AGP Executive Report

Mining Deal: St Barbara has signed a binding agreement to sell its remaining stake in PNG’s New Simberi Gold Project to China’s Lingbao Gold Group for A$410m cash, plus A$43m to cover construction capital—leaving St Barbara with royalties (2.75% NSR on gold/silver and 1.5% on future minerals) and cash of about A$453m; completion is targeted for the March quarter of 2027 pending approvals. Energy & LNG: TotalEnergies confirmed it will hand operatorship of Papua LNG to ExxonMobil and sell a 9.1% interest to partners, lifting ExxonMobil’s stake to 34.1% (with Santos 21%, Eneos Xplora 2.4% and Kumul 22.5%) as the project heads toward a 2026 FID. Central Banking: BPNG set out its 2026 economic priorities—price stability, Kina foreign exchange reform, financial sector strengthening and better economic governance—warning of risks from higher global energy/food prices and weaker commodity demand. Payments Security: BSP deactivated all legacy Kundu magnetic strip cards and urged customers to upgrade to the more secure Kundu Chip Card after migrating 890,000 customers. Ports & Trade: ICTSI South Pacific is investing K8.1m in Lae port equipment to boost cargo-handling capacity, with more cranes planned to improve storage density and truck turnaround times. Finance Protection: BPNG launched the PNG Empower Finance Code with 15 institutions to help prevent and respond to financial abuse. Transport & Connectivity: Ok Tedi completed its first direct charter flight from Tabubil to Brisbane, cutting travel delays by 3–4 hours and creating a new FIFO hub. Public Finance Tech: PNG signed a K26m, three-year TechnologyOne deal to modernise the Integrated Financial Management System across provinces and government entities. Roads for Growth: PM Marape told Eastern Highlands communities that road and bridge spending should translate into more coffee, businesses, jobs and household incomes. Sports & Branding Risk: New Zealand Rugby is threatening legal action over the PNG NRL team’s “Chiefs” name, putting the 2028 launch branding at risk. Regional Geopolitics: A report says the US is being urged to increase its presence in the Pacific, citing limited resident diplomatic engagement as China expands influence.

Banking & Consumer Protection: BSP has deactivated all legacy Kundu magnetic strip cards and is pushing customers to upgrade to the more secure Kundu Chip Card, after migrating 890,000 customers to chip technology to cut cloning, fraud and unauthorised transactions. Central Banking & Macro Outlook: BPNG set out 2026 priorities—price stability, foreign exchange reform, financial sector strengthening and better economic governance—while warning new risks could come from higher global energy/food prices, imported inflation and weaker commodity demand. Financial Abuse Prevention: BPNG and 15 financial institutions signed the PNG Empower Finance Code, a voluntary framework to identify and reduce financial abuse that can trap people through forced debt, account control or misuse of payment channels. Public Finance Modernisation: PNG signed a K26m, three-year TechnologyOne deal to modernise the Integrated Financial Management System across provinces and government entities. Trade & Logistics: ICTSI is investing K8.1m to expand Lae port capacity with new equipment, while Ok Tedi completed its first direct charter flight from Tabubil to Brisbane to improve FIFO travel reliability. Mining & Investment: St Barbara agreed to sell its remaining New Simberi interest to China’s Lingbao Gold Group for A$453m plus royalties, keeping a 2.75% NSR royalty on future gold and silver. Infrastructure for Growth: PM Marape urged Eastern Highlands communities to turn Highlands Highway spending into more coffee, jobs and business income, backing new road and bridge projects. Energy & Regional Context: APEC energy ministers met in Beijing amid the Hormuz crisis, with PNG flagged as feeling impacts from the wider oil and gas disruption. Capital Markets: National Banking Corporation (NBC) says it plans an IPO on the PNG Stock Exchange in the last quarter of 2027 to reduce government ownership.

