Top-Foren
|
|
|
|
|---|---|---|
| Gesamt | 28 | 143 |
| Talk | 25 | 133 |
| Börse | 3 | 8 |
| Hot-Stocks | 0 | 2 |
| Schweiz | 0 | 0 |
Trading Bougainville Copper (ADRs) 867948
Thread abonnieren
|
--button_text--
interessant
|
|
witzig
|
|
gut analysiert
|
|
informativ
|
0
0
0
Bougainville Government Signs Mining Exploration and Development Deal
Also Energy, Fishing and Banking Agreements
ARAWA, Bougainville, Papua New Guinea--(BUSINESS WIRE)--The Autonomous Bougainville Government entered into an historic agreement with Bogenvil Resources Development Corporation (AROB) Ltd (“BRDC”), granting by way of a commercial contract with BRDC the sole right to deal with Resources Landowner Companies on Bougainville outside the Panguna area of interest with respect to mining exploration and development for a period of three years with an option to extend to 5 years. To maintain its rights BRDC will pay an annual US $5,000,000 Agreement Licence Fee to the ABG as well as undertaking a US $35,000,000 exploration programme over the first three years.
The business relationship defined by the Agreement arises out of the necessity to accelerate a broad based economic recovery on Bougainville and to manage the mining exploration process in the initial years after the Moratorium on Exploration is lifted.
BRDC is a special purposes Company registered in PNG with shareholders from Bougainville including the ABG’s investment arm as well as foreign investor partners. BRDC is envisioned as the platform for building out broad based important high impact projects on Bougainville with the principle of Resource Landowner participation being a fundamental tenant.
Apart from mining exploration, BRDC’s mandate under this agreement is to accelerate the work that it has done to date:
* to lay the foundation for a major robust commercial fishing operation, that can eventually be extended to include the abundant international waters surrounding Bougainville – Treasure Island Fisheries Ltd;
* to provide and make application for full banking articles with the Central Bank of PNG and to position banking branches to deliver services to the financially disenfranchised people over Bougainville - Bogenvil Commercial Bank (“BCB”);
* to complete a full scale feasibility study with the view to establish a state of the art biodiesel plant to utilize the current unused portion of the coconut crop and to sponsor the rehabilitation of run down plantations – all with the goal of attaining self sufficiency and sustainability in the use of diesel in the face of rising fuel prices - Bogenvil Biodiesel Ltd;
* to rebuild the Manetai Limestone plant based on a pre-engineering study recently conducted with the view to exporting quicklime - Bogenvil Limestone (Manetai) Ltd;
* to bring an industry partner to make application over the Bougainville Oil & Gas Basin and to build on the data that has been acquired and analysed to date - Bogenvil Oil & Gas Ltd;
* to support the investigation of eco-tourism opportunities with respect to properties and facilities and to configure the infrastructure critical mass that is necessary to attract tourists to what is indicated, by virtue of its history and nature, to be a world class ecotourist destination;
* to establish a division of BRDC that acts as a business incubator by providing expert advice, to review and analyse Resources Landowner and other private business proposals, and to guide them in seeking private investment capital and technical help - BRDC Business Development Ltd.
In order to finance stand-alone projects at this critical stage of Bougainville’s recovery, it is the case that such capital raising has to be done off the back of mining exploration. Recognising this reality, and becoming aware of the recent activities of uninvited and unscreened outside companies unwittingly pitting clan against clan in prospective mining areas, the ABG has determined to implement a coordinated and centralized approach to mining exploration.
The need to address the above concerns and the need to provide the support to finance a broad based economic development thrust, has driven the current Agreement. The contract confers on BRDC the right to enter into Exploration and Development agreements with Resources Landowner Companies incorporating a trailblazing model for Access and Benefits with the resource owners.
Eminent Persons Advisory Board
The ABG looks to BRDC to become a world class institution acting within the framework of good governance, transparency and accountability standards, and that it will introduce and educate Bougainvilleans to private and public financial institutions in international Capital Markets.
To oversee this transition, BRDC is committed to form an Eminent Persons Advisory Board drawn from around the world consisting of outstanding people experienced in international business affairs, good governance, and having knowledge and empathy for the history of Bougainville and an appreciation for the great promise it holds to become a model nation in the future.
On behalf of the HON. JOSEPH KABUI – PRESIDENT, Autonomous Bougainville Government.
Contacts
Bogenvil Resources Development Corporation
Robert Atsir, Chairman
Mobile: + 675 696 5666
Office: + 675 973 9347
robatsir@online.net.pg
Optionen
0
A delegation of the European Shareholders of Bougainville Copper Ltd. (ESBC) is expected to arrive in Port Moresby earlier next week. In a statement published on Monday in Bangkok (Thailand) ESBC-President Axel G. Sturm pointed out that the ESBC want to help to overcome old anxieties and doubts between the parties concerned: “It must be clear that future mining on Bougainville must avoid environmental damage and that the people of Bougainville take a maximum of profit by professional mining,” said Mr. Sturm, “I am very glad that Mr. Swen Lorenz who recently wrote an outstanding study on Panguna will be with us. Mr. Lorenz will bring an excellent in-put of ideas to the assembly. We, the ESBC, expect a strong vote of all Bougainvilleans that they want BCL come back to the island and to build up a prosperous future for them. Every day where the mine is not open is a lost day for Bougainville.”
ESBC-President Axel G. Sturm is supposed to stay six days in PNG for in-depth-discussions before leaving to Singapore for further talks.
