The company earned less for the gold it produced and was also hit with higher labour and freight costs due to a tight sea freight market

CEO Kevin Gallagher called for an urgent increase in supply, saying the company has a number of new gas projects in the pipeline

Johnson Tuke, mining minister, said all alluvial produced gold in the country will go through a refining process and be exported

The funding will assist Papua New Guinea Ports Corporation to increase capacity to accommodate larger ships, including container vessels