Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Australia and New Zealand Banking Group    ANZ   AU000000ANZ3

News SummaryMost relevantAll newsSector newsTweets 

Australia and New Zealand Banking Group : ANZ highlights significant growth opportunity for Papua New Guinea’s natural resources sector

share with twitter share with LinkedIn share with facebook
share via e-mail
02/04/2013 | 12:44am CET
Media Release

For Release: 4 February 2013

ANZ highlights significant growth opportunity for Papua New Guinea's natural resources sector - potential for annual export revenues to exceed US$25 billion by 2030 requiring US$130 billion investment in PNG -

In a major speech to the Port Moresby Chamber of Commerce and Industry today, ANZ Chief Executive Officer Mike Smith outlined new research findings that indicate PNG's natural resources sector could quadruple by 2030 producing US$25 billion in annual export revenues.
Mr Smith told the Chamber that on more optimistic assumptions, export revenues could grow to US$38 billion by 2030 - six-times higher than current levels - with a continued focus on policies which maximised PNG's participation in the global commodities cycle.
"Fundamentally, like Australia, PNG's economic growth is now being driven by the urbanisation and industrialisation of Asia, and the prosperity of both countries is being underpinned by a super cycle in mining and energy, and increasingly in agriculture."
"While this research is only broadly indicative, even the more conservative estimate implies resource-related capital investment in Papua New Guinea of around US$130 billion between now and 2030, and could involve the creation of more than 100,000 new jobs in mining, energy and support services."
Mr Smith said that urbanisation and higher living standards in Asia were also driving an increase in global demand for food.
"I believe agriculture has the potential to be the next sector in PNG to experience significant Asia-led growth. Here there is enormous up-side in commodities like palm oil and coffee; an up-side that will also require significant investment which could in-turn create a new wave
of additional jobs in rural communities."
Mr Smith however cautioned that the scenarios for growth in the resources sector were not a given with significant competition for projects from other resource rich nations and that a continued focus on policies that boost capacity of the whole economy would be needed.
"The real challenge is stepping back to see the bigger picture and to focus on how we grasp this opportunity.
"Prime Minister O'Neill has already highlighted a number of important priorities that support the resources opportunity. These include increasing the proportion of people who
participate in and benefit from the resources sector, upgrading PNG's national infrastructure and increasing productivity," Mr Smith said.
"Just as important is that the current pipeline of projects must succeed. This is not only about ensuring PNG continues to build its reputation as a credible destination for resource investment but growing its market position.

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

"While PNG faces some significant challenges in both the short and long-term to grasp this opportunity, I have a bullish view about PNG's future.
"This is because of the enormous potential in natural resources and in agriculture, and the opportunity this presents for sustained economic growth and improved living standards. I'm also optimistic because there is an increasing focus by government, business and the community on the major issues PNG needs to overcome to ensure it takes advantage of the Asian Century, Mr Smith said.
For media enquiries contact:
Paul Edwards
Group GM Corporate Communications
Tel: +61-434-070 101
Email: Paul.Edwards@anz.com
Emily Kinnear
Communications Manager, Pacific
Tel: +61-478-401 280
Email: Emily.Kinnear@anz.com

Note for Editors:

The research on growth scenarios for PNG's natural resources sector was undertaken for ANZ by Port Jackson Partners. The research is broadly indicative of the opportunity in PNG based largely on the demand and other assumptions developed for 2011 ANZ Insight report: Earth, Fire, Wind and Water: Economic Opportunities and the Australian Commodities Cycle.

A full copy of Mr Smith's speech to the Port Moresby Chamber of Commerce and Industry and the accompanying slides can be found at www.anz.com/about- us/media-centre.

The ANZ Insight report, Earth, Fire, Wind and Water: Economic Opportunities and the Australian Commodities Cycle is available at www.anz.com/insight.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
02/21 South Africa grants Barclays Africa immunity in FX rigging probe
02/21 AUSTRALIA AND NEW ZEALAND BANKING : ANZ updates wholesale domestic debt programm..
02/20 AUSTRALIA AND NEW ZEALAND BANKING : ANZ Appoints Jennifer Kusuma as Senior Asia ..
02/20 AUSTRALIA AND NEW ZEALAND BANKING : Becoming a substantial holder
02/18 AUSTRALIA AND NEW ZEALAND BANKING : Anz Reduces Credit Card Rates To Lowest Sinc..
02/18 AUSTRALIA AND NEW ZEALAND BANKING : Notice Corporations Act Subsection 259C(2)
02/16DJAUSTRALIA AND NEW ZEALAND BANKING : ANZ 1Q Profit Steady, Signals Strong Capital..
02/16 TRANSCRIPT : Trading Update – BlueNotes interview with ANZ CEO Shayne Elli..
02/15 AUSTRALIA AND NEW ZEALAND BANKING : Dollar holds steady The New Zealand dollar w..
02/13 AUSTRALIA AND NEW ZEALAND BANKING : ANZ Appoints Lynwen Connick, Mike Rider to N..
More news
Sector news : Commercial Banks
12:20aDJCITIGROUP : Confirms Investigations Over 'Princelings' Hiring Practices
02/24DJIntesa Sanpaolo Won't Make Takeover Bid for Assicurazioni Generali
02/24 Sweden drops plans for bank tax, proposes higher resolution fund fee
02/24 Italian financial mega-deal off as Intesa ditches Generali plan
02/24 CUMULUS MEDIA : refinancing plan rejected by U.S. judge
More sector news : Commercial Banks
News from SeekingAlpha
02/12 The Big Aussie Short And Why Caution Is A Great Strategy
01/18 The Banks Bull Market Has Created Many Short Opportunities In Asia
2016 A Look At ANZ Banking Group And Its Dividend
2016 Australia & New Zealand Banking Group's (ANZBY) CEO Shayne Elliott on Q4 2016..
2016 ANZ : A Sophisticated Short
Financials ( AUD)
Sales 2017 21 276 M
EBIT 2017 11 033 M
Net income 2017 7 345 M
Debt 2017 -
Yield 2017 5,18%
P/E ratio 2017 13,13
P/E ratio 2018 12,93
Capi. / Sales 2017 4,30x
Capi. / Sales 2018 4,30x
Capitalization 91 516 M
More Financials
Duration : Period :
Australia and New Zealand  Technical Analysis Chart | ANZ | AU000000ANZ3 | 4-Traders
Full-screen chart
Technical analysis trends AUSTRALIA AND NEW...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 16
Average target price 30,4  AUD
Spread / Average Target -2,5%
Consensus details
EPS Revisions
More Estimates Revisions
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Hsien Yang Lee Independent Non-Executive Director
Paula Jane Dwyer Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
More Results