Grüsse aus Puerto Ayora ;-)))
Optionen
0
Der Meinung sind auch die meisten B´viller
Hier ein Mailauszug von heute
The corrupt people in Bougainville are gaining control over our destiny day by day and we haven't even started. Bougainvilleans that's move, get up and kick these bastards out of our island and make sure whovever invited them pays for it.
Em tasol.. na apinum olgeta.
U.wir besuchen heute morgen erstmal SCG ;-))))
Optionen
0
und das es in der Meldung hieß „outside the Panguna area“ zeigt, dass sich offensichtlich auch der ABG nicht an die Lizensen von BCL herantraut, da spielt es wohl doch eine Rolle, dass PNG noch mit im Boot sitzt,
die Meldung an sich spricht aber nicht für die Seriösität des ABG,
eher dafür, dass vor Beginn des wirklich ertragreichen Minings auf Bougainville - sprich BCL - einige sich noch in entsprechend ertragreiche Positionen bringen wollen
Optionen
0
SYDNEY, May 02, 2008 (Dow Jones Commodities News via Comtex) -- -- style='font-size:11px;'>By Elisabeth Behrmann Of DOW JONES NEWSWIRES
Bougainville, a semiautonomous island that belongs to Papua New Guinea, is paving the way for foreign investors to start prospecting for gold and copper on the mineral-rich but war-ravaged and impoverished island.
Free Report!Five Secrets of Short Term Stock Trading Success
In April, Papua New Guinea and the Autonomous Bougainville Government, or ABG, signed a memorandum of understanding to hand over powers over minerals and oil and gas resources to Bougainville, lifting a moratorium on mining as the most effective way to boost economic development.
Last week the ABG set up the Bogenvil Resources Development Corp. Ltd., or BRDC, to promote exploration and development of mineral and non-mining interests with foreign investors, on behalf of traditional landowners.
"We have received expressions of interest from around the world, and we are organizing a roadshow in Europe and the U.S. We are currently finalizing engagements and are planning to go within the next two to three weeks," said Robert Atsir, BRDC's chairman.
The ABG and PNG governments are set to meet in June again to discuss transfer of powers on mining, oil and gas activities that could also benefit Rio Tinto Ltd.'s (RIO.AU) majority-owned Panguna copper mine.
A secessionist war in the 1980s and 1990s killed thousands of people on the island, centering around Panguna.
The operation, which had a disastrous environmental record, had to close in 1989 because of the violence, and all mining and exploration activities ceased. One trigger for the escalation of violence in Bougainville was local people's discontent with lack of benefits from mining flowing back to them, and instead going to PNG mainland.
The PNG government will seek to retain a stake in profits from Panguna, should there be a restart, and other future projects, a PNG government official said back in April after the signing of the MOU.
Everything But Panguna
The BRDC only deals with mining interests outside of Panguna.
"Panguna is a separate issue covered by the Bougainville Copper Agreement. There are a lot of politics surrounding Panguna, so it's separate as not to continue to delay potential economic development for Bougainville," said Atsir, an economist by trade educated in the U.K. and Australia.
At Rio Tinto's annual general meeting in April, Chief Executive Tom Albanese said a restart of the 180,000-metric-ton mine, making it one of the biggest in the world at the time, remained a long way off.
Once the transfer of mining and explorations powers is done, the BRDC is hoping to preside over exploration expenditure of US$50 million or more over the space of three years, and hopes to see minerals output by 2015-16, said Atsis.
"Bougainville island is mineral-rich, no doubt, but no one has been there for a long time. A key issue for mining activities on the island will be what the locals are going to get. If it's locals driving the process there will be more of a chance for something to happen. Previously there was concern for PNG mainland squandering revenues from mining royalties," a Sydney-based resources analyst said.
Booming Commodity Markets Attract Risk-Takers
Surging commodity prices as a result of the global resources boom and increasing scarcity of high-quality ore bodies have prompted miners to seek out riskier areas to search for copper, gold and other minerals.
The risks of operating in previously untested or less stable jurisdictions are high, and can range from governments changing existing mining laws as is currently the case in Zambia, to revocation of contracts as in the Congo, to outright expropriation, like in Peru.
But the rewards from discovering new mines are proving irresistible too, with the price of metals such as copper quadrupling over the past four years.
Aside from mining exploration, the BRDC's mandate includes setting up industries to keep the local economy from becoming overly dependent on mining.
The other industries include fishing, biofuel generation from Bougainville's coconut crop, tourism and the rebuilding of a limestone plant that BRDC is hoping to sell to Lihir Gold Ltd. (LGL.AU), an Australian miner active in PNG, for use during its mining process.
Mining accounts for 50% of PNG exports, and petroleum and gas together account for another 25%. Other companies active in the country aside from Lihir include Barrick Gold Corp. (ABX) and Oil Search Ltd. (OSH.AU).
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8235-2965; elisabeth.behrmann@dowjones.com
(END) Dow Jones Newswires
05-02-08 0238ET
Optionen
0
Call for Kabui to resign
THE resource owners of North, Central and South Bougainville have denied giving any of their traditional rights to Bougainville Resources Development Corporation (BRDC) or its foreign partners.
They are calling on President Joseph Kabui to resign as they claim he has acted contrary to the interests of the people of Bougainville and also unconstitutionally, claiming he is incapable of governing the affairs of the Autonomous Region.
