Lihir Investment Trust Fund

 

BY RICHARD MARU

PNG Minister for International Trade

For the first time in over 24 years after approving the Pacific Balance Fund (PBF) and the Pacific Property Trust as Unit Trust Schemes, the Securities Commission of Papua New Guinea (SCPNG) today approved the Lihirian Investment Fund Unit Trust as a new Unit Trust Scheme in the local securities industry. The wholly owned subsidiary of Mineral Resources Lihir (MLR) Capital Limited, the MRL Funds Management Limited made history by being granted two Capital Licenses by SCPNG. As the Minister for International Trade and Investment, I made the presentation of the two licenses- a Trustee Mangers License and Funds Management License to MLR Funds Management Limited today.

I want to congratulate the Board and Management of MRL Capital Limited for achieving this very significant milestone. The Lihirian Investment Fund Unit Trust was granted the two licenses based on their performance and on their record where they managed the fund from the initial value of K60 million in 2015 to K700 million today. This represents an annual growth rate of an average of 10 per cent of this fund which is a very impressive record of performance. I am also happy that MLR Capital Limited out of their annual profit of K100 million to K200 million uses 25% to support community projects in Lihir especially in health, education and infrastructure.

On behalf of the Marape-Rosso Government, I encouraged Lihirian Investment Fund Unit Trust to also look at managing funds from other individuals and companies around the country apart from Lihir. The people, especially our mothers and fathers and our SMEs are looking for low-risk and high yielding investment opportunities and the Lihirian Investment Fund Unit Trust presents a very good investment vehicle for them.

I also encouraged Lihirian Investment Fund Unit Trust to partner the Marape-Rosso Government to invest in low-risk investment opportunities in the Special Economic Zones that will be announced in May this year. One of the reasons why I am excited about today is if the Lihirian Investment Fund Unit Trust can grow these funds, they can take up investments in high yielding low-risk agriculture investments. I would really like to encourage the Lihirian Investment Fund Unit Trust to seriously look at long-term agriculture investments in Papua New Guinea. Our country needs billions of Kina in new investments to grow the economy so supporting high performing funds managed by competent fund managers is a key policy agenda of the Marape-Rosso Government to support economic growth.

I want to also encourage other landowners in areas with resource projects to follow the successful path of the MLR Capital Limited.

Drunk public servant crashes vehicle

 

Port Moresby police have reported that a man inebriated by liquor crashed his government issued vehicle into a property along Lawes Road, Port Moresby early today.

The grey double cabin utility was speeding down hill when it veered off the road and crashed into a residental yard at around 2.45am today.

The lone driver was injured upon impact and was taken to the hospital according to NCD Police Traffic investigators.

The mangled vehicle is still inside the residental yard and the driver will be questioned and charged when he is discharged from the hospital.

Public have decried the incident very concerned that public funds were being wasted and how have such persons been recruited to the public service.

One said government vehicles should be parked as of 4.06pm after every working day

By Arthur Smedley. An account by Kiap George Oakes

 Starting a DC-3 at Palmalmal, New Britain, Papua New Guinea.  About 1961.  

Courtesy of George Oakes.  Here is George's story of what happened.

In about 1961, when I was the Patrol Officer at Pomio, on the south coast of New Britain, we would go over to Palmalmal to meet the DC3 on its flight from Lae to Rabaul every fortnight. On one occasion the plane landed and had over 20 passengers on board. After the pilot had organised people getting off and on and unloading cargo for us they all boarded the plane to go to Rabaul. The pilot went to start the motor: nothing happened. The battery was flat.

The pilot got out and asked if we had a long rope which the plantation manager at Palmalmal soon found. The pilot then twisted the end of the rope around one of the propellers like starting a top then got back in the plane and when he gave the signal about a dozen of us pulled hard on the rope: nothing happened.

We then attached the end of the rope to the tractor and the tractor driver waited for the signal from the pilot and then drove as fast as possible away from the plane: the engine started to everyone's relief. Once the pilot got one engine going it was no problem to start the second. He was then able to take off for Rabaul.

The pilot told us he had a party in Lae he wanted to attend. We people on the ground heaved a mighty sigh of relief as we did not know how we could look after over 20 passengers for the night if the pilot had to wait for another battery to be delivered.

The pilot said no photos please, however, several months later I was sent some photos of what had happened. I had not realised a DC3 could be started this way.

PNG Prime Minister wants tough

 PM MARAPE RECOMMENDS HIGHER PENALTIES FOR ALCOHOL-RELATED OFFENCES

Approved for Release: Wednesday 23 November 2022

PRIME Minister Hon. James Marape has urged Parliament to consider the increase in penalties for alcohol and drug related offences as a deterrent to alcohol-induced problems in the country, including returning a parliamentary committee to manage this issue in a bi-partisan approach.  

He has also called on provincial governors to step up by utilizing their powers to control alcohol use and alcohol-related problems in their respective provinces.

The Prime Minister was speaking today (231122) in Parliament while responding to Western Highlands Governor Hon. Wai Rapa who asked for a ban on alcohol production and sales as a way to solve these issues.

PM Marape said to give perspective to beer-drinking and alcohol use, law & order problems associated with drinking was happening because of the abuse of alcohol more than the alcohol itself. 

“I suggest that, as a national approach, we increase the penalty for alcohol-associated problems, homebrew, and drug abuse as solutions going forward. 

“We can increase the penalty for alcohol related offence so it becomes a deterrent. Papua New Guinean parliamentarians and citizens: do not be afraid of us increasing the penalty. 

“You governors in each of your provinces, you have the power to make laws in relation to alcohol control in each of your provinces. You already have the power under provincial liquor licensing. Now utilize that power – restrict unnecessary drinking all over the place; control the times and place such as at proper clubs.

