New Porgera Limited (NPL) is pleased to announce that the restart of Porgera Mine is progressing well and is on track. First gold production is expected to be achieved in Q1 2024, as planned, and it is also subject to the Highlands Highway continuing to remain open with no further vandalism of project infrastructure. NPL General Manager, Chad Coulin, acknowledged the tremendous effort made by the NPL workforce and the support of the regulator and the Mineral Resources Authority to restart Porgera mine in compliance with the laws of Papua New Guinea (PNG). Following completion under the Porgera Project Commencement Agreement (PPCA) on 22 December 2023, the NPL team has stepped up and delivered outstandingly towards getting back into full production in Q3 as required by the PPCA. The critical path to full production is re-standing or replacing relevant towers along the Hides Transmission Line. In 2024 for the Porgera mine operations, there will be a spend of K2.7B (US$749m) (est.), which is divided between K1.6B (US$442m) of direct operating costs (including K613m (US$174m) that will be capitalized prior to restart) and K1.1B (US$308m) of capital. The expected export revenue from Porgera gold sales in 2024 is K1.8B (US$504m) which will assist in boosting PNG’s foreign exchange reserves and expenditure on PNG sourced goods and services are estimated to be over K600m during 2024. Over 3,000 Papua New Guineans will be employed by NPL by the end of 2024 with a payroll for the year of K150m (US$42.6m). Royalties which will be paid to landowners and the Enga Provincial Government, with the 0.5% production levy to Mineral Resources Authority will amount to K63.4m (US$18m). Withholding taxes and custom duties payable to the National Government are estimated to be K28.2m (US$8m) for 2024. NPL has already commenced payment of K4.6m in outstanding compensation fees for the period that Porgera was in Care & Maintenance and will shortly commence negotiation of the long-term compensation agreements with landholder agents. The sharing and division of project benefits such as equity and royalties among stakeholders, will be agreed at the Government managed Development Forum process and be recorded in a Porgera Project Community Development Agreement that NPL will be a party to. Under the Community Development Agreement, NPL will contribute through the Tax Credit Scheme to relevant infrastructure projects in the areas of health, education, roads and law and order. Law and order continue to be a challenge and NPL calls for all stakeholders to support restart operations by contributing to peace in the valley with no further vandalism of critical infrastructure.

A young private entrepreneur and community leader in Port Moresby, Mr Ben Dangima has called on the National Government to dig deeper into the current socio-economic facing the nation and urge them to solve it through appropriate policies and legislation amendment in Parliament. A concerned Ben Dangima stated that he was frantically sad to witness the unfolding of protest by disciplinary forces, unprecedented looting, riot in the nation’s capital that resulted in civilian deaths and loss of business the runs into billions of Kina, last week. He added that the Public Servants play an important role in implementing the National Government policies in serving the state and its citizens. Their needs in salaries and remunerations must be properly taken care of through the appropriate administrative procedures to ensure future incident of such magnitude does not happen again. “Our disciplinary forces, teachers, doctors, nurses, engineers, accountants and other professionals serving in the public service by virtue of law are entitle to appropriate salaries that must not be tempered while current inflation and rising cost of living are putting extra pressure on them." “We have economic challenges that are the root cause of the outburst of the many upraising of social misbehaviours in our societies." “Port Moresby city population has grown to over one million since 1975, and the continuous migration of urban drift is because people are looking for a better life in the city thus this has also put government under stress to provide better public utilities, job creations and revenue making." Dangima further stated that it is a time bomb we are facing now, with mass youths remaining idle without opportunities and not engaging in commerce and business activities. Mr Dangima said that as responsible constitutional office holders, particularly the city hall that is responsible for taking care of its city residents, they have not done enough to address the socio- economic problems that have been building up and have now spilled out over time. He is now urging the city planners to seriously do an analysis assessment on the recent confusion and incorporate better plan to assist our struggling populace and the business communities in the private sectors and the public service. Dangima further explained that the National Capital District usually get a highest GST share annually and its revenues are about 9 times the average of all the Provincial government despite having a very narrow range of expenditure responsibilities. “NCD’s revenue is also very high compared to other large towns in PNG, therefore its important they are accountable to the use of all public funding; thus, it must be equitably distributed for the residents’ benefits." “While it is their regulatory responsibilities to provide municipal services and manage the city affairs, the needs of our simple people who are providing mass labour, doing small entrepreneurs, living in the settlements and in Motu Koitabuan villages must be met, everyone in the Nations Capital needs a fair share of benefits." When people are hungry and do not have enough money to buy food and survive, they sort to illegal activities and its time we must embrace respect, bring back safety and confidence to our city. "We are a nation of thousand tribes, we have survived as a sovereign nation in the last 48 years, this is our country, and we must continue to build our development aspiration with positive attributes, better policies and legislations." “It’s time now that the National Government need to put the interest of our people first and get the economic policies advisors heads and agencies rolling to create more revenue, address unemployment, address inflation, address foreign exchange issues and the devaluation of Kina that has contributed to the high cost of living in Papua New Guinea.”