The landowners represented by Chief Joe Pais of the Motaha clan in the Puspa and Tore resources area on North Bougainville and Chief Chris Bengo of Kugitono clan in the Deuro and Tonolei area of Buin in South Bougainville said in a joint statement that any company or government that tried to usurp the rights of landowners to their mineral resources would do so “over our dead bodies”.
“As landowners we are concerned that under the previous MOU, the Autonomous Bougainville Government gave to Invincible 1.2 per cent of 1 per cent of net smelter returns to Invincible. We believe that the cumulative effect of these arrangements tie this government to the payment of well in excess of K3 billion to Invincible Resources Corporation and not K40 million as we have been led to believe,” the statement said.
The landowners’ spokesmen added the president and cabinet ministers who gave Invincible Resources these assurances lacked the legal capacity or the mandate to do this as the powers to the drawdown of loans and financing facilities had not been transferred to Bougainville. Therefore, they say, the agreement was null and void by virtue of its lack of constitutional mandate or its legal standing.
“We believe these people are using the current ‘resources pledge’ as a mortgage to raise funds that they need in Bougainville. We must put a stop to this unacceptable practice,” the leaders stated.
The two chiefs said they had petitions from the resources owners demanding the Speaker of the House of Representatives to convene parliament urgently to resolve the constitutional crisis.
The Speaker when approached confirmed being informed of these developments and said he would await the formal service of the petitions before making a decision.
Optionen
0
Zitat 929:
Vom 4-6 Mai finden die Australia Papua New Guinea Business Forum u.Trade Expo in Cairns statt.Als Eröffnungssprecher fungiert u.a. der PNG PM Michael Somare.
Besonders interessant könnte der 14:30 – 15:00 RIO-TINTO MINERALS (PNG) Afternoon tea. werden mit der anschliessenden Session 10
Die Ansichten von Puka Temu,Mining Minister u. Bougainviller sind in dem Interview #925 wiedergegeben.Interessant dass an dieser Gesprächsrunde auch Dr Graeme Hancock, Senior Mining Specialist, Oil, Gas, Mining and Chemicals Dept, der World Bank teilnimmt.Er war federführend bei der Zusage der 10 Mios zum Training der Boug MRA.
Sollte Kabui u. Tom Albanese dort noch als Visitors auftauchen ..... ;-)))))))
15:00 SESSION 10: OPPORTUNITIES IN THE PAPUA NEW GUINEA RESOURCES SECTOR
• The Hon Puka Temu, Deputy Prime Minister and Minister for Land
and Mining, Papua New Guinea. ST to arrange invitation.
• The Hon William Duma MP, Minister for Petroleum and Energy,
Papua New Guinea. ST to arrange invitation.
• Dr Graeme Hancock, Senior Mining Specialist, Oil, Gas, Mining and
Chemicals Dept, World Bank. Invitation sent.
Panel Discussion
16:00 DAY TWO AND CONCLUDING SUMMARY BY
CONFERENCE RAPPORTEUR AND CLOSING COMMUNIQUE.
16:10 CLOSING COMMENTS: Mr Henry Kila, President, Business
Council of Papua New Guinea.
16:30 JOHN DAVIDSON ASSOCIATES Delegates’ Farewell Drinks.
Optionen
0
der Wunsch Vater des Gedankens sein,
lasse mich aber gern überraschen und eines besseren belehren,
ich wünsche auf jeden Fall dem ESBC für die nächsten Tage vor Ort alles Gute,
allerdings auch ein etwas diplomatischeres Auftreten als zu letzt,
mein Töchterlein studiert derzeit „intercultural marketing“,
ist eine höchst interessante Debatte über Fisch und Köder in verschiedenen Kulturen,
auch nur ein Tick davon würde den ESBC weiterbringen …
Optionen
0
BCL shareholders keen to see Panguna open
BOUGAINVILLE Copper Limited’s annual general meeting tomorrow is expected to be filled with debates as shareholders start arriving from different places including Europe.
The Post-Courier conducted an interview with the president of the European Shareholders of Bougainville Copper (ESBC) Axel Sturm who arrived in the country to attend this year’s AGM. The following is the first part of the two-part interview.
Post-Courier: What does ESBC want done with Panguna?
Axel G Sturm: After years of unrest that cost many lives the island of Bougainville needs a long period of peace and prosperity for all.
The income from the giant Panguna mine can be an excellent funding for a good future for all Bougainvilleans. Therefore, the European Shareholders claim for a re-opening of the Panguna mine by BCL as soon as possible. With the money earned by the Panguna mine many projects could be developed in Bougainville as there are infrastructure, social investments as hospitals, schools etc. So, with the support of BCL a new and prosperous Bougainville will be born.
Post-Courier: Would you want to see landowners become active participants in discussions over Panguna?
Axel G. Sturm: The landowners of the Panguna mine are the traditional owners of the land. Of course the landowners have to participate actively in all discussions on Panguna.
If we are well informed the women in Bougainville are the legal landowners. For that reason we call to all women to unite for a future in prosperity. The re-opening of the mine by BCL is an issue of public interest for all Bougainvilleans. Therefore we would appreciate if a commission of all parties involved would be built up. That commission could survey especially environmental issues of mining and the development of infrastructure as well.
My vision is that many Bougainvilleans – landowners and others – become shareholders of BCL and by that also co-owners of the company. We, the ESBC, never understood why the landowners accepted that Panguna remained a No-Go-Zone for such a long time, kept by a few former partisans in the jungle.
