Latest Papua New Guinea News

Santos Limited's 2024 Annual Report reveals a 5% decline in production and a 9% drop in sales revenue, yet the company maintains strong profitability and advances its carbon capture and storage projects alongside ambitious climate targets.

Santos Limited’s 2024 Annual Report reveals a 5% decline in production and a 9% drop in sales revenue, yet highlights significant progress in carbon capture and storage projects and emissions reduction targets.

Santos Limited's 2024 Annual Report reveals a 5% drop in production and a 9% fall in sales revenue, offset by progress in carbon capture and storage projects and emissions reductions. The company posted a net profit of $1.224 billion, down 14% from 2023.

St Barbara Limited has successfully commissioned the MMD Sizer crusher at its Simberi operation, exceeding performance expectations and boosting SAG mill throughput. The company also appointed Phil Stephenson, a seasoned PNG mining executive, as Operations Advisor to steer operational improvements and strategic decisions.

St Barbara’s Simberi Gold has formally objected to Papua New Guinea’s tax authority over a disputed PGK456 million assessment, highlighting significant errors and seeking urgent resolution.

Kina Securities confirms its 2024 underlying profit guidance amid a non-cash statutory profit reduction driven by deferred tax asset adjustments and a customer fraud impact.

Gold Mountain Limited has confirmed high-grade Rare Earth Oxide mineralisation from 56 drill holes at its Down Under REE Project in Brazil, highlighting significant potential for resource expansion and further exploration.

St Barbara Limited has announced its intention to separate its Atlantic Gold Operations in Nova Scotia, aiming to unlock value through a Canadian-led development while concentrating on its Papua New Guinea assets.

Mayur Resources has locked in $11.2 million in funding from Pacific Unison to kickstart production at its Orokolo Bay Industrial Sands Project in Papua New Guinea, targeting 500,000 tonnes of magnetite annually by late 2025.

RTG Mining Inc. is advancing rapidly towards financing the Stage 1 Direct Shipping Operation at its high-grade Mabilo Copper and Gold Project in the Philippines, with a capital budget confirmed under US$25 million. Meanwhile, exploration at the Chanach Project in Kyrgyzstan reveals significant porphyry targets, positioning RTG for a pivotal year ahead.

Site Group International edges closer to securing a pivotal Higher Training Institute license in Saudi Arabia, while reporting a robust 112% revenue surge and completing a $1 million capital raise to fuel expansion.

LCL Resources has executed a binding agreement to divest its Colombian assets for A$10 million, while confirming a significant copper-gold porphyry discovery at its Dada project in Papua New Guinea.