Saturday, November 03, 2012

Prince of Wales and Duchess of Cornwall prepare to embark on Southern Hemisphere tour

By Lucy Kinder of The Telegraph

The Prince of Wales and the Duchess of Cornwall will begin their 13 day tour of the Southern Hemisphere today to mark Queen Elizabeth II's Diamond Jubilee.

The Prince and the Duchess will visit Papua New Guinea, Australia and New Zealand in the latest trip to the Commonwealth by senior royals.

The trip will see the Prince return to Papua New Guinea for the fourth time. He first visited in 1966 aged 17 while studying at Geelong Grammar School in Australia.

But it will be a first visit for the Duchess who also revealed earlier this month that she had never been to Australia.

She made the admission at a St James's Palace reception to mark their tour.

One of the performers at the event, Kylie Minogue, jokingly ticked-off the Duchess, branding her 'naughty' for not visiting Australia before now.

Clarence House has said that the Prince would “renew old friendships and form new ties” during the two-week trip

But the Royal couple may have some trouble landing at their first tour destination as landowners in Papua New Guinea have threatened to shut down the national airport ahead of their visit.

The residents are claiming 4.5 million kina (£1.4 million) in compensation for land they lost when the airport in the capital, Port Moresby, was built.

The Prince and Duchess are due to land in Port Moresby on Saturday night as part of the Diamond Jubilee celebrations. They will tour Port Moresby and the village of Boera, where locals are restoring coastal mangroves.

The Prince and the Duchess will be greeted by traditional sing-sings, in which tribes or villages gather to show off their distinct culture, dance and music, dressing in elaborate costumes and war paint.

They will leave Papua New Guinea on Monday for a six-day visit to Australia where they will tour the outback town of Longreach and the cities of Melbourne, Adelaide, Hobart, Sydney and Canberra.

The royal couple will end their tour in New Zealand, where Prince Charles will celebrate his 64th birthday on November 14 in Wellington.

The Duchess of Cornwall has been taking a break at a holistic Indian retreat before the start of the tour.

She has been staying at the Soukya health centre in Bangalore, an ayurvedic “wellness centre” offering rejuvenation and detoxification programmes.

Tuesday, October 30, 2012

KAML: Strong Q3

THE latest quarterly return achieved by Kina Asset Management Limited (KAML) provides an 11% growth for the nine months of this year, The National reports.

Releasing the latest quarterly report, KAML chairman Sir Rabbie Namaliu said growth had been achieved in each quarter and in the September quarter the investment portfolio increased by K3.6 million, a gain of 9.84%.

The KAML portfolio has risen from K37.3 million last December to K41.05 million at the end of the September quarter.

Sir Rabbie revealed that KAML investment strategy had increased its targeted allocation and benchmarks on domestic equities to between 40% and 50% while international equities in Australia, Asia and other world markets were adjusted to a 50% to 60% range.

“The performance of the domestic-listed equities, international-listed equities and exchange-traded fund exceeded their respective benchmarks, while the global ex Australia performed below the benchmark, “Sir Rabbie said.

KAML generated an investment gain of K4.41 million for the nine-month period representing a return of 11%.

Sir Rabbie mentioned that KAML’s trading strategy continued to be positive and to take advantage of market gains.

“Unfortunately,  the global financial scene continues to have an adverse overarching impact on the regional markets, but despite the continuing dismal global economic instability and caution, local equities continue to provide sound investment opportunities,” he said.

“Our fund manager Kina Funds Management Ltd has been prudent in working consistently in line with our overall trading strategy with very impressive results.”

“The successful growth of PNG and Pacific-based companies has been responsible for the ongoing consistent growth.

“The increase in the portfolio was also attributable to the valuation gains of listed equities and dividend received.”

Sir Rabbie said that in the first-half of this year, PNG continued to experience high economic growth which was indicated by increased employment and the value of sales in the private sector.

Kalinoe: Nautilus has to settle row

By MALUM NALU

 

PETROMIN chief executive officer and managing director Joshua Kalinoe is waiting for a dispute between the state and Nautilus Minerals to be resolved before Petromin can take a 30% stake in the Nautilus development worth up to US$500 million, The National reports.

Kalinoe said this yesterday at a luncheon he held with members of the media while refusing to go into details of the dispute between state and Nautilus.

“There’s a dispute between the state and the developer (Nautilus),” he said.

“Because of that, we can’t do much.

“We have been nominated (by the state) to participate in the project.

“Until the dispute is resolved, we can’t do much.

“The issue has been disputed by Nautilus, not by the state.

“By doing so, they (Nautilus) are delaying the project, not the state.”

In June Nautilus chief executive Stephen Rogers said that he expects to settle things with Petromin within “months” once the election was over, but that now seemed a more remote possibility.