We think that the landowners should tell these people to go home to their families and finally free Panguna. Our impression is also that there are still some selfish people acting in Bougainville who try to steal from the others instead of working together with the majority for a better future for all. That is very sad. The landowners also can play an important role to make sure that Panguna, Arawa and the other places become places of security and peace. We would like to see especially one of the landowners, President Kabui, become an active participant by talking with all these small groups that are still a danger for peace in the region.
These groups have imperatively to lay down their weapons and work together with the rest of the community. We would also appreciate if Joseph Kabui and other ABG representatives would talk very soon with our board of directors to bring progress into the things that are to do.
to be continued tomorrow
Optionen
0
Leo Hennett,Boug PM in 89 ist schon eingetroffen u. hat soeben mit uns gefrühstückt. Gestern abend gab es lange Gespräche zwischen uns u. den Landowners.Auch der deutsche PNG Konsul war im Hotel auf "Besuch"Die Gespräche werden jetzt um 10 Uhr in grösserer Besetzung fortgesetzt,ab 11 ist dann auch die Presse eingeladen.Die HV beginnt dann heute Nachmittag um 14.00
Ohne Axel vorgreifen zu wollen kann man sagen dass es einen breiten Konsens zur Wiedereröffnung gibt.In den nächsten Wochen wird es wohl zu positiven Ereignissen kommen,sogar wenn nur 1/10 der gestern gemachten Vorschläge kurzfristig umgesetzt werden kann.Im heutigen PC deckt ein weiterer Artikel Kabuis Missmanagement auf.Der Wiederstand gegen ihn u. einen Teil des ABG wächst immer weiter. ;-))))
@joebo
Hättest du uns die Info zu deinem Töchterlein früher mitgeteilt,so hätten wir sie gerne mit nach POM eingeladen.Das wäre ein Live Anschauungsunterricht gewesen.Allerdings ist es natürlich viel einfacher zuhause vom Ohrensessel aus Theorien aufzustellen als von vor Ort zu agieren.
Hier eine Diskussion zu dem Interview:
On Wed, May 7, 2008 at 5:57 PM, Vikki John wrote:
Her usual dribble...
I find it insulting, that Vikki pops in here about once a week.
Clearly shows that she has not kept up with any of the discussions,
never answers any challenges with real facts. An insult to the
intelligence of all present.
VJ: Axel Sturm is a joker!
Me: Oh really, Vikki, here is someone that is an astute investor with
a diverse portfolio, and yet remains an ethical investor, and in spite
of having an investment in a "flatlined stock" that he could have just
"dumped", he has shown an interest in the people and how continued
investment can benefit them, to the extent that he would travel half
way around the world to support that message.
I hope that Axel Sturm is considering, as am I, legal action against
you for Slander. I would have hoped that in an Academic environment
for teaching people the "law" you would have more awareness of it.
Perhaps you should sit in on Law 101 before you shoot your mouth off..
VJ: Not once does he admit the "years of unrest that cost many lives" had
anything to do with the corporate thuggery of BCL and Rio Tinto.
Me: And rightly so, Because that is not the facts, Vikki, it is a
figment of your deluded imagination.
Fact: John Momis in the lead up to an election hand-delivered a poorly
delivered and poorly researched ultimatum (the bougainville initiative
fund letter) demanding K12.6M for the Provincial Government (even
though he was campaigning for the National Government) In spite of the
fact that he was incumbent and would have been privy to all of the
appropriate information he chose to ignore the fact that BCL had
already forecast a contribution to the NSP of K16.4M for the
upcoming year. What's more, as an elected official of the government
at the time, he threatened violent action in that communique. That
would be ground for immediate dismissal from the government in most
countries.
He was given a clear response from BCL that a) it was inappropriate
for them to take a partisan involvement in his plan, b) that any
concerns would be addressed as they always were in the next upcoming
review of the bougainville copper agreement. and c) that BCL was doing
as much as was possible under the rules of Corporate accountability,
and various government legislation as it could to ensure maximum
contribution to the local people. While PNG NAtional GOvernment
legislation constrained this, BCL invested in NUmerous local
enterprises. Of course, this wasn't just them saying so, in 1973 a
study by W.D. Scott & Co, and again in 1974 a study "Worldwide
Information resources" found that there was significant benefit to the
community over and above the cash payment.
Of course, you could argue in your usual style that this was paid for
by BCL, but then in 1984, Leo Hannett as head of the NSPG engaged a
London firm of Economists who found that while the NSPG's cash benefit
was to be K16.4M in 1988 (sorry, I don't have the 84 figures handy),
there was a significant multiplier effect, in terms of supporting
industries etc.
Fact: IN spite of the fact that Momis knew (or should have) that his
Demand was politically, ethically and legally inappropriate, he chose
to tell the electorate that he was "going to win this". Of course,
when he found out that he was "wrong", and had made several errors in
judgement, he stayed quiet and hoped that it would go away. He was
dreadfully mistaken.
Fact: Francis Ona claimed to be the Representative of the LAnd Owners
- which was strange as the incumbent land owners representative a) had
been so for some 17 years prior, and Ona had no rights to any land
under the matrilineal system. In fact, another party to the demands
was Damien Damen, reknowned Cargo cultist, and who didn't even come
from Panguna, but from KOngara (still part of Nasioi). Oh,
incidentally, after Damen fought for the rights to "village life" -
guess where he is now - Squatting in one of the BCL Executive houses,
in Arawa, I am told.
