.......hat von seinen Oberen schwer einen auf den Sack bekommen weil er sich mit den ESBC angelegt hat.;-))))))))
http://bcl.bilongyu.com/currentissues.html
Current Issues
Full representation of views
The Company has assured President Momis of its willingness to contribute in appropriate ways towards development in the region, to the benefit of the people of Bougainville and the company’s shareholders.
If the main stakeholders are to gain mutual economic benefit from Bougainville's mineral potential a proper framework needs to be put in place, including a full representation of the views of landowners. Variations in copper and gold prices indicate that opportunities need to be taken up without undue delay, and it is expected that the Bougainville Copper Agreement re-negotiation will be actively pursued in 2011 and make significant progress
Positive factors
With copper reserves estimated at almost 3 million tonnes and gold production in the range of 400,000 ounces per annum, Panguna remains as potentially one of the world’s largest producers of both metals. Unexplored neighbouring tenements are also very prospective, and will be explored when a moratorium on exploration is lifted.
Present market values for both copper and gold are significantly higher than at the time of mine closure in 1990, the political situation on the island has stabilised, and there is considerable appetite for development being expressed by the people of Bougainville. BCL is seen by many as the preferred operator of a re-started mine, and holds a very large bank of mine data. A comprehensive Order of Magnitude study was commissioned by BCL in 2008 (See separate item). The Order of Magnitude Study makes assumptions about the size of a re-started mining operation, based on a re-processing of the data base, and taking into account the existing assets including the port at Loloho and the port-mine access road.
The Board is operating a comprehensive rolling plan with the vision of returning to active exploration and profitable mining. An important component in achieving the vision will be an environmental plan that is not only based on best practice but also meets the expectations of the local community. Work will continue to identify the key issues and solutions. Secure access to the mine site and surrounding areas of previous operations will be welcomed, to assist the environmental assessment and future planning. The company has made known to both the Autonomous Bougainville Government and the National Government of Papua New Guinea its willingness to conduct safety and environmental audits on the island as soon as access can be facilitated.
Other issues in focus include the resolution of a taxation issue, commencing the Bougainville Copper Agreement review, communication with stakeholders, and the commissioning of both a safety audit and a mine asset stock take. Existing mine assets have not until now been accessible to the company, and to understand the present value of these assets and the extent to which they may be used for future mining and exploration, access to the mine site is needed. For this BCL welcomes the support expressed by local landowners and will continue to work alongside them, and give practical assistance to the processes of reconciliation and social stability. BCL welcomes the growing consensus of landowner support for resumed exploration and mining, expressed in regular dialogue with landowner leaders.
During the new year more work will be undertaken evaluating the findings of the Order of Magnitude study, and preparing for the possible lifting of the moratorium on new exploration and mining. It is intended to identify targets within the company licences and how best to manage an exploration program. That may involve entering into an exploration agreement with others. Work will also continue to ensure that the extensive mine database is able to be utilised quickly and effectively when a return to mining at Panguna is agreed.
The PNG Mineral Resources Authority (MRA) acts as a statutory authority managing and regulating the industry. BCL works closely with MRA, and expects that the Authority will play an active and guiding role in facilitating the Bougainville Copper Agreement re-negotiation. The company is also in regular touch with the National Government of Papua New Guinea at a high level.
New Autonomous Bougainville Government
The Bougainville elections were conducted in mid-2010, in a safe and orderly manner. Around
90% of the former members were not returned, including President Tanis who
was replaced by Chief John Momis. The result was conclusive for the position of
President and it was not necessary to go to preferences.
BCL Chairman Peter Taylor met the new President in his first week in office. The meeting was both
cordial and constructive. It was an opportunity to brief the President on
the economic and technical issues involved in reopening Panguna and also to discuss
the challenges his government and the company shared. The BCL Chairman emphasised the
importance of getting all interested parties to the negotiating table to discuss
the future of the mine. He told the President BCL’s first priority is safety, and
requested he do what he could to get company safety experts on the ground.
Both parties agreed to keep in regular contact, and since the meeting the new
Government has initiated and pursued the program to have a united mine lease landowner
representative body elected. This is in support of the proposal to
commence a multi party renegotiation of the Bougainville Copper Agreement
under which the company operates.
The tax case
By mutual agreement with the Internal Revenue Commission (IRC) the
outstanding tax claimed amount of K48.8m was paid into court on condition
the amount would be invested and that if BCL is successful in the substantive
case the sum and interest earned would be return to BCL. This action ends
that part of the action by the IRC seeking immediate payment to it of
outstanding claimed tax, penalties and interest. The company’s substantive
objection is still waiting on a trial date but both sides are now actively working
on the “discovery” process in preparation for the trial.
Fuel oil and salvage issues
A large quantity of heavy fuel oil formerly used in the power station remained
at the company port after mining was suspended. Management was alerted
some time ago to an unauthorised vessel removing some of this oil that was
transported out of PNG without approval, presumably for sale. Recently a
second ship arrived and proceeded to load most of the remaining oil.
Subsequently PNG Customs, with the assistance of the Navy, intercepted the
second ship at sea and escorted it Rabaul for breaching PNG Customs
regulations. The authorities are currently pursuing a number of legal
processes.
The company is looking at legal and other processes it can employ to stop
illegal activity associated with its property while mindful of the limited capacity
of Bougainville authorities to enforce court orders and the fact that armed
criminals are assisting foreign interests in these activities.
It is the company’s policy that wherever possible, the sale of salvaged material should be for the benefit of the whole community.
The new year
The company will focus on preparing for a formal engagement with landowners
and the National and Bougainville Government over the future of the mine and
settling all outstanding issues between the parties. The Bougainville
Government has indicated its willingness to participate in such talks. All parties
have agreed that it is necessary to establish a landowner group that can
represent all landowner interests during negotiations. The Bougainville
Government is taking the lead and the company has offered its assistance
where appropriate. The new Bougainville Government has a tenure of five years
and all the signs are that it is interested in reopening the mine provided the
local landowners are in agreement. A number of studies will be undertaken in
preparation for re-negotiation of the Bougainville Copper Agreement.
Bougainville Copper Limited (BCL) is owned 53.58% by Rio Tinto Limited. The Papua New Guinea Government owns 19.06% while public shareholders hold the remaining 27.36% of the share capital. Since the previous withdrawal of employees from the island, a small management team has operated in Port Moresby . This team is incorporated into Rio Tinto Minerals (PNG) Limited (RTM), a wholly owned subsidiary of Rio Tinto Limited. BCL has a management service agreement with Rio Tinto. RTM performs this agreement on behalf of Rio Tinto.
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