Public Finance Modernisation: PNG signed a K26m, three-year TechnologyOne deal to upgrade the Integrated Financial Management System with cloud and AI, aiming for stronger financial sovereignty and sustainability across provinces and districts. Financial Inclusion & Consumer Protection: BPNG and 15 institutions signed the PNG Empower Finance Code to curb financial abuse and protect customers, while BB also picked up AFI awards for inclusion and gender-inclusive finance. Mining & Aviation Connectivity: Ok Tedi completed its first direct charter flight from Tabubil to Brisbane, cutting travel delays for its FIFO workforce. Roads to Jobs: Prime Minister Marape urged Eastern Highlands communities to turn Highlands Highway investment into coffee output, business growth and household incomes, linking infrastructure to real economic gains. Ports & Trade Capacity: ICTSI South Pacific invested PGK 8.1m to boost Lae port handling efficiency, and Motukea International Terminal hit a productivity record as it prepares for more equipment. Corporate Deals & Ownership Shifts: St Barbara agreed to sell its New Simberi stake to China’s Lingbao Gold for A$453m plus royalties, while Chinese-backed Lingbao moves to take a dominant role on Simberi. Digital Economy Push: A call is growing for the government to engage Meta meaningfully so PNG businesses and creators can monetise fairly and access better digital services. Maritime Women’s Leadership: PNGWIMA completed leadership training to strengthen governance and advocacy for women in PNG’s maritime sector.

Port Infrastructure Boost: ICTSI South Pacific invests PGK 8.1m in new equipment to expand and speed up Lae port handling, adding reach stackers, empty container handlers and terminal trucks, with more upgrades planned for Motukea and SPICT. El Niño Hits Livelihoods: Coffee growers in the Highlands say prolonged dry weather is stopping berries from ripening, while farmers seek water support as climate stress spreads across PNG agriculture. Roads Driving Growth: Prime Minister James Marape links PNG’s economic push to new and upgraded highways, saying connectivity is what turns infrastructure into market access for farmers and services for communities. Sports & Finance Deal: Bank South Pacific signs on as Principal Foundation Partner of the PNG Chiefs, taking front-of-jersey naming rights through at least 2030 and also becoming the club’s official banking partner. Mining Ownership Shift: St Barbara sells its New Simberi gold project in PNG to China’s Lingbao Gold Group for $410m, with St Barbara keeping royalties on future production. Telecom Expansion: Digicel PNG and Vodafone PNG agree to share tower infrastructure to cut duplication and accelerate network reach nationwide. Women in Maritime: PNGWIMA completes leadership training to strengthen governance and advocacy for women in PNG’s maritime sector. Papua LNG Tensions: Central Province rejects a proposed revenue split for Papua LNG, demanding a more near-equal benefits share as negotiations continue. Agribusiness Skills Gap: Agro experts highlight opportunities in goat and sheep farming, but stress the need for more practical expertise and training. ADB Funding Snapshot: ADB says it has committed US$5.4b to PNG since 1971 through loans, grants and technical support, including work on agriculture, education, water and sanitation.

NRL Sponsorship Boom: Bank South Pacific (BSP) has signed on as the PNG Chiefs’ Principal Foundation Partner in what’s being billed as the biggest club jersey deal in NRL history, worth about AUD 20m+ over the term through at least 2030, with BSP branding on the front of the jersey and added support across fan engagement, academy pathways and match-day activations. Telecoms Connectivity Push: Digicel PNG and Vodafone PNG have agreed to share selected tower infrastructure under a Tower Sharing Licence Agreement, aiming to expand coverage faster, cut duplication and reduce rollout costs while keeping each network independently run. Local Finance Protection: Nasfund Contributors Savings & Loan Society (NCSL) has signed the PNG Empower Finance Code to tackle financial abuse risks like PIN and password misuse, with a coordinated approach across PNG’s financial sector. Capital City Security Focus: Port Moresby’s police leadership says it’s shifting toward proactive community policing and neighbourhood programmes as major events and next year’s election approach. Energy Jobs & Skills: Santos says the Kumul Marine Terminal is now fully led by Papua New Guineans, appointing Jackson Jim and Willie Mapal as team leaders, highlighting long-term workforce development. Independence & Banking Promotions: United Finance wrapped up a K51,000 Independence Cash Giveaway, distributing cash prizes to 81 customers nationwide. Sports Recognition: Stella Ipang has been named Westpac Outstanding Woman of the Year for advancing inclusive healthcare in PNG. Corporate Governance: ANZ PNG appointed Philippa Campbell and Murray Woo OBE to its PNG board.

