 PNG Mining Milestone: OTML Acquires Misima Gold and Silver Project [Supplied] Ok Tedi Mining Limited (OTML) has confirmed it will pay an initial AU$60 million (approximately K158.5 million) to acquire the Misima Gold and Silver Project, with a further AU$35 million (about K92.4 million) as a contingent payment.
The mining company announced it has entered a binding agreement with Kingston Resources Limited to secure the Milne Bay-based project, which has a current mineral resource estimate of 3.8 million ounces of gold and 22.1 million ounces of silver. OTML Chairman Mark Stone described the acquisition as a strategic milestone that signifies the country’s mining revival and Ok Tedi’s move towards becoming a multi-mine enterprise.  BSP Enhances Access to Personal Loans, Raises Unsecured Loan Limit to K110,000 Bank South Pacific Financial Group Limited (BSP) has announced a significant increase in its unsecured personal loan limit, raising the maximum borrowing amount from K50,000 to K110,000. The initiative is aimed at providing greater financial freedom to its customers.
Ronesh Dayal, BSP’s general manager for retail banking, stated that the adjustment would empower customers to pursue important personal goals such as funding weddings, paying school fees, going on holidays, or managing emergency expenses. PORT MORESBY – Bank South Pacific Financial Group Limited (BSP) has announced a record profit of K1.04 billion for the 2024 financial year, marking the fifth consecutive year it has achieved a profit exceeding the K1 billion threshold. The group's total income for the year reached K2.98 billion, reflecting its strong performance across the Pacific region. This result represents a 16 per cent increase in net profit compared to 2023. A dividend of K1.66 per share was declared, resulting in a total payout of K783 million to over 4,000 shareholders. BSP Group CEO Mark Robinson attributed the achievement to the bank’s consistent strategy and focus on sustainable growth. “Our performance underscores our long-term strength. With a 10-year compound annual growth rate of 7.7 per cent in net profit after tax, we have maintained our position as a leading financial institution in the Pacific,” Robinson said.  BSP Reports Record K1 Billion Profit for Fifth Consecutive Year Papua New Guinea’s Hela Governor Philip Undialu has raised strong objections to the recent rebranding of Bank South Pacific (BSP), calling for the immediate reversal of the decision to drop the bank’s original logo featuring three kundu drums. Acting as a representative of shareholder companies from Hela Province, Governor Undialu formally wrote to the BSP Board and Management, expressing concerns over what he describes as a disregard for Pacific cultural identity. He said the removal of the iconic three Kundus – a design that has long symbolized unity and heritage across the Pacific – has triggered unease among many Papua New Guineans and shareholders.  Commentary by George Lemako  The statement that Bank South Pacific (BSP) Finance Group is not majority-owned by Papua New Guinea underscores a critical shift in ownership and control of one of the nation’s most essential financial institutions. This development has far-reaching consequences, raising concerns about national sovereignty, economic independence, and the long-term welfare of Papua New Guineans who depend on BSP for their banking needs. The loss of majority ownership reflects not just a financial transaction but a broader issue of governance, particularly in light of governmental decisions that have prioritized short-term financial gains over national economic stability.
Historically, BSP originated as the PNG Banking Corporation, a homegrown institution designed to serve the people of Papua New Guinea. It was once a symbol of national pride and economic self-sufficiency. However, through successive waves of privatization and restructuring, its ownership gradually shifted away from government and local hands. The decline in Papua New Guinea’s stake in BSP is a consequence of fiscal mismanagement and short-term decision-making by various administrations, leading to a gradual erosion of national control over this crucial financial entity. PM Marape Hails Major Fleet Upgrade for Air Niugini, Boosting Papua New Guinea's Connectivity24/2/2025
 PM Marape Hails Major Fleet Upgrade for Air Niugini, Boosting Papua New Guinea's Connectivity Prime Minister of Papua New Guinea, James Marape, has lauded State Enterprises Minister William Duma for his leadership in securing new aircraft for Air Niugini, marking the airline's most significant fleet acquisition since the 1970s. This milestone is set to enhance Papua New Guinea’s connectivity and strengthen its position as a key player in regional aviation.
The Bank South Pacific Financial Group Limited (BSP) has announced a statutory net profit of K1.038 billion (approximately AU$408 million) for the fiscal year 2024, marking a notable 17% rise compared to the previous financial year. According to BSP Chairman Robert Bradshaw, the robust growth in FY24 profits was fueled by significant increases in business volumes and revenue across nearly all sectors. Additionally, there was a substantial improvement in provisions for bad and doubtful debts, along with the positive impact of the Additional Company Tax settlement in the first half of 2024.  BSP Reports Impressive 17% Surge in Annual Profit for 2024  Papua New Guinea is moving to reduce its dependence on imported rice as food security concerns escalate across Southeast Asia, according to an official.
The Government has tasked the recently established National Rice and Grain Board (NRGB) with the goal of achieving self-sufficiency in rice production by the year 2035. NRGB executive chairman Koren Rokas Maso stated that urgent steps were necessary to safeguard the nation’s food supply, emphasizing that the ongoing rice supply challenges in Southeast Asia served as a critical warning for PNG. Maso highlighted that the country currently imports more than 400,000 metric tonnes of rice each year from countries such as Vietnam, Thailand, and India, with the annual cost surpassing K1 billion (approximately US$270 million). He described this level of reliance on external suppliers as unsustainable, adding that the NRGB was formed to lead the nation towards rice self-sufficiency by 2035.  World Bank and PNG Join Forces to Tackle Economic, Infrastructure Challenges Papua New Guinea’s Prime Minister James Marape met with senior officials from the World Bank on Tuesday to discuss major development initiatives aimed at fostering economic growth, reforming the education sector, and driving social transformation. During the meeting, Marape underscored the government’s commitment to ensuring that investments in critical areas such as education, infrastructure, and economic stability contribute to long-term prosperity for the nation. He emphasized the strong partnership between Papua New Guinea and the World Bank, highlighting their shared dedication to advancing economic progress, education reform, and national development.
 The Panguna mine, under redevelopment, is anticipated to have a productive lifespan exceeding 20 years and is projected to generate approximately K120 billion in revenue, according to Johnny Auna, the newly appointed chief executive officer of the project. Auna shared these insights during the Autonomous Bougainville Government’s (ABG) recent nation-building framework workshop in Buka.
Auna emphasized that the mine would bring significant direct and indirect benefits to the region. “The project will deliver direct benefits to landowners, the ABG, investors, and shareholders, while also supporting new investments in infrastructure, including roads, education, health, and business development,” he stated. He added that the initiative would follow a proven operating model similar to other successful mining projects in Papua New Guinea, ensuring sustainable growth and development. |
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