Experience

atrix Constructions PNG Limited has built its business around a straightforward proposition: combine decades of construction experience in Papua New Guinea with a predominantly local workforce capable of delivering projects across commercial, residential, infrastructure and resource-sector markets. The Port Moresby-based company was established in 2011, but traces its PNG operating history to its parent company, which has been active in the country since 1960. Matrix is wholly Papua New Guinean-owned and says it has the capacity to design and construct projects in Port Moresby as well as regional areas. Its work covers commercial, retail and industrial developments; low-, medium- and high-rise residential projects and resorts; housing; health and education facilities; aviation infrastructure; and mining and infrastructure projects. The breadth of those sectors is ref lected in projects highlighted by the company, including the Air Niugini Residential Apartments, Governor General Precinct, Jacksons International Terminal Building, Hides EPC4 PNG LNG Project and Walter Strong Building at Port Moresby General Hospital. For Matrix, the ability to operate across different sectors is supported by an in-house management structure covering operations, finance, safety, quality and environmental management.

LOCAL WORKFORCE A key feature of the company’s model is its workforce. Matrix says 98% of its employees are Papua New Guineans, supported by expatriate personnel. Its workforce includes labourers and apprentices through to project administrators, site engineers, site managers, project managers, design managers, cost planners and supervisors. The company says its personnel collectively bring decades of construction experience in Papua New Guinea and Australia. That

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combination of local knowledge and technical experience is central to its approach to project delivery. The focus on national participation is particularly relevant in a construction market where major developments increasingly require contractors to combine technical capability with an understanding of local operating conditions and workforce requirements.

SAFET Y AND QUALIT Y Matrix also places safety and quality at the centre of its project delivery model. The company says its workforce is focused on meeting high standards of safety and quality and that its operations adhere to relevant Australian and international standards. It positions these capabilities as important credentials for undertaking both public- and private-sector projects. Its project experience spans environments with significantly different requirements — from residential accommodation and government facilities to airport infrastructure, healthcare and the resources sector. That diversity has given the company exposure to the different technical, logistical and management demands associated with construction in Papua New Guinea.

BUILDING LOCAL CAPABILIT Y Matrix’s story is ultimately one of building a locally owned construction business around established experience and a predominantly national workforce. Its stated objective is not confined to construction capacity alone. The company has developed an organisational structure covering project management, design, cost planning, engineering, supervision and site operations, allowing it to maintain capabilities across different stages of project delivery. For a Papua New Guinean contractor, that breadth matters as the country’s construction market continues to encompass government infrastructure, private developments, resources projects and essential facilities. More than a decade after Matrix Constructions was established, its positioning remains grounded in the same fundamentals: local ownership, experienced people, broad sector capability and a focus on safety and quality. The company’s profile presents those capabilities as the foundation for working with both public and private-sector clients across Papua New Guinea — with the experience of its parent business providing a history that stretches back more than six decades. ISSUE 3, 2026 – www.pngbusinessnews.com

Regulator of Exploration and Mining Manager of Mineral Resources

Mining Haus, Poreporena Freeway P.O. Box 1906, Port Moresby National Capital District, Papua New Guinea

Phone: (675) 321 3511 Facsimile: +(675) 321 5711 Email: info@mra.gov.pg www.mra.gov.pg ISSUE 3, 2026 – www.pngbusinessnews.com

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Powering Performance: High Arctic’s Complete Atlas Copco Power Solutions for PNG

apua New Guinea’s mining, oil and gas, infrastructure and industrial sectors continue to expand, driving increased demand for reliable, efficient and flexible equipment solutions. Whether supporting a shutdown at a major mine, powering a remote workforce accommodation village, providing compressed air for construction activities or delivering reliable power to critical infrastructure, today’s projects require more than equipment alone. They require solutions. As Papua New Guinea’s authorised Atlas Copco distributor, High Arctic is bringing a complete range of power and industrial equipment solutions to the market, supported by local expertise, service capability and a deep understanding of the challenges faced by businesses operating throughout PNG.

MORE THAN A DISTRIBUTOR High Arctic’s partnership with Atlas Copco provides customers with access to one of the world’s most recognised equipment platforms across power generation, energy storage, lighting and compressed air technologies. However, the real value extends far beyond the equipment itself. Every project presents different operational challenges. Remote mining operations demand reliability in harsh environments. LNG facilities require dependable backup and standby power. Infrastructure developments require flexible solutions capable of adapting as project requirements evolve. Industrial facilities seek improved efficiency, reduced operating costs and greater visibility of critical assets. By combining Atlas Copco’s world-leading technology with High Arctic’s local knowledge and support capability, customers gain access to solutions designed specifically for PNG conditions.

POWER GENERATION SOLUTIONS Reliable power remains one of the most critical requirements for many organisations operating throughout Papua New Guinea. Atlas Copco’s generator range provides power solutions spanning temporary construction power, standby appli-

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cations, remote operational support and large-scale industrial projects. Designed for demanding environments, these generators deliver reliability, fuel efficiency and operational flexibility where power availability is critical. For customers seeking greater flexibility, High Arctic can provide both sales and rental solutions, allowing organisations to select the ownership model best suited to their operational and commercial objectives. Whether supporting planned shutdowns, remote resource developments or long-term infrastructure projects, High Arctic can develop power solutions tailored to project requirements.