There were over 800 separate land titles involved in the compensation
- did Ona have the mandate of each and every one of those people - I
don't think so....
Fact: Ona resorted to violence rather than negotiation. He stole
materials, he threatened peoples safety, he blew up equipment. He
refused to negotiate... repeatedly, for over a decade... I trained as
a PSychologist and as an Economist at UNiversity, and based on many
personal accounts from people that dealt with Ona, he would be classic
Bipolar. any where else, he would be medicated, or even
institutionalized... And amazingly, you lauded praises upon him in an
Obituary, yet you had never even met the man. What an amazing insight
you must have, Vikki. To see the charms and wonders of a greedy man
responsible for the social and economic destruction of his society,
and the deaths of thousands, and yet chastise those that actually do
constructive things... Amazing, indeed...
Fact: the military action on BOugainville came from the PNGDF, who
were inherently incompetent in what they did. If you claim that BCL
was involved in engaging and directing them. Show proof - real proof -
it doesn't exist. Because it never happened... (of course, the
competence of the PNGDF is reflected in Lieut Kauona, who declared
himself a general, sent hundreds of young bougainvilleans to their
deaths, and now lives the life of Luxury, on money that was intended
to compensate them...) I am sorry, just what is your definition of
"thug". My dictionary says...
thug |θəg|
noun
1 a violent person, esp. a criminal. [ORIGIN: mid 19th cent.:
extension of sense 2.]
VJ: And coming all the way from Europe to attend the BCL shareholders meeting to
express that "income from the giant Panguna mine can be an excellent funding
for good future of all Bougainvilleans" - he is living in fairy land!
Me: Living in Fairy land - I am sorry. So what is your alternate
proposal for funding development on Bougainville. Oh, that's right,
you don't have one... Never have, never will.... So, who is off with
the fairies...
VJ: The real drive is the want of money in his pockets and the same for his
fellow shareholders.
Me: Duh... Let me guess, vikki, you work at a UNiversity, because of
your passion to see knowledge developed, even though you don't
actually teach. So, in following your line of thought that all should
be totally altruistic. Are you willing to continue working at the
University pro-bono. I didn't think so. Hey you are in the law
faculty, aren't you. Do any of the professors in your faculty do
pro-bono work? I do. How can they afford to do that, umm, working on
paying jobs, investing in companies that they believe will return a
profit, being shareholders... There may be a better world where people
don't have to work or save or invest, but it ain't on this planet.
(Ask the citizens of the USSR, Cuba, China etc... They got sucked in
by the Socialist Myth - the only beneficiaries in a "Socialist
Society" are the corrupt Government Officials at the top. Go read
Orwell's Animal Farm.) Then start doing the translations - Bonaparte
"head pig" in Animal Farm.... Kabui.... Squealer to Kauona, Old Major
to Ona - there is an amazing sense of "Deja Vu".
Talking of fairy land, Vikki. If Panguna was to re-open - who exactly
would buy the trucks..., and the drills, and the shovels, and rebuild
the concentrator and the power stations, and the houses and the
hospitals, and the shops. WHo would pay for the training, and the
wages, and so on and so forth. Hmmm, the investors, and more
specifically their shareholders. Oh, and by the way, 20% or more of
those shareholders are already the people of PNG. So, Vikki, please
explain the difference between a government that willingly accepts a
accepts a gift of 20% of the shareholding of a company (and has held
on to them through thick and thin) and someone who spends his own
hardearned earnings to take a leap of faith on an investment half way
around the world.... ) I am sure that you have a dream that it could
work some other way, but wake up to the facts of the world....
VJ: Does he mention anything about the environmental clean up that
needs to take
place? NO.
Me:And he probably didn't talk about hundred of aspects. Your point
is.??? Of course, if you are talking about environment clean up,
you need to be specific...
Are you talking about the Jaba - then, if you had done any research,
you would be aware that BCL had on staff, over 30 scientists plus
numerous support staff. constantly working on analyzing water flows,
marine life, reforestation etc... etc... (and had been doing so, since
1969...)
You would also be aware that there was always an agreement that that
land would be used, and paid for, by BCL and rehabilitated. Of course,
there was an element, of having sold one's cake, but still wanting to
eat it...
If you listened rather than talking, you would be aware of the fact,
that when Ona did his hissy fit, BCL had already raised funding of
around K100M (and got national Government approval) for a deep ocean
outfall project, to take the silt coming down the Jaba, and run it way
out into the trench on the far side of Empress Augusta Bay, as well as
dredge the Jaba etc... A project, that Ona and Momis were aware of, as
well.
Of course, compare that to your boyfriend Ona, who blew things up,
burnt things to the ground (not only mining buildings, but homes and
shops and so on. People that broken open chemical containers where
they stood and let the contents drain away... I guess that doesn't
rate as environmental damage.
Or our good friend KAbui, who established (with Invincible Funding)
the gold smelter, smack bang in the centre of Arawa. Instead of buying
himself a bigger 4WD, or taking fewer overseas trips with the
Invincible blood money, he could have built a proper assay lab. But
no, this is out in the open. WHat does it do? Well it burns off the
Mercury that KAbui's advisors are selling to the villagers to extract
the gold (btw, that Mercury sells at 600% of the price that you could
buy it at anywhere else in the world, subject to all sorts of
MAterials handling constraints). That Mercury goes straight into the
air over Arawa, which, notably tends to regularly have atmospheric
inversions which stops the poison being spread out to sea. Not that
that makes a difference, because it is a cumulative poison, that
accumulates in the food chain, particularly fish - a Major part of the
local diet...