The Bank South Pacific wishes to clarify key facts regarding media reports about Puma Energy’s decision to lo close its account with BSP, dated Monday 22nd January 2024. Bank South Pacific (BSP) in a statement today said that they had given Puma a 90 days’ notice to close its company account on 9th June 2023 BSP states that the reasons for BSP’s decision are known to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit and have been communicated to the Government. At the request of the Government, BSP extended the deadline to 8 March 2024 therefore Puma’s account with BSP is currently operational. However, by 8 March 2024, Puma will have had nine months to act responsibly, and make alternate banking arrangements. BSP Group CEO Mark Robinson highlighted that BSP has complied with all State of Emergency Orders and has given Puma over seven months to secure alternate banking arrangements. “This is more than ample time, and currently the customer has the capacity to operate their company accounts with BSP, but this will end in March.” “We will work with Puma, like any customer, to facilitate a smooth transition to alternate banking facilities."

The CPL board has come out to express its concern regarding the civil unrest and its effects on CPL, with Mr Stan Joyce Board Chairman of CPL Group highlighting that the seriousness of the current situation in PNG and the gravity of its impact. Mr Joyce stated that he is lost for words to describe the senseless criminal acts which have resulted in the destruction of 3 of their shops and the theft of merchandise on a scale never seen before in Papua New Guinea. He added that the rule of law is a prerequisite for operating a business in any economy and what everyone has observed currently is the rule of law being tested to a breaking point. “I am not going to comment on this issue any further at this stage other than to appeal to the majority of peace loving and law-abiding citizens of this God-Fearing Nation to stand up to the perpetrators of this lawless activity and say enough is enough”. “I have lived in Papua New Guinea for over 40 years and continue to believe most people are law abiding citizens.” He further added that CPL has been through more than its fair share of challenges over many years, from riots and fires, they have always prevailed, and they will do so again because we are resilient and determined to remain a proud PNG company. “One of the main reasons for our resilience is our staff who remained loyal and believe in the company.” “This was again evident in the way staff acted quickly to assist Management with protecting assets and taking care of each other,” he highlighted. “The Directors thank our staff from the bottom of our hearts; we know that without you we would be in a much worse situation.” Mr Joyce stated also that right now it is too early to tell how CPL will recover from this latest test to their viability and that there are many external factors out of their control. “But we have every intention of coming back bigger and better, so, at this stage, I would humbly ask you to remain confident in the future of our company”. Despite what had happened he added that people will still need to buy food, cloth themselves and obtain hardware, and that the Pharmacy will still be required to enable people to live better and healthier lives. He expressed gratitude towards the CPL Customers for the many well wishes that come into the stores and appreciates the way CPL do business and that boosted CPL’s confidence in the future. “We are proud to be a PNG company, we will continue to support our SME’s and local business and the broader PNG community including through our Foundation.” “We are all in this together and together we will prevail.” Mr Joyce elaborated more that right now the safety of all the people remains their number one priority and that CPL Board has zero tolerance for any activity that puts the safety of their staff at risk. “On behalf of CPL Board, I ask everyone at this time to take particular care in day-to-day movements as we keenly await a return to normalcy, God Bless PNG”.