BATTERY ENERGY STORAGE SYSTEMS (BESS) One of the most significant developments in modern power generation is battery energy storage. Atlas Copco’s ZenergiZe battery energy storage systems are helping redefine how power is generated, stored

and managed. By integrating battery storage into traditional power systems, organisations can reduce generator run hours, lower fuel consumption and improve overall system efficiency. For operations where fuel transport and logistics represent a significant cost, these improvements can deliver substantial operational and commercial benefits. Battery energy storage is particularly relevant for mining operations, workforce accommodation villages, industrial facilities and infrastructure projects where power demands fluctuate throughout the day. As the market continues to move towards smarter and more sustainable energy solutions, High Arctic is well positioned to support customers through the transition.

PORTABLE AND INDUSTRIAL COMPRESSORS Compressed air remains a critical utility across many industries and is often ISSUE 3, 2026 – www.pngbusinessnews.com

COMPANY

referred to as the fourth utility behind electricity, water and gas. Atlas Copco’s compressor range supports a wide variety of applications including mining, construction, drilling, abrasive blasting, pipeline maintenance, civil works and industrial operations. Known globally for reliability, efficiency and performance, Atlas Copco compressors are designed to operate in some of the world’s most demanding environments. Supported by High Arctic’s sales, rental and service capability, customers can access compressed air solutions that deliver productivity while reducing downtime.

LIGHTING SOLUTIONS FOR MODERN WORKSITES Safe and productive worksites require reliable lighting. Atlas Copco’s lighting tower range includes modern LED, hybrid and solar-powered solutions designed to provide efficient site illumination while reducing fuel consumption and operating costs. From mining shutdowns and infrastructure projects to emergency response activities and remote construction sites, modern lighting solutions play a critical role in supporting operational safety and productivity. With increasing focus on sustainability and energy efficiency, lighting technology continues to evolve, creating new opportunities for customers to reduce costs while improving site performance.

INTELLIGENT EQUIPMENT MONITORING Today’s equipment is smarter than ever before. Atlas Copco’s FleetLink telematics platform allows customers to remotely monitor equipment performance, utilisation, fuel consumption, operating hours, service intervals and alarm notifications from virtually anywhere. For organisations managing equipment across multiple locations throughout Papua New Guinea, access to real-time information can significantly improve operational decision-making and maintenance planning. Rather than reacting to equipment issues after they occur, businesses can take a more proactive approach to asset management, helping improve reliability while reducing operating costs.

SALES, RENTAL AND TAILORED SOLUTIONS No two projects are the same. Some customers prefer to purchase equipment as part of their long-term operating strategy. Others require the flexibility of rental equipment to support temporary projects, shutdowns, maintenance campaigns or changing operational requirements. High Arctic’s ability to provide both sales and rental solutions allows customers to select the commercial model that best supports their business. From a single generator through to integrated power stations, battery energy storage systems, compressors and lighting fleets, High Arctic can design and deliver solutions tailored to specific operational requirements. The opportunities are virtually endless.

SUPPORTING PNG’S FUTURE As Papua New Guinea continues to invest in mining, LNG, oil and gas, infrastructure and industrial development, demand for reliable equipment and energy solutions will continue to grow. Through its partnership with Atlas Copco, High Arctic is committed to providing customers with access to world-class technology supported by local expertise, technical capability

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and responsive service. The focus is not simply on supplying equipment. It is about understanding the customer’s challenge, delivering the right solution and becoming a trusted partner in their success. Because when reliability matters, High Arctic is helping power the industries driving Papua New Guinea forward.

ABOUT HIGH ARCTIC High Arctic is the authorised Atlas Copco distributor for Papua New Guinea, providing sales, rental and service solutions across power generation, battery energy storage systems, compressors, lighting towers and industrial equipment. Supporting the mining, oil and gas, infrastructure, utilities, construction and industrial sectors, High Arctic combines global technology with local expertise to deliver solutions specifically designed for PNG conditions. For Further Information

www.higharctic.com Ph +675 307 2025. PNG BUSINESS NEWS 161

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Made in PNG. Built for the South Pacific

rom family homes to staff accommodation and larger housing developments, PNGFP NiuHomes provides engineered kit-building solutions designed for Papua New Guinea and the wider South Pacific. Building a home in Papua New Guinea presents challenges rarely encountered in more developed markets. Materials may need to travel considerable distances, building sites can be remote, and high humidity, heavy rainfall and termites all place additional demands on the finished structure. PNGFP NiuHomes has developed its range with these realities in mind. Manufactured in Papua New Guinea using locally grown plantation pine, NiuHomes combines proven timber construction with the efficiency of a prefabricated kit-building system. Every design is engineered to provide a practical, cost-effective building solution that can be transported throughout PNG and across the South Pacific. Prefabrication brings greater consistency and control to the building process. Components are manufactured and prepared before leaving PNGFP’s facilities, reducing the amount of cutting and modification required on site. This can help simplify construction, reduce material waste and support more predictable project planning. It also makes NiuHomes particu-