Nautilus says PNG undertook to help fund the Solwara 1 project  – almost half built –  as part of an agreement signed last year that gave the country 30% ownership, but the go­vernment appears to be digging in its heals over the issue.

In a response in June,  Petromin alleged that Nautilus was the party that breached the terms of the deal and that the state was “therefore entitled to terminate the agreement”.

In late April, Nautilus announced it had signed China’s Tongling Non-Ferrous Metals Group as the first customer for its pioneering PNG sea-floor mine.

The undersea mine was slated to begin production in the fourth quarter of next year, but Nautilus is also facing funding problems concerning its German partner building the US$160 million surface vessel, which is the base for the entire underwater operation.

Nautilus still has some US$100 million cash in the bank.

Kalinoe, meantime, said Petromin was waiting for the final decision on the Gulf LNG project and the Wafi-Golpu project in Morobe to make final decisions.

“Again, we’re waiting for a decision by state on when the project will get formally off the ground,” he said of the Gulf LNG.

On Wafi-Golpu, Kalinoe said Petromin had been nominated by the state and was doing desktop studies as well as those on technical and economic aspects.

“We’re just waiting for the developer Wafi-Golpu Joint Venture to go through the process and wait for the final decisions,” he said.

“This is normal.

“The state nominated us through the minister for mining and the minister for petroleum.”

Monday, October 29, 2012

Quintessential Resources granted exploration licence for PNG porphyry project

By Angela Kean of proactive investors

Quintessential Resources (ASX: QRL) has been granted exploration
licence (EL) 2045 covering the 2,563 square kilometre Aria River
Project in Papua New Guinea which is prospective for porphyry copper
and gold.
Aria River is situated on New Britain Island and is located adjoining
and immediately east of Newcrest Mining (ASX: NCM) and Frontier
Resources' (ASX: FNT) Andewa joint venture project that is currently
being drilled and shows the potential for a large porphyry gold
system.
The Aria River tenement contains the Stoneleigh Prospect, which is a
large zone of anomalous copper, gold, molybdenum and arsenic
associated with a volcanics and limestone and located at the central
western edge of the exploration licence.
Extremely limited historic work by BHP Minerals showed copper of
greater than 0.1% in two different rock types, along with effectively
all the samples collected being anomalous in molybdenum and arsenic
with trace gold.
Quintessential is currently considering joint venture opportunities to
advance the project.

Papua New Guinea's jungle beauties

By Fairfax NZ News

The Rondon Ridge Lodge is high up a mountain and at 4.30am the cloud
is low, sounds are muffled and the night is as black as sin. There is
no-one outside reception. I hear rustling in the bushes and worry
about being bait for a boa constrictor, so I call out. The night
watchman replies. He was as wary of my stealthy footfalls as I was of
his.

A torch beam approaches. It's Joseph Ando, our birding guide. My
friend, Kelly, also a keen birder, joins us and three of us, in
crocodile file, torches bobbing, walk into the jungle and plod up the
mountain.

There is not much Joseph doesn't know about the birds here. His father
was a bird hunter and Joseph spent his youth in the jungle learning
the ways of birds, catching or killing them. Bird-of-paradise feathers
were worth good money - still are - and the meat of bigger birds
provided a family meal. Joseph learned the names of different birds,
their calls and their habits from his father. He also learned to love
and respect birds and the pristine jungle they live in, so he was
happy to move from being a bird hunter to a guide. Rondon Lodge
sponsored him to get the Western ornithological training that birding
guides require.

Now, like a reformed smoker, he's vehemently against hunting and
hunters don't dare go near his patch of jungle.

By 5.15am there is a hint of dawn and the birds start up: trilling,
tweeting whooping, rasping and crying. One sounds like a machine gun.
We walk to a clearing where dewdrops hang on the tips of fairy bamboo,
and birds come to drink it. The clearing allows us to see clearly into
the canopy.

Kelly and I are keen photographers, but these birds are too high in
the trees for my telephoto lens and just when I get a decent shot
lined up they fly away. I give up on photography and relax into the
delight of seeing them up close with binoculars. It's truly thrilling
and soon I have had clear sightings of five different varieties of
bird of paradise.

Papua New Guinea has myriad extraordinary birds, but birds of paradise
are the stars. The family has 40 species in 14 genera, all but two of
which are found only in Papua New Guinea. The males have extraordinary
feathers, often bright and shiny, which they puff up and turn into
shimmering displays when they dance. This is done to attract smaller,
plain-looking females.
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Birds of paradise are fruit, nut and insect eaters and most often live
high in giant trees. Because they have been hunted for over 2000 years
for their fabulous feathers, they are wary of humans.