CPL the biggest retail network in PNG, operating since 1987 faced its worst day on Wednesday 10th January 2024. In light of the civil unrest in the Nation’s Capital on Wednesday 10th January 2024, CPL group of Company suffered devastatingly, which saw Stop and Shop Rainbow and Stop and Shop North Waigani looted and burnt down in flames, whilst Stop and Shop Badili and Harbour City looted and destroyed. Despite the devastation faced by CPL Group, Sir Mahesh Patel, OBE, and his team decided to open few of their shops that were not destroyed in the unrest, Stop and Shop Waigani Central, Town, Boroko and Airways including City Pharmacy Waigani Drive (Showroom), Boroko and Vision City. On Friday, here at Waigani Central Stop and Shop the shop was crowded, carpark was full and the check out lines were very long into the aisle of the shelves. Customers expressed gratitude to CPL group for reopening of the Stop and Shop store despite what had happened to it's other Stop and Shop branches during the unrest. One shopper Mrs Oxy Olo expressed sympathy to CPL for the loss and at the same time mentioned that it is not only CPL as the company that suffered but hundreds of farmers,hundreds of families whose bread winners are employees of CPL group. "I feel sorry for our farmers who will be affected, whose produce will go to waste because CPL was their market." "People do not understand the extended damage done to thousands of families in the country who had depended on CPL for decades, and this is a very sad time for these families". Another shopper Mr Matthew Vari highlighted that we need to understand what CPL stands for, what it's stands for,for our simple farmers,what is stands for,for our people. "It has been our trusted household brands",he added. "I choose to shop at Stop and Shop for what it stands for and not because it's just a one stop convenient shop". He further added that CPL company like Bank South Pacific and other companies that give back to our communities have been supporting communities for many years and what has happened to them is very sad and uncalled for. CPL group Limited despite suffering the worst still stands tall and believe in supporting Papua New Guinea families as demonstrated, when they brought in their workers from their other shops that were damaged to continue employment in the reopened centres.

Some Pacific nations are feeling the bite of El Niño through dry conditions, while others in drought get relief through above average rainfall. The southern Cook Islands has received below average rain for the last six months, despite rain last week. Meteorological Service director Arona Ngari said dry conditions are affecting the whole of the southern group, including Rarotonga. "What is normal for us is about 100 to 200 millimetres of rainfall per month, but that has actually gone well below 50 percent of the norm," Ngari said. The met office had asked the community to conserve water, he said. In Fiji, Nadi received less than a third of its normal December rain and Suva had received half of the average. Fiji Meteorological Service acting director Bipen Prakash said even though there had been some rain, it was still significantly less than was normally expected for December - the peak wet season month. "We expect this trend to continue," Prakash said. "We expect that generally we will have drier than usual months ahead, we may get a bit of rainfall every now and then with passing troughs of low pressure or tropical cyclones." Although there had been significantly less rain it had not yet been called a drought ,which, he said, was a decision that involved multiple stakeholders. NIWA meteorologist Ben Noll said over the last three months Fiji, Tonga, New Caledonia, the Southern Cook Islands and Wallis and Futuna, experienced the driest conditions, while other Pacific nations were experiencing below average rain. But island groups along the equator, such as Kiribati - which had been in a drought - had now experienced above normal rainfall. Kiribati Meteorological Service's Ueneta Toorua said all four manual weather stations, including the capital and Tarawa Island, recorded above normal rainfall for the month of December 2023. "There is a high chance that groundwater and water tanks have been recovered from high rainfall over the last few months," the Kiribati met office chief officer said. "But noting that rainfall has been significantly low over the last three years, it might also take a while to fully recover, especially in islets where freshwater and water catchments facilities are limited." Toorua said above average rainfall was expected to continue over the next three months. 'Feeling the effects' NIWA's Noll said El Niño had so far behaved closely to what had been expected. "We were anticipating that some of the islands off the equator in the South Pacific, as well as some of the islands in the northwest Pacific, would experience below normal rainfall or a higher chance for below normal rainfall and that has come to fruition. "There are definitely several islands that are probably feeling the effects of low rainfall over recent months as well as maybe building water stress in some of those islands due to the low rainfall." So far, there had been three tropical cyclones this season, with severe tropical cyclone Lola arriving in October before the official start of the cyclone season. Noll said big El Niño events in 1982/83 and 1997/98 also had early starts to the season. More cyclones are predicted for the Pacific during El Niño. He said it was important for the Pacific to be prepared for more cyclones, with the majority reaching the Pacific in February and March. "We've been about a month now, as of early January, without a cyclone. "However, cyclone season does run through the end of April in the region. "There may be a renewed risk for cyclone activity toward the end of the month and that is certainly something that all Pacific islands will need to remain vigilant about." Noll expected the El Niño conditions would last until at least May. "There can be a lag between when the ocean moves into neutral and the atmosphere starts to behave in a more of a neutral manner, so it wouldn't surprise me if conditions in the Pacific Ocean in the atmosphere did maintain an El Niño-like flavour into the middle part of 2024," he said. Source:rnz.com

