Experience in PNG’s favour as it works through economic struggles

By SHIRLEY MAULUDU
PAPUA New Guinea may be able to come out of the current economic struggle given past experiences, Highlands Pacific chief executive and managing director Craig Lennon says.
Lennon made the statement when asked to comment on what the company’s thoughts are on the country’s investment environment.
The company has 8.56 per cent interest in the Ramu Nico project in Madang and 20 per cent in the Frieda River project in West Sepik.
“It’s difficult with the foreign exchange issue,” Lennon told The National yesterday.
“I think going forward, the ways that PNG can come out of situation really is through development of one of the big three projects.
“But the question is: When are they really (going to) come on and if they don’t do so, how is the economy going to change?
“PNG has always been an economy that has its ups and downs, so it finds its way to get out of the troubles that they are in.
“Hopefully it will find a way.
“I think from the outside looking in, PNG is a very prospective (future).”
Highlands Pacific has also indicated the company is considering acquiring new interests.
“It’s not country specific,” Lennon said.
“Yes we work in PNG, we are a PNG company.
“We are happy to work here and we understand PNG.
“If there is a project that we thought we can make difference to, add value to and would be beneficial for our shareholders, yes.
“We are looking for projects that are close to production or near production.
“Unfortunately there are not too many that are in PNG that fit that area.”