The gloriously named king of saxony is a small fellow with two fancy
feathers on the back of his head. These feathers are long and slender
with an iridescent blue tuft on the end and he sits on a high branch
waving them around his body like a cheerleader with flags. He's one of
the machine-gun singers and intermittently lets off a volley to
attract the girls.

A black sicklebill, so named because of his long curved bill, hops
about in the crown of a tree directly above our heads. He's over a
metre long with the longest part being his straight, shiny, black tail
feathers. When he displays he stretches to make himself tall, fans out
his tail like a peacock and flaps his wings.

We also see stephanie's astrapia, a purplish bird of paradise with a
glorious blue, green and purple head.

The best time for birding, that intermediate time between night and
day, is soon gone and so have most of the birds so we walk down the
mountain.

The lodge's orchid garden is another of Joseph's passions. In his
downtime, Joseph gathers orchid plants from the forest and attaches
them to mid-sized shade trees. The garden is fenced to keep out pigs,
has a stream running through it and there are plenty of orchids in
glorious bloom.

At times like this I particularly love photography. It forces me to
notice the beauty of the often-overlooked details of flowers; their
throats with animal-like tongues and teeth, the hairy backs of buds,
fine iridescent patterns in bright petals and the sweet vanilla-like
perfume some orchids have. I'm awed by the diversity, delicacy and
beauty of these botanical miracles.

There are over 3000 species of orchid in Papua New Guinea, more than
in any other country, and new species are discovered every year. Papua
New Guinea is close to the equator and has complex geology and high
mountains, ensuring a variety of climate and topography, all of which
leads to this impressive biodiversity.

Next morning we are again up before dawn and bump down into Hagen
Valley in Rondon Lodge's little van. Joseph knows where raggiana bird
of paradise gather. Raggiana is one of the most beautiful and famous
of this species; its image is on the country's flag and is the
insignia of the national airlines.

In a row of casuarina trees three of them are busy dancing and showing
off their feathers. They put their heads down and a fountain of peach
plumage shivers along their backs. Their wings shake and flap. They
bob up and down and call the girls with shrill squawks. But there are
no girls around.

Eventually, they fly away, their long peachy feathers trailing behind
and undulating to the rhythm of their wings. As birding moments go
this is unforgettably paradisiacal.

GETTING THERE

Fly: Pacific Blue to Port Moresby via Brisbane. There are numerous
flights each day between Port Moresby and Mt Hagen on Air Niugini
(airniugini.com.pg) and Airlines PNG (apng.com).

Stay: Rondon Ridge Lodge, on the hill above Mt Hagen, is the latest
addition to the five Trans Niugini Tours lodges in Papua New Guinea.
It's comfortable and cosy, the view is unbeatable and the food and
service are superb. Go birding at dawn and dusk and visit Mt Hagen and
the Waghi villages during the day. All five Trans Niugini Tours'
lodges are in areas with special scenic, cultural and ecological
interest and tailor-made tours, including transport, can be arranged.
Guides are part of the package and safety is not a concern. Further
information: Papua New Guinea Tourism, pngtourism.org.pg.

The Australian Bile File

By JOHN PASQUARELLI

Big deal – we have won a non-permanent seat on the UN Security Council
along with Argentina and that shambles of a place Rwanda.
Buckets of Australian taxpayers' cash has been handed out to bongo
bongo UN members by Rudd,
Gillard and Carr to buy their votes for a position where Australia's
vote means zip. What a disgrace the UN is with its looking on when
the Rwandan genocide filled our TV screens as well as the African
health aid scandals and now the Syrian disaster with lots of UN
tut-tutting but no action.
While we are told thousands of Australians are living below the
poverty line and many Aboriginal Australians are living hopeless
lives, Rudd, Carr and others are busy increasing our foreign aid.
Billions have been squandered over the years and closer to home, DFAT
officials on huge salaries throw away our money in PNG where
corruption exists on both sides of the fence.
Years ago I found that UN employees at mid and lower levels received
huge tax free US$ salaries plus perks such as duty free cars.
It's time that the Coalition researched this aspect and tells us what
the score is.
An Abbott Government should not let itself be snowed by the UN.

New boss for ANZ bank

AUSTRALIA New Zealand (ANZ) Bank chief executive officer for Fiji and
the Pacific Central region Vishnu Mohan has been appointed as the
bank's CEO Pacific.
This will be in addition to the executive position he currently holds.
Mohan, who succeeded Norman Wilson, will be responsible for ANZ's
businesses across 12 Pacific countries and replaces former CEO Pacific
Michael Rowland.
Rowland has taken a new role at ANZ as general manager transformation,
customer experience and business productivity.
Mohan was previously CEO Papua New Guinea and Pacific North West region.
Prior to this, he was an adviser with ANZ's partnership bank AmBank in
Malaysia and spent over 30 years with Standard Chartered Bank in
senior executive roles.