NRL Sponsorship Boom: PNG Chiefs have locked in Bank South Pacific (BSP) as Principal Foundation Partner on a record-breaking front-of-shirt deal worth about AUD 20m+ (around $15m), with BSP branding across jerseys, training and merchandise, plus official banking and membership support through the club’s 2028 NRL entry and beyond to at least 2030. Banking Appointments: ANZ Papua New Guinea has appointed Philippa Campbell and Murray Woo OBE to its PNG board, strengthening leadership across institutional banking and local governance experience. Energy & Local Leadership: Santos says the Kumul Marine Terminal is now fully led by Papua New Guineans for the first time in 34 years, with Jackson Jim and Willie Mapal taking team-leader roles at the Gulf of Papua export facility. Telecoms Cost Cuts: Digicel PNG and Vodafone PNG signed a Tower Sharing Licence Agreement to co-locate equipment on suitable towers while keeping their networks independent, aiming to expand coverage faster and reduce duplication. Road-to-Jobs Push: PM James Marape urged Eastern Highlanders to turn Highlands Highway investment into more coffee, SMEs and employment, including delivering coffee bags to match infrastructure spending. Air Connectivity & Commerce: Air Niugini sales leadership in New Zealand has been boosted with Russell Williss ahead of the Auckland–Port Moresby return from 17 November 2026. Conservation Research Partnership: TKCP and PNG University of Technology have partnered to expand field-based conservation research in the YUS area, with training and community involvement built in. Corporate Finance Spotlight: Nambawan Super confirmed CFO Pochon Lili will leave at month-end, with a transition roadmap in place while recruitment begins for a successor. Telecoms & Infrastructure: Digicel PNG and Vodafone PNG’s tower-sharing deal is expected to help manage high rollout costs across PNG.

Papua LNG Deal Shake-up: TotalEnergies says Papua LNG has cleared key steps toward a final investment decision, including transferring operatorship to ExxonMobil and selling a 9.1% stake to partners after Kumul Petroleum’s back-in; the project’s capex is now about US$14bn and ExxonMobil will run both Papua LNG and PNG LNG. Santos Ups Stake: Santos will buy an extra 3.3% from TotalEnergies for about US$189m, lifting its interest to 21% and boosting its equity LNG output by around 19%, with FID still targeted for Q4 2026. KPHL Governance Boost: Kumul Petroleum Holdings secured stronger state protections in the LNG marketing agreement, including unanimous consent for key pricing decisions and tighter governance around Lakatoi Marketing. Public Finance Digitisation: PNG signed a three-year K26m deal with TechnologyOne to support and expand its integrated financial management system nationwide, adding cybersecurity, optimisation and new AI-style tools for public servants. Financial Inclusion Push: Digicel PNG backs the 2026 AFI Global Policy Forum in Port Moresby, while UFL handed out K51,000 in Independence cash prizes to 81 customers. Education Reform Reality Check: A reform plan for PNG’s new 1-6-6 education structure is flagged as needing real funding for ECE facilities, teachers and safe learning environments—not just renaming. Security and Roads Warning: Analysts warn that expanding road links without security upgrades could worsen crime, trafficking and tribal conflict. Air Niugini Independence Promo: Air Niugini is offering 51 free return fares for the 51st Independence anniversary. Local Business & Community: Ok Tedi’s Misima Project talks in Milne Bay focus on feasibility, environmental and social impact work and local participation. Sports as Business Pathway: The PNG Chiefs’ NRL entry in 2028 is framed as a long-term national development pathway backed by AU$600m from Australia.

Papua LNG Deal Update: Santos is set to lift its Papua LNG stake to 21% by buying an extra 3.3% from TotalEnergies for about US$189m, as TotalEnergies transfers operatorship to ExxonMobil ahead of a Final Investment Decision targeted for Q4 2026. Operatorship & Ownership Shuffle: TotalEnergies will sell a 9.1% stake to partners (post Kumul back-in) while keeping 20% and its LNG offtake, leaving ExxonMobil with operatorship and a larger share. State Protections in Marketing: Kumul Petroleum Holdings says an amended marketing agreement with TotalEnergies strengthens PNG governance, including unanimous consent for key pricing matters and protections for state commercial interests. Public Finance Digitisation: PNG signed a three-year K26m deal with TechnologyOne to support and expand its Integrated Financial Management System nationwide, including cybersecurity, cloud services and an AI “plain language” tool for financial records. Consumer & Competition Oversight: PNG’s ICCC launched its 2026–2030 corporate plan, prioritising consumer protection, competition enforcement and targeted support for women and disadvantaged consumers. Urban Security Warning: Commentary flags that road expansion under Connect PNG must come with security upgrades, or new corridors could fuel crime and tribal violence. El Niño Watch: Climate reporting says the 2026–27 El Niño is strengthening, with sea temperatures far above prior record events—raising risks for Pacific weather and fuel, water and food pressures.

