Papua New Guinea press review. Economy

THE departure of foreign-owned banks from the retail banking space provides an opportunity for others to fill the void after they leave, according to the PNG Chamber of Commerce and Industry.
Vice-president Ian Tarutia said that was an opportunity to set up more locally-owned banks in country.
Prime Minister James Marape recently warned commercial banks, which he said were planning a possible exit that they could regret the decision with a possibility of not returning to the country calling out Westpac and ANZ. [1]

The Supreme Court dismissed another application by Barrick Niugini Limited to stay the National Court Decision that had dismissed Barrick’s initial proceedings. The National Court on September 1st 2020, dismissed a proceeding filed by Barrick Niugini Limited challenging the State’s decision to refuse Barrick’s Special Mining Lease for Porgera Gold Mine.
Prime Minister James Marape responded to a Supreme Court decision that the Government expected the Kumul Minerals Holdings Limited (KMHL) to reopen the Porgera mine immediately, exercising its rights in a contract signed 31 years ago. “I urge Barrick to humble itself, observe the rule of law and fulfil its obligations under Clause 19 of the mining development contract (MDC) it signed on May 12, 1989,” Marape said in the statement.
Kumul Minerals Holdings Limited is now free to proceed with the operations of the Porgera Mine following a Supreme Court decision that dismissed interim stay orders that were obtained by Barrick Niugini Limited in July. [2]

The World Bank says ongoing dispute on the Porgera gold mine in Enga may affect investor confidence.
In its East Asia and Pacific Economic Update, the bank said the Covid-19 was one of the issues which could have lasting impacts on the country’s economy. In addition, ongoing disputes around the Porgera mine may affect investor confidence and, therefore, should be treated carefully. It said updated projections for 2020 suggested that the economy would contract 3.3 per cent in 2020. [3]

PNG could become next Venezuela- O’Neill

KMHL to proceed with Porgera mine operation

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