Briefs

The National Business

Report welcomed
PNG Chamber of Mines and Petroleum vice-president Richard Kassman has welcomed World Bank’s PNG Economic Update 2019 that forecast new large-scale resource projects can boost PNG’s real gross domestic product (GDP) to five per cent this year. He said this was particularly at a time when the country continued to face challenges with its foreign reserve. Kassman said the World Bank report demonstrated that the mining and petroleum sector remained absolutely critical for PNG jobs, economy, and all social benefits that flowed from this. “Timely approval of the proposed major new projects is essential to getting these projects up and running, and the benefits flowing to the people,” he said.

Legal authority
THE Hides 4 PDL 7 Special Purpose Authority is a legally established government entity managed by creditable people. Hides Special Purpose Authority Chairman Andy Hamaga said the Authority is established by the law and Acts that govern the establishment of the Special Purposes Authority and that needs to be understood by self-proclaimed Hides landowners with vested interest.

Gift card coded
The Vision City Gift Card to be launched in April will have a quick-response (QR) code at the back of the card. This would store data such as card number, name and value or balance of the card, according to marketing manager Maureen Esta. She said this is so if it got lost, and upon verification with the customer, they could request for deactivation of the card. “The packaging of the card has further instructions on how to manage and use it,” Esta said. She said customers would have PIN numbers of the card.

Lihir’s milestone
All parties to Lihir’s compensation and relocation agreements (CRA) received term sheets or summaries of the draft CRA on Dec 19. The term sheets outline terms of the package that Lihir Gold Ltd is offering. This is a significant milestone for the business, as it moves towards the final stages of the CRA review process. The CRA and the memorandum-of agreement are part of the revised integrated benefits package agreement reviewed in 2007. Addressing stakeholders at the Meri Divelopmen Senta, independent chairman for Lihir agreements review Sir Paul Songo, thanked all stakeholders for pushing through time to see delivery of the term sheets.