NCSL is pleased to launch its new look and improved website today Friday 05, January 2024 at its Head Office in Port Moresby. The website is designed to provide an enhanced and user-friendly experience for its valued members. NCSL understands the importance of staying ahead in providing accessible and convenient financial services and in line with its digital transformation, the new website aims to meet the needs of its members by offering a seamless online platform to explore a range of financial products and services. Some key features of the website include: 1. Enhanced User Interface: The new website has a modern and intuitive design, making navigation easy for users. With a clean layout and user-friendly interface, members can easily find the information they need. 2. Accessibility: The Modern User Interface principles embrace inclusivity, ensuring the website is accessible to users with disabilities. This not only aligns with NCSL's values but also expands the organisation's reach and fosters a more diverse and engaged audience. Irrespective of your device, the new NCSL website site will prioritise the viewing of information within the perimeters you have on your screen. 3. Savings Calculator: We are also pleased to have a savings calculator on the revamped website. The innovative tool will assist users to make informed financial decisions and achieve their savings goals. It is designed to provide a simple and user-friendly way to estimate their potential savings over a period of time. 4. Loan Application Availability: Applying for a loan has never been easier. Members can now apply for loans on the website without logging into their Member Online Portal. It also features a loan calculator to assist members make their financial decision. This saves time and effort creating a friendly experience for our members. 5. Updated Content: The new website includes a dedicated section with informative articles and resources, covering various financial topics and member experiences, ensuring members can make informed decisions about their finances. NCSL Acting CEO, Keith Raimo at the launched of the websites stated that, “We are excited about the launch of our new website because it is the first step in our digital transformation initiatives to be rolled out in 2024.” “Our website is a key touch point when dealing with our members and we believe this website revamp will lead to easier accessibility and provide a convenient medium for our valued members who would like to have access to all of our service.”