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larly well suited to projects outside major urban centres. The building components are consolidated into a complete kit and can be shipped to ports around the country, ready for transport to the project location. Whether the requirement is for an individual family home or a larger development, the same system provides an efficient foundation for construction. NiuHomes is PNG’s only range of pressure-treated timber kit homes, providing protection against fungal decay and termite attack. This is an important distinction in a market where lower-cost, untreated hardwood is widely used for construction. Although hardwood is often assumed

to be naturally durable, untreated hardwood does not provide the same protection against termites and rotting as pressure-treated timber. NiuHomes’ pressure-treated plantation pine provides consistent, built-in protection specifically suited to PNG’s tropical conditions. The timber used in NiuHomes buildings comes from PNGFP’s sustainably managed pine plantations in Bulolo. It is processed locally through PNGFP’s own manufacturing facilities, which are powered by renewable hydroelectricity generated by the company’s hydro power stations. PNGFP’s engineered wood products are also independently certified to recognised quality and ISSUE 3, 2026 – www.pngbusinessnews.com

COMPANY

responsible forestry standards. For customers, this means choosing a building system that supports Papua New Guinean manufacturing, employment and resource development while delivering a product made specifically for regional conditions. The NiuHomes range offers designs for different lifestyles, locations and budgets. Contemporary homes such as the Pacifica provide modern architectural appeal and generous family living spaces. Residential designs such as the Bikman offer the warmth and character of a traditional timber home, while practical Baset and Suburban designs provide efficient solutions for families, employers and organisations. Plans can also be adapted to suit different site requirements and project needs. This versatility has enabled NiuHomes buildings to be supplied for residential, commercial, institutional and community applications throughout Papua New Guinea. Behind every NiuHomes kit is the experience and capability of PNG Forest Products. With an established history of timber processing,

engineered wood production and building supply, PNGFP provides customers with the reassurance of dealing with a Papua New Guinean company that understands the conditions in which its buildings will be transported, constructed and lived in. For homeowners, developers and organisations planning their

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next building project, NiuHomes offers more than a set of materials. It provides a complete, engineered building solution combining local manufacture, efficient delivery and long-term durability. Made in PNG and built for the South Pacific, NiuHomes is ready to go wherever the next home is needed.

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Advertisers’ Index Ad Works Media 143 Agmark 135 Air Niugini 147 Airvos (iPi Properties) 116 Argo Marine 109 Atlas Steel PNG 19 Augustus Minerals 69 Aviat Club 149 Bishop Brothers 11 Boroko Motors 23 BSP 25 Budget Car rental 140-141 Business for Health 163 CC Pacific Ltd 117 CE Group 79 Chigo 131 Consort 33 Consultrans Limited (Navseem Pty Limited) 90 Credit Bank 7 Crossroads Hotel IFC Crown Hotel 132-133 CTRL Print 29 Daikin PNG 35 Daltron 37 Don Kyatt Group 106 Dunlop PNG 39 Eagle Exports 41 East West Transport 121 Expac 45 Express Freight Management 127 ExxonMobil 107 Friends of POM Gen 145 FX Business Centre 70 Golden Shipping 64 Government Print 97

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Harmony Australasia Hastings Deering Hertz High Arctic Honlly Isaac Jokema Foundation Hornibrook NGI Huon Logistics International SOS IEA iPi Group JJ Ship Equip Agencies Joint Venture Port Services Jump Enterprises Kenmore Properties Komatsu LAE CCI Lae International Hotel Loloata Island Resort Mapai Transport Markham Culverts Matrix Mineral Resources Authority Moni Plus Nasfund National Institute of Standards and Industrial Technology NCI Packaging NiuPay Niugini Assurance OFC Tech Solutions Ok Tedi Mining Pac Super Pacific Energy Aviation Pacific MMI Insurance Ltd Pacific Towing

93 91 151 55 122 OBC 89 62 139 87 34 85 67 77 IBC 150 164 71 73 75 65 159 3 81 63 108 61 125 42 59 57 53 51 99

Pagini Group 101 PNG Air 82-83 PNG Chamber of Resources & Energy 153 PNG CR 17 PNG Forest Products 103 PNG Ports Corporation 105 PNG Solar Supply 8 POMCCI 130 Port Side Business Park 49 Procureit 15 Project Yumi 155 QED 5 Remington Technology 111 Resources & Investment Finance Ltd 113 Sandvik 95 Santos 6 Savcor Art PNG 115 Sheraton Port Moresby Stanley Hotel and Suites 27 South Pacific International Academy 157 Svitzer 119 TE PNG 43 Telikom 9 Theodist 123 Tisa Bank - Clan Konek 13 Tisa Bank - Foreign Currency 47 Tisa Bank - Project Financing 129 TPA (Tourism Promotion Authority) 137 Trans Niugini Tours 124 Trugas 54 Trukai 31 Vodafone 4 Westpac 1 Wimble 2 Zenex Drilling 21

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