Papua LNG Deal Moves Closer to FID: TotalEnergies says it has cleared key hurdles for a Final Investment Decision, cutting Papua LNG estimated capex to about US$14b and securing nearly US$4b in savings since 2024. Energy Governance: TotalEnergies will sell a 9.1% stake to partners (after Kumul Petroleum back-in) and hand operatorship to ExxonMobil, with Exxon taking over as operator while TotalEnergies keeps 20% and its LNG offtake. Santos Ups Stake: Santos executed a deal to buy an extra 3.3% interest, lifting its total to 21% and boosting its equity LNG output. Regulator Focus: PNG’s ICCC launched its 2026–2030 Corporate Plan, prioritising consumer protection, competition enforcement and economic regulation, with special attention to women and disadvantaged consumers. Digital Push: NICTA declared PNG ready for commercial 5G, clearing the way for operators to roll out services using 2.6GHz and 3.5GHz spectrum. Urban Pressure: Port Moresby faces rising overcrowding, unemployment and informal trading, with calls for better planning and lawful, humane solutions. Disaster Readiness: Health and emergency services minister urges PNG to shift from reactive disaster response to preparedness, early action and risk reduction. Landowner Consultation Clash: Opposition leader James Nomane says the Papua LNG Development Forum should be returned to project provinces and districts to comply with the Oil and Gas Act. Business & Tech: Digicel Pacific selected Techtel to upgrade PNG’s TV head-end platform for free-to-air and encrypted pay services. Safety Incident: A crocodile attack at Adventure Park in Port Moresby killed a handler after he was dragged into a pool.

ICCC Corporate Plan: Papua New Guinea’s Independent Consumer and Competition Commission has launched its 2026–2030 corporate plan, sharpening focus on consumer protection, competition enforcement and economic regulation, with special attention on women and disadvantaged shoppers. Papua LNG Push: TotalEnergies says Papua LNG has cleared key milestones toward a Final Investment Decision, including completed EPC tendering, nearly K4bn savings since 2024, and an amended gas agreement; the government is also offering improved terms if partners lock in FID by 15 December. LNG Marketing Governance: Kumul Petroleum Holdings secured stronger governance and state protections in the Papua LNG marketing deal, including unanimous consent for reserved matters like pricing and added safeguards for state interests. 5G Ready: NICTA has cleared the way for commercial 5G services, giving operators regulatory certainty to start rolling out using the 2.6GHz and 3.5GHz spectrum bands. SEZ Bottlenecks: Special Economic Zone development is being slowed by land access and ownership plus infrastructure and utilities, with five licensed SEZ projects worth about K10.7bn still progressing toward full operations. Urban Pressure: Port Moresby is facing rising migration, unemployment and overcrowding, with calls for lawful, humane and sustainable planning rather than just removing people. Digital TV Upgrade: Digicel Pacific has selected Techtel to replace its PNG TV head-end platform, supporting both free-to-air and encrypted pay services. Disaster Readiness: Health and emergency officials warn PNG must shift from reactive disaster response to preparedness, early action and better provincial planning. Landowner Fight Over Consultations: Opposition Leader James Nomane says Papua LNG consultations are being compromised and wants the development forum moved back to project provinces and districts, with landowner representation aligned to the Oil and Gas Act. Climate Risk: Pacific communities are being urged to prepare for a strengthening El Niño that could bring drought in some areas and heavier rain in others, stressing water and food security. Sports & Youth Leadership: Southern Highlands has formed a kickboxing association, while a new Wāhine Toa Oceania cohort opens applications for retired Pacific female athletes to build leadership skills.