VJ: He is starting to mention "female land owners" - no doubt he will pay them
off to sell out Bougainville.
Me: Well, a) Sturm is a shareholder - he isn't going to be paying
anyone off. b) so are you arguing that Female Land Owners shouldn't
be adequately compensated... Make up your mind... Under BCL, 67% of
the REvenue from mining went to the PNG GOvernment, the NSP
Government, and Landowners... Under the INvincible Scheme, somewhere
like 6% em tasol is shared amongst the people of Bougainville. Of
Course, the Lion's share (70%) goes to invincible, and some of the
"rest" goes to the Major local investors, such as Sam Kauono. HOld
on, where did Sam Kauono, who once was in the PNGDF on a basic
Lieutenants salary, and has been "living off the land" for nearly two
decades, get money to invest. Well, he was given it by Invincible. Of
course, he said it was for his troops of ex combatants, but ask
them... They are already complaining because they haven't seen one red
toea of it... ANd guess what, they probably won't Kauona will have to
give it, back, but he is spending it as fast as possible...
VJ: He now wants "the land owners involved" - all talk no action I am afraid.
He is just trying to suck Bougainville dry for his own capital gains.
Me: Read the press, Vikki. The Landowners want dialogue with reputable
and known companies (like BCL/RIO). So do the MeekaMui, so do the
Council of Chiefs... So do most of the Bougainvilleans that I
communicate with on a regular basis...
VJ: If anyone is attending the BCL shareholders meeting in Port Moresby, do tell
Mr Axel Sturm he is barking up the wrong tree.
Me: Again, all talk, no action, vikki. You sit in your ivory tower in
Sydney, talking solidarity with your Bougainvillean brethren, but when
push comes to shove, the only thing that you give to them, is
Mauswara.
You slander people like Rae and Myself. Exactly what are you doing for
Bougainville? Right at the moment, I am working on half a dozen
Bougainville Projects. I am helping small businesses, with business
plans and marketing their services off shore. I am chasing computers
and books for schools up there. Working with a Bougainviillean
Software developer on building an online system for brokering requests
and offers of aid.... I am helping a group of villages, that have
effectively become a ghetto near Buka (near where the ABG have spent
millions on their own homes) with Simple Water supply and sanitation
problems. The requests keep coming in,, and I don't intend to say "No"
to anyone. All Pro Bono... And how about you, Vikki. Apart from
whining, you do what exactly....
It doesn't stop there... My wife and I are working with two separate
aboriginal groups here in Australia, and a Charity in Brazil. I meet
this afternoon with an Elder of one of the biggest tribal groups in
Irian Jaya (West Papua), to continue the advise I have been giving on
local sustainable development projects for them). THis month, I am
coordinating a "Doorknock" over several suburbs done by my Son's
School. Early next month, I will be organizing feeding several
thousand people as they come off the MS (Multiple Sclerosis)
Bike-athon Charity Ride. IN my spare time, I am putting a proposal
together at the request of a Fortune 50 company as to how they can
improve their own Charitable contributions. All Pro-Bono...
Rae, similarly is involved in several projects... We do it because we
care.... Not because we like to Bitch about things...
ANd you are doing, what?...... I can't hear you, Vikki, speak up....
sorry, I just getting static...
VJ: The people around the Panguna mine never want that mine open again.
Me: Keep up to date, girl - they do... They have said so. If you read
what other people said, and stopped chanting the "Bolshie Party line",
you would actually be surprised. The Landowners, the Chiefs, the
Meekamui, are all wanting to move forward. Almost Unanimously, they
realize that the "invincible arrangement" is a con that has been
perpetrated either by the incompetence, or the duplicity of so-called
"leaders" who have been raking off their own personal rewards while
their people suffer...
Peter
Optionen
0
that your directors believe that the company is better positioned now than at any
time in the past nineteen years to make a return to profitable mining on
Bougainville, for the benefit of all stakeholders.
There are many challenges in re-opening the mine, but there is also a confluence
of factors today which the board considers to be favourable.
The Autonomous Bougainville Region needs economic development to underpin
its economy and support service delivery and social advancement.
I believe this view is shared by many Bougainville residents and leaders.
I detect a mood of reconciliation, initiated by the people themselves and promoted
by the Autonomous Bougainville Government.
That is a positive development in looking forward rather than dwelling on the past.
Recent negotiations between the Autonomous Bougainville Government and the
National Government of Papua New Guinea have made significant progress
towards the resolution of political and administrative issues associated with the
future of mining and exploration on Bougainville.
Both Governments have agreed to a fifteen point plan and a timetable to put in
place a definitive and workable mining regime.
Included in this agenda are items which have a direct bearing on your company’s
future, including the drawdown of mining powers, the issues relating to ownership
of mineral resources and renegotiation of the Bougainville Copper Agreement.
The Company is not a party to these negotiations, but has been an observer and
has been kept informed of progress.
The Company enjoys an effective working relationship with all parties.
The next meeting of the Joint Supervisory Board, which is driving the agenda, is
set down for late June.
The Company supports and is prepared to assist this encouraging process where
appropriate.
In talks with various parties on Bougainville, the Company has expressed its desire
to conduct environmental and safety audits in areas previously affected by mining
operations.