“As for the police, I need not tell you your job. When someone is drinking and drunk in public space, you pick them and lock them up. Police personnel themselves must not drink when they are on duty. 

“These are the small things that need to be in place so we order the behavior of our citizens properly. 

“I cannot put a stop to someone’s right to drink beer but it has to be done in a proper manner. 

“It is an industry that also creates employment and generates revenue. 

“This Parliament is recommended to pass greater penalty for alcohol-related problems in our country,” said the Prime Minister. 

[End]

UPNG students complete industrial training

 Eight students from the University of Papua New Guinea received their Industrial Training certificates from Newcrest Lihir after completing an eight-week mid-semester Industrial Training program recently.

The third-year students - Dale Konae, Daniel Wamaingu, Geses Agua, Jerethy Rapenda, Jonathan Kaul, Nemaiah Sebastian, Steward Giko and Violet Mcmiul - are among 23 students from UPNG’s Earth Science department trained under the program since its inception in 2021.

This work experience and professional development opportunity allowed the students to gain valuable industrial work exposure and enhanced safety skills. Senior staff from Lihir’s Mine Technical Services Department supervised and mentored them during the training engagement.

UPNG Earth Science Department Divisional Head, Dr Joseph Espi, highlighted in his appreciation remarks that industrial work exposure is an integral component of the university’s Undergraduate Earth Science Degree Program, saying programs and training opportunities provided by corporate organisations and world-class mining companies such as Newcrest Mining Lihir’s Young Talent program play an important role in developing young Papua New Guineans.

Dr Espi thanked Newcrest Mining for its continuous support and partnership in empowering earth science students from UPNG through on-the-job experience.

Newcrest Lihir’s Human Resources Manager, Alex Rogea, said UPNG’s Earth Science Department had been the main talent source for Lihir’s geologists’ talent pipeline since the inception of the Lihir Mine Project.

He thanked Dr Espi and the university for the partnership, which enables students to gain the necessary exposure required to set them up for success when transitioning into the industry.

“Apart from the technical exposure in mining, we also provide students with the opportunity to learn and develop skills in time management, teamwork, presentation and in building self-confidence. These are necessary to build our future leaders,” 

Furthermore, Mr Rogea extended his gratitude to Lihir’s Mine Technical Services team leaders for their commitment in developing the young PNG talent in the Technical Expertise of Geology in Mining.

“With your support and guidance, the students are well placed to successfully complete university studies and transition into the industry,” he said.

Newcrest Country Manager, Stanley Kome Komunt, congratulated the eight students for choosing Newcrest Lihir as their ideal place to learn and develop skills.

“With Newcrest being one of the largest gold mining companies in the world and with Lihir being the largest mine in Papua New Guinea, it’s a great learning place for young talent to build their career,” he said.

Mr Komunt added that Newcrest Mining supports PNGs priority to develop healthy, educated, and skilled people.

“The partnership between UPNG’s Earth Science and Newcrest will go a long way in building the country’s human resources as stipulated in Papua New Guinea’s Vision 2050,” he said.

Pukpuks retain Oceania Rugby Championship trophy

 PAPUA New Guinea Pukpuks retained the Oceania Rugby Championship trophy after defeating Solomon Islands 22-18 at Sir Hubert Murray Stadium in Port Moresby yesterday.

The Pukpuks were reduced to 12 men in the final seven minutes after three yellow cards were issued to the Pukpuks with the Solomon Islanders mounting a last dash offensive against PNG.
A courageous effort in defence from the host’s saw them held off a spirited Solomon Islands who launched themselves at the Pukpuks try line defence till full-time.
Solomon Islands shocked the Sydney Wesley-coached side when they led 10-7 at half-time. Both sides scored a try each in the first-half with a penalty goal from Solomon Islands saw them in front at the break.
Solomon Islands extended their lead to 15-7 when PNG winger Mafu Kalas fumbled the ball which saw a Solomon Islands player pounce on the lose ball and score in the corner in the 55th minute.
The conversion attempt by Solomon Islands was unsuccessful as the score remained 15-7. Pukpuks kicked a penalty goal three minutes later which saw them trail 10-15.
Solomon Islands extended their lead in the 61st minute through a penalty goal. Pukpuks muscled up in attack when five-eighth Paul Uro featured in a set move which saw them score in the corner.
Conversion kick was unsuccessful as Pukpuks trailed 15-18. Pukpuks scored again four minutes later to regain the lead.
A successful conversion saw Pukpuks led 22-18 with 10 minutes to go. The Willie Kalai-captained, Pukpuks, defended with 12 men over the last seven minutes till full-time. Solomon Islands Hunters had ample possession in Pukpuks territory to cause an upset but the Pukpuks desperately held on to secure the win.
Pukpuks coach Sydney Wesley told The National after the game that his men expected Solomon Islands to come strong.
“Years back the Pukpuks won by huge margin but that has changed over the years and in 2019 tournament, they (Solomon Islands) almost beat us,” Wesley said.
“It’s showed that they have improved a lot and we knew they were going to come charging at us.
“They kept us under the pressure till fulltime but I am proud of our defence which was solid,” he said yesterday.

Reported by the National Online www.thenational.com.pg 

Kumuls are rising

 Papua New Guinea Kumuls campaign in the 2021 #RLWC (played in 2022)  came to an end on early Sunday morning PNG time.

The English demolished the Kumuls hopes of a semi final berth scoring 46 points to 6.

England fired from the start leaving no room for Kumuls in attack and with every opportunity they had in attack, they converted to tries.

PNG came back better in second half scoring a try and allowing the Englishman two tries but damage was already done in the first half.

Well done PNG and congratulations England