5G Rollout: PNG’s telecom regulator NICTA has cleared the way for commercial 5G by making the 2.6GHz and 3.5GHz spectrum available for licensing, giving operators regulatory certainty to plan deployments (initial focus expected in urban areas). Energy & Investment: PNG has offered TotalEnergies-led Papua LNG partners improved terms, but only if a Final Investment Decision is locked in by 15 December, with the minister calling it a “drop-dead deadline.” Security & Crime: PNG police say a Cook Islands widow in Milne Bay was arrested after 150 pieces of C-4 plastic explosives, detonators, ammunition and a sniper rifle were seized following a robbery investigation. Local Business & Jobs: Bahma Recruitment Services has opened a new Port Moresby office to expand into PNG LNG, power, mining, construction and corporate hiring. Finance & Inclusion: Westpac PNG has signed on to the Empower Finance Code, while Solomon Islands’ CBSI governor was appointed vice chair of the Pacific Islands Regional Initiative, pushing digital finance and financial inclusion. Governance & Law: PNG’s first female Public Prosecutor, Helen Roalakona, was sworn in, with the Law Society highlighting the need for independent, ethical prosecution. Tourism & Culture: Air Niugini and WR Carpenters Group are backing the Hiri Moale Festival, including prizes and logistics support tied to the Hiri Hanenamo quest. Climate Risk: Pacific communities are being urged to prepare for a strong El Niño that could bring drought in some areas and heavier rain in others, stressing safe water and child health.

PNG LNG Consultations: Opposition Leader James Nomane demands the Papua LNG Development Forum be relocated back to project provinces and districts, saying consultations must follow the Oil and Gas Act and not sideline landowners. Energy Investment Deadline: PNG Petroleum Minister Jimmy Maladina says TotalEnergies-led Papua LNG gets improved temporary terms only if partners reach a “drop-dead” Final Investment Decision by 15 December. 5G Rollout: NICTA has cleared 5G spectrum in the 2.6 GHz and 3.5 GHz bands for licensing, paving the way for faster speeds and capacity, with Vodafone PNG targeting coverage in the NCD and at least one other city within 18 months. Financial Inclusion & Safety: Bank of Papua New Guinea governor Elizabeth Genia stresses inclusion must be safe and trusted, while BSP CEO Mark Robinson highlights digital payments and growth in mobile and internet banking. Climate Finance Push: PNG backs Green Climate Fund support for forests and oceans, while the GCF signals backing for the Pacific-led Pacific Resilience Facility. Coral Reef Commitment: Palau and other Pacific Forum members back a global pledge to protect climate-resilient coral reefs ahead of COP31. Business & Growth: Bahma expands with a new Port Moresby office to tap PNG LNG, power, mining, construction and banking opportunities; Nasfund CEO Rajeev Sharma receives the King’s Medal for 25 years of service.

Digital Economy Boost: Papua New Guinea has cleared the way for 5G, with NICTA confirming 2.6 GHz and 3.5 GHz spectrum is now available for licensing, aiming to speed up rollout in urban areas and give operators regulatory certainty. Climate Finance & Resilience: Prime Minister James Marape backed the Green Climate Fund and highlighted PNG’s approved climate support, including a major REDD+ results payment, as Pacific forests and oceans are pushed for stronger global recognition. Superannuation Milestone: Nasfund CEO Rajeev Sharma received the 50th Anniversary King’s Medal for 25 years of service, underlining continued focus on retirement security and trust in PNG’s superannuation system. Financial Inclusion Push: Bank South Pacific and the Bank of Papua New Guinea stressed that inclusion must be safe and trusted, with digital payments and mobile banking growth framed as key to resilience for rural households and small businesses. Governance & Compliance: PNG’s Anti-Money Laundering and Counter-Terrorist Financing Amendment Bills head to Parliament as the country faces FATF grey-list pressure, with KYC and stronger enforcement central to the reforms. Business & Jobs: Bahma expands in Port Moresby with a new office to tap PNG LNG, power, mining, construction and corporate demand, while the Motu-Koita Assembly’s Hiri Moale partnerships keep corporate sponsorship flowing into tourism and culture.