Kumul Petroleum Holdings Limited has finalised all finance arrangements to conclude the purchase of an additional 2.6% equity in the PNG LNG Project. Kumul Petroleum Holdings Managing Director, Mr Sonk, highlighted that the Kumul Petroleum has been able to raise sufficient funds to close the deal for an additional 2.6% interest in the PNG LNG Project in a very tough international finance environment where the interest rates have risen to levels not experienced for a long time and an environment where the appetite for funding of any hydrocarbon project is becoming increasingly scarce. “This capital raising is a major transaction for KPHL, one that we have negotiated and finalised independently with our advisors, Mizuho Bank.” Mr Sonk further outlined that the capital raising involved local banks led by the BSP Banking Group along with international banks combined with LNG equity marketing arrangements negotiated by Kumul Petroleum. He noted that local banks support was oversubscribed, and a portion of the Kina commitments made will be applied for the balance of an additional 2.4% equity in PNG LNG Project and the KPHL contribution for its Papua LNG Project equity interest of 22.5%. “We’ve paid Santos approximately $250 million as part payment, fulfilled all conditions precedent and signed binding funding arrangements for the remainder of the transaction cost thus Santos has agreed that this funding can be drawn down by 31 January 2024 to enable completion of this transaction.” “The transaction has been approved by the KPHL Board and NEC and then cleared by the PNG Independent Consumer and Competition Commission, so this equity purchase arrangement can now proceed.” “We thank Santos for their patience and understanding, enabling this transaction to be finalised and our shareholding in this robust LNG project to be increased.” Mr Sonk added further that this exercise would not have been possible without the support of the Government, particularly SOE Minister Duma and Prime Minister James Marape. “I am particularly gratified by our local banks and superannuation funds for stepping up to participate in this investment in the future, enabling their Papua New Guinean shareholders and members to participate in both the PNG LNG and Papua LNG projects.”

With PNG Games just two weeks away, provincial teams and clubs are hard at training preparing for these long-awaited games. Here in Port Moresby, the Enga Port Moresby Based Combat Kickboxing Club is also gearing up in preparations for the PNG Games. President Nelson Walen stated that some of his senior and top fighters will be representing Enga Province in the PNG Games which will be happening next year January 10th -20th 2024. With the Club registering over 13 wins in all the fights this year and being winner of the raising of the Champion Kickboxing Showdown recently in Bomana, the boys are in their best form to boost team Enga in the Boxing and Kick Boxing tournaments. Mr Walen is now extending the invitation to the Enga Base Boxing and Kick boxing Clubs whose fighters will be representing Enga Province to send their fighters down early and to get in touch with Port Moresby Base Enga Combat Club to have the fighters train together in preparation for the PNG Games. “We want the Enga fighters to come down a week or two early so we can have some sessions together at our club.” “We are here to support and raise the standard of Kick boxing and Boxing in Enga Province and it will be really nice to have all fighters’ camp together, train and have some spars in one spirit.” Mr Wallen said they have a common aim, and that is to combat violence, abuse, and bad habits amongst youths in Enga and it will be good to stand united during the PNG Games and show the youth in Enga the better side of life that sports can offer then what is in the tribal war zones.

The 6th Congregation of Toaripi circuit, Papuan Gulf Region had a wonderful Boxing Day celebration on Tuesday with the opening of their new Popo Luluapo United new Church Building. After 24 years of sweat, dedication, and prayer the people of Popo were finally able to see the opening of their new church building. The Official opening and Commissioning of the church building was done by Gulf Governor Sir Chris Haiveta and the ribbon cutting was done by Member for Kerema Open, Thomas Opa and Kerema Town Mayor Mr Sam Koraea. During the opening remarks Governor Sir Chris Haiveta highlighted that Popo was his home during his childhood days and to see a brand-new church building is a testament of faith and hard work”. “The building was initiated when I was Governor back in 1990 and now, I am back and I am happy to play a part in the erection and establishment of this church building” “It is a thorough satisfaction for me today to have been witness to the beginning and completion and commissioning today and all blessings and all honour to God almighty,” said he added. Superintendent Minister for Toaripi Circuit, Rev. Alex Mai Lorou during the worship and dedication prayer stated that all glory and honour is to be given back to Lord Jesus and he further thanked the congregation for their commitment in cash and kind towards the establishment of the new church building. Rev. Alex Mai revealed that the church building was built a total cost of K800, 000. It is named, the Samuel Koai Memorial Church, after the founder of the church Mr Samuel Koai.