Specialist consultants will be engaged to conduct these on the ground audits and
to make recommendations on any remedial work considered necessary.
The Company is assisting with the process of reconciliation and consensus,
initiated by landowners and their elected leaders.
Peace, consensus and law and order are pre-requisites to undertaking any activity
on the ground.
The Company acknowledges the efforts of President Kabui and his Government in
patiently and peacefully pursuing these objectives.
There has not been a more favourable time since mine closure to assess the
economic feasibility of re-starting and operating a large copper mine on
Bougainville.
World demand for copper, particularly in China, has created an unprecedented
opportunity for Bougainville to kick start its economic growth through mineral
resource development.
No other Company has the knowledge and data to match BCL’s understanding of
the Panguna ore body.
To be in the best possible position to understand the technical and financial
requirements to develop Panguna a rigorous range of studies is required.
We are currently undertaking an “order of magnitude” study.
In broad terms the order of magnitude study will look at the annual production of
the mine in a range of 20 – 50Mt/y and various projected copper and gold prices
This study is being undertaken Rio Tinto Technology and Innovation Group using a
team of internal and selected external experts
The study commenced in April and is projected to be concluded in August 2008
The strengths for a restart are:
• Very low technical risk
• Known ore body and world class production track record
• Ore body only partially mined with large available remaining reserves. In
1989 estimated mill feed was 691Mt at 0.40% Cu and 0.47g/t Au
• Significant infrastructure in place eg. access road and port
• Upside opportunities exist to increase mine life, increase revenue and lower
cost
But there are issues such as:
• Inability to access site makes it difficult to estimate restart costs and
allowances
• Viability is very reliant on future metal prices and grade.
• The selection of the tailings disposal method will require significant
stakeholder input and agreement
• and Funding
Beyond the special mining lease, there exists the attractive prospect of renewed
evaluation of our other adjacent tenements.
These remain largely unexplored, and with the lifting of the long-standing embargo
an exploration program is possible.
The right to explore these BCL properties is a desirable outcome of the
renegotiation of the BCA.
In summary the tenement situation is:
• Seven prospecting authorities, total 624 square kilometres
• These tenements have been maintained and are in BCL’s control
• Studies have identify a number of coincident geophysical and geochemical
anomalies
• They are prospective for significant discoveries of both porphyry coppergold
and epithermal gold mineralisation
• High priority targets have been identified.
When we talk about a return to profitable mining on Bougainville, for the benefit of
all stakeholders, I believe it appropriate to consider the many benefits which
accrued during the previous years of mining activity, insofar as this may point to
similarly beneficial outcomes in the future.
The beneficial outcomes included:
• an era of economic activity
• employment
• educational opportunity
• health advancement and
• social benefit on a scale never seen before or since in Papua New Guinea.
These are achievements this Company and its many employees can be proud of.
Bougainville Copper believes that if it makes a return to profitable mining on the
island, significant benefit will once again flow to the people of Bougainville.
Redevelopment will bring a wide range of local business opportunities and new
infrastructure to support those businesses
Rehabilitation and restoration techniques are now better understood and the local
community will be invited to participate in planning and implementation.
As your chairman I do not speak lightly of the challenges that lie ahead but let us
look again at the positive factors affecting your Company’s activities today:
• the buoyant prices for copper and gold
• the prospective tenements
• the stability of government in Papua New Guinea
• the willingness of all parties to discuss Bougainville issues positively
• and the processes of reconciliation that are underway
Last year your board adopted a comprehensive three year plan for a return to
exploration and profitable mining. We are following that plan, and I believe the
results are satisfactory to date.
• We will continue our technical and social studies
• Pursue the re-negotiation of the BCA
• Fulfil, wherever possible, our obligations on the ground
• Protect our assets
• and assist in the process of reconciliation and consensus
In the coming year the priorities are;
• Complete the order of magnitude study
• Scope further studies
• Agree an exploration program
• Commence the formal review of the BCA
• Complete a safety and environment audit
• Advance the reconciliation process
• Formally engage with landowners
That concludes my presentation.
Thank you.
Peter Taylor
Chairman
http://www.stocknessmonster.com/news-item?S=BOC&E=ASX&N=298067
Optionen
0
Sam Akoitai,Bougainviller u. Landowner,u.Ex PNG Mining Minister bekraeftigte den ESBC in einem Meeting heute morgen alles in seiner Macht stehende zu unternehmen damit die Panguna Mine schnellstens wiedereroeffnet werden kann.Ein Landowners Statement dazu soll in Kuerze veroeffentlicht werden.
Um 5 Uhr soll ein Treffen des Vize Miningminister mit Axel stattfinden u. morgen ein Meeting mit dem aktuellen Miningminister Puku Temu.
Optionen
0
The Way Forward
I will now move on to discuss the way forward, and repeat what I said at the outset,
that your directors believe that the company is better positioned now than at any
time in the past nineteen years to make a return to profitable mining on
Bougainville, for the benefit of all stakeholders.
There are many challenges in re-opening the mine, but there is also a confluence
of factors today which the board considers to be favourable.
The Autonomous Bougainville Region needs economic development to underpin
its economy and support service delivery and social advancement.
I believe this view is shared by many Bougainville residents and leaders.
I detect a mood of reconciliation, initiated by the people themselves and promoted
by the Autonomous Bougainville Government.
That is a positive development in looking forward rather than dwelling on the past.
