Higher prices but lower exports for copper, oil
The National, Copyright 2000
November 9, 2000
By CHRISTINA KEWA-EVEKONE
THE MINING and petroleum sectors of PNG enjoyed higher copper and crude oil prices in the first nine months of this year, although export volumes for both declined in the first six months, according to Bank of PNG.
Gold, on the other hand, saw an increase in its export volumes although the price was lower.
The Bank of PNG (BPNG) said in its Treasury Economic Monitor yesterday that gold prices for the first nine months of the year averaged US$282 (K940) per ounce, which is six per cent below the budget assumed prices of US$300 (K1,000) per ounce.
"The recent fall in the price of gold was in anticipation of another gold auction by the Bank of England," the BPNG said.
It also said copper prices for the nine months averaged US$0.81 (K2.70) per pound, which is a eight per cent above the assumed price of US$0.75 (K2.50) per pound for the 2000 budget.
According to the BPNG, Kutubu oil alone recorded an average price of US$28.10 (K93.70) per barrel, which is 47.9 per cent higher than assumed. The higher price of oil was due to increased demand from North America.
The BPNG also pointed out that, with the Organisation of Petroleum Exporting Countries (Opec)'s aim to increase daily production by 800,000 barrels effective from October this year, the price of oil is expected to fall slightly in the remaining months of 2000.
On mineral export volume, PNG's gold export volumes increased by 11.5 per cent in the June quarter to 16.5 tonnes, compared with 14.8 tonnes in the corresponding period of 1999.
The increase was due to higher production in Porgera, Misima and Tolukuma mines, reflecting mining of higher grade ore and increased labour productivity, which more than offset lower production at Lihir and Ok Tedi mines.
According to the BPNG, oil exports in the June quarter of this year declined by 24.9 per cent to 5,736,400 barrels compared to 7,641,900 barrels in the corresponding quarter of 1999.
The decline reflected a lower extraction rate of crude oil from wells at the Kutubu oil project attributed to declining reserve levels, which more than offset increases for the Gobe Main and South East Gobe projects.
Security firms showcased at Austrade exhibition
By THOMAS KILALA
THE AUSTRADE-organised, two-day exhibition at a hotel in Port Moresby was a success as far as Mark Ogilvie of the Tote Systems, Australia Pty Ltd is concerned.
The trade exhibition featured seven Australian firms dealing in security equipment and one manufacturer of network cables.
Austrade senior trade commissioner Greg Hull said the exhibition served to bring together some of the essential components involved in conducting business in Papua New Guinea. Over 200 corporate visitors came to the exhibition.
The seven business houses involved in the exhibition were Assmann Uher Australia, Ballistic Innovations, BRC Consultants (Vic) Pty Ltd, Don Mathieson & Staff Glass Pty Ltd, Gryffin Pty Ltd, Krone (Australia) Pty Ltd and Tote Systems Australia Pty Ltd.
Tote Systems, a Brisbane-based manufacturer and supplier of police and security equipment, prides itself on using state-of-the-art materials in innovative designs.
Mr Ogilvie said Tote Systems has been supplying security equipment to security firms based in PNG mining projects like Porgera, Ok Tedi and others.
John Olton, a sales engineer with Gryffin, said their prefabricated outdoor security barriers have been shipped to PNG for an AusAID-funded fencing project at Jacksons Airport in Port Moresby.