Climate change poses a serious existential threat to humanity especially for the Pacific Island Countries including Papua New Guinea (PNG), they remain the most vulnerable in the region. In response to this challenge, China and Pacific Island countries in the last two weeks converged in two significant events to address climate challenges in the Pacific under the China-Pacific Island Countries Climate Action Cooperation. These events, the 'Second China-Pacific Island Countries Workshop on Climate Change' and a 'High-level Pacific Island Countries Climate Action Dialogue,' were held in Liaocheng City, Shandong Province, China where representatives from Pacific Island Countries including PNG participated. Discussions at these events were centred on climate governance, regional responses to climate change, impacts on terrestrial ecosystems, marine ecology, ocean governance and other significant climate change related issues. During the dialogue, China highlighted its commitment to supporting developing countries in the region through the south-south cooperation through assistance such as capacity-building, technology transfer, financial support and research. This builds on from the China-Pacific Island Countries Climate Action Cooperation Centre (CPICCACC), which was launched in April 2022. China’s commitment stands as a testament to intensify China’s response to climate change in the region after a decade of dedicated research. Participants from the Pacific Island Countries shared similar sentiments, acknowledging that the China-Pacific Island Countries Climate Action Cooperation is essential for addressing immediate challenges posed by climate change, promoting international collaboration, and laying the groundwork for a sustainable and shared future and must be supported. Ms. Jealchris Inji, from the Climate Change and Development Authority (CCDA) PNG, expressed gratitude at the high-level dialogue, saying, it was an honour for Papua New Guinea to be part of these events. “Our presence reaffirms our country’s support towards addressing climate change by joining hands with Pacific Islands sister countries." In her expert presentation at the High-Level Dialogue, she emphasized the importance of collaborative approach in addressing climate change. “Despite how many thousands of miles apart; we all as Pacific Island countries share the same ocean; we breathe the same air." "We are just one people living on one planet, and our children will share the same future together." She said this must be the drive for the entire entire world to collaboratively address climate change.

Moresby North East Holdings, the business arm of Moresby North East District and National Capital District Commission have officially opened a Betelnut Wholesale market at 6-mile recently. The 6-mile market next to the Incubation centre was licensed by NCDC to operate as a wholesale for betelnut sellers from Mekeo and Kairuku to sell their betel-nut produce. The wholesale license was presented to Mr Peter Philip Director of Moresby North East Holdings by Ms Janel Awa, Director for NCD Community and Social Service. During the launching Moresby North East member John Kaupa said it took them 6 months of tireless efforts to meet prepare the market to a standard where it meets the requirements and standards put by NCDC market board in order to acquire a formal license to operate. The new market has an ablution block for male and female, shower and also a safe place for the betelnut sellers travelling in to have their rest before doing business. Mr Kaupa urged all the betelnut buyers and sellers who were present at the launching to take full responsibility of the facilities and to befriend the producers from Kairuku and Mekeo as well as other Central Province betelnut growers who want to sell their produce in 6-mile Betelnut Wholesale. “If we destroy the facilities or if we cause nuisance in and around this new whole sale market than we will simply loose our licence to operate because this licence is only for 6 months.”   Kaupa also reminded the people of Moresby North East that despite several attempts by NCDC and NCD to ban betelnut in the past, that’s because of the rubbish betelnut cause around the Nation’s Capital. “Sell betelnut at the right place, buy betelnut at the right place, chew at the right place and spit at the right place, these are just basic rules that all chewers must always remember.” Mr Kaupa further thanked Mr Steven Ani who is the president for the Kairuku Betelnut growers for coming onboard to mark 6-mile Wholesale as their market. He further stated that all PMVs carrying betelnut and is bound for 6mile Mile Betelnut Wholesale will be issued trading permit. “We want to make this place safe and friendly, so our friends from Kairuku and Mekeo can come here and sell free and go back home safe, plus you buyers do not have to risk your lives to go out and look for betelnut bags.”