Independence Security: Madang police chief Supt Robert Baim has urged residents to celebrate PNG’s 51st Independence Anniversary peacefully, warning against misinformation and hate as police step up operations ahead of Sept 16. Retirement Finance Recognition: Nasfund CEO Rajeev Sharma received the 50th Anniversary King’s Medal for 25 years of service, with the award highlighting PNG’s push to strengthen superannuation confidence. Digital Economy Push: NICTA has cleared the 2.6GHz and 3.5GHz bands for licensing, paving the way for 5G rollout; Vodafone PNG says it will cover NCD and another city within 18 months. Financial Inclusion Focus: Bank South Pacific CEO Mark Robinson says digital payments are key to inclusion and resilience, while BPNG Governor Elizabeth Genia stresses inclusion only works when the system is safe and trusted. Climate Finance & Resilience: PNG backs the Green Climate Fund, citing US$85.4m approved for PNG projects, and the GCF says it is supporting the Pacific Resilience Facility’s setup. Trade & Borders: Customs Chief Commissioner David Towe calls for stronger public-private teamwork, pointing to the National Single Window and intelligence-led targeting to keep trade moving. Culture & Tourism Sponsorship: Air Niugini and WR Carpenters Group are backing the Hiri Moale Festival and Hiri Hanenamo quest with travel and gold sponsorship support.

5G Rollout: PNG’s telecom regulator NICTA has cleared the way for 5G by making 2.6 GHz and 3.5 GHz spectrum available for licensing, with Vodafone PNG targeting coverage in NCD plus at least one other city within 18 months. Energy Investment: PNG has offered TotalEnergies-led Papua LNG partners improved terms, but only if they take the final investment decision by 15 December, with the minister calling it a “drop-dead deadline.” Financial Inclusion: Bank South Pacific and the Bank of PNG used the AFI forum to push the message that inclusion only works when the financial system is safe and trusted, highlighting digital payments and BSP’s Wantok Wallet. Climate Finance: The Green Climate Fund backed the Pacific Resilience Facility, describing it as a Pacific-led mechanism that can complement GCF support for resilience and community delivery. Retirement Security: Nasfund CEO Rajeev Sharma received the King’s Medal for 25 years of service, recognising leadership in finance and superannuation. Customs & Trade: Customs Chief Commissioner David Towe urged tighter government-private teamwork, pointing to a National Single Window push and intelligence-led cargo targeting to keep trade moving. Tourism & Culture: Air Niugini and WR Carpenters Group are backing the Hiri Moale Festival, including Air Niugini’s prize travel for the Hiri Hanenamo quest winners and runners-up. Mining & Exploration: Geopacific, Great Pacific Gold and South Pacific Metals reported new gold and copper-gold targets across PNG projects, keeping investor attention on resource growth.

5G Spectrum Move: NICTA says it is ready to issue 5G licences for the 2.6 GHz and 3.5 GHz bands, with early rollout focused on urban areas; Vodafone PNG has committed to 5G in NCD and at least one other city within 18 months. Digital Finance & Inclusion: Bank South Pacific and Bank of PNG used the AFI forum to push the case that inclusion needs safe, trusted systems, while BSP highlights rapid growth in internet and mobile banking and its USSD Wantok Wallet. Governance & Compliance: PNG’s Law Society urged lawyers to keep up with fast-changing rules and technology, as Parliament considers Anti-Money Laundering and Counter-Terrorist Financing Amendment Bills aimed at strengthening KYC and meeting FATF expectations. Health System Reform: The provincial health authority rollout is now complete, bringing hospital and rural services under one structure and setting up better planning and workforce gaps. Trade & Borders: Customs Chief Commissioner David Towe called for tighter government-private teamwork, pointing to progress on a National Single Window and intelligence-led cargo targeting. Climate & Budget Pressure: PM Marape backed Green Climate Fund financing for PNG forests and oceans, while DPM John Rosso defended supplementary budget belt-tightening tied to fuel, prices and El Niño impacts. Business Expansion: Bahma Recruitment Services opened a new Port Moresby office to tap growth in PNG LNG, power, mining, construction and corporate services. Festival Sponsorship: WR Carpenters Group signed on as gold sponsor for the Hiri Moale Festival, backing transport and logistics for the event.