Recent negotiations between the Autonomous Bougainville Government and the
National Government of Papua New Guinea have made significant progress
towards the resolution of political and administrative issues associated with the
future of mining and exploration on Bougainville.
Both Governments have agreed to a fifteen point plan and a timetable to put in
place a definitive and workable mining regime.
Included in this agenda are items which have a direct bearing on your company’s
future, including the drawdown of mining powers, the issues relating to ownership
of mineral resources and renegotiation of the Bougainville Copper Agreement.
The Company is not a party to these negotiations, but has been an observer and
has been kept informed of progress.
The Company enjoys an effective working relationship with all parties.
The next meeting of the Joint Supervisory Board, which is driving the agenda, is
set down for late June.
The Company supports and is prepared to assist this encouraging process where
appropriate.
In talks with various parties on Bougainville, the Company has expressed its desire
to conduct environmental and safety audits in areas previously affected by mining
operations.
Specialist consultants will be engaged to conduct these on the ground audits and
to make recommendations on any remedial work considered necessary.
The Company is assisting with the process of reconciliation and consensus,
initiated by landowners and their elected leaders.
Peace, consensus and law and order are pre-requisites to undertaking any activity
on the ground.
The Company acknowledges the efforts of President Kabui and his Government in
patiently and peacefully pursuing these objectives.
There has not been a more favourable time since mine closure to assess the
economic feasibility of re-starting and operating a large copper mine on
Bougainville.
World demand for copper, particularly in China, has created an unprecedented
opportunity for Bougainville to kick start its economic growth through mineral
resource development.
No other Company has the knowledge and data to match BCL’s understanding of
the Panguna ore body.
To be in the best possible position to understand the technical and financial
requirements to develop Panguna a rigorous range of studies is required.
We are currently undertaking an “order of magnitude” study.
In broad terms the order of magnitude study will look at the annual production of
the mine in a range of 20 – 50Mt/y and various projected copper and gold prices
This study is being undertaken Rio Tinto Technology and Innovation Group using a
team of internal and selected external experts
The study commenced in April and is projected to be concluded in August 2008
The strengths for a restart are:
• Very low technical risk
• Known ore body and world class production track record
• Ore body only partially mined with large available remaining reserves. In
1989 estimated mill feed was 691Mt at 0.40% Cu and 0.47g/t Au
• Significant infrastructure in place eg. access road and port
• Upside opportunities exist to increase mine life, increase revenue and lower
cost
But there are issues such as:
• Inability to access site makes it difficult to estimate restart costs and
allowances
• Viability is very reliant on future metal prices and grade.
• The selection of the tailings disposal method will require significant
stakeholder input and agreement
• and Funding
Beyond the special mining lease, there exists the attractive prospect of renewed
evaluation of our other adjacent tenements.
These remain largely unexplored, and with the lifting of the long-standing embargo
an exploration program is possible.
The right to explore these BCL properties is a desirable outcome of the
renegotiation of the BCA.
In summary the tenement situation is:
• Seven prospecting authorities, total 624 square kilometres
• These tenements have been maintained and are in BCL’s control
• Studies have identify a number of coincident geophysical and geochemical
anomalies
• They are prospective for significant discoveries of both porphyry coppergold
and epithermal gold mineralisation
• High priority targets have been identified.
When we talk about a return to profitable mining on Bougainville, for the benefit of
all stakeholders, I believe it appropriate to consider the many benefits which
accrued during the previous years of mining activity, insofar as this may point to
similarly beneficial outcomes in the future.
The beneficial outcomes included:
• an era of economic activity
• employment
• educational opportunity
• health advancement and
• social benefit on a scale never seen before or since in Papua New Guinea.
These are achievements this Company and its many employees can be proud of.
Bougainville Copper believes that if it makes a return to profitable mining on the
island, significant benefit will once again flow to the people of Bougainville.
Redevelopment will bring a wide range of local business opportunities and new
infrastructure to support those businesses
Rehabilitation and restoration techniques are now better understood and the local
community will be invited to participate in planning and implementation.
As your chairman I do not speak lightly of the challenges that lie ahead but let us
look again at the positive factors affecting your Company’s activities today:
• the buoyant prices for copper and gold
• the prospective tenements
• the stability of government in Papua New Guinea
• the willingness of all parties to discuss Bougainville issues positively
• and the processes of reconciliation that are underway.
Last year your board adopted a comprehensive three year plan for a return to
exploration and profitable mining. We are following that plan, and I believe the
results are satisfactory to date.
• We will continue our technical and social studies
• Pursue the re-negotiation of the BCA
• Fulfil, wherever possible, our obligations on the ground
• Protect our assets
• and assist in the process of reconciliation and consensus
In the coming year the priorities are;
• Complete the order of magnitude study
• Scope further studies
• Agree an exploration program
• Commence the formal review of the BCA
• Complete a safety and environment audit
• Advance the reconciliation process
• Formally engage with landowners
That concludes my presentation.
Thank you.
Peter Taylor
Chairman
Optionen
0
http://www.postcourier.com.pg/20080508/thhome.htm
European shareholders want to see Bougainville prosper economically
THE European Shareholders of Bougainville Copper stay committed to see Bougainvilleans benefit from their resources.
President Axel Sturm who flew in from Europe to attend the annual general meeting of the company spoke to the Post-Courier.
The following is the final part of the two part interview.
Post Courier: What would you like to see BCL do for the landowners?
Axel G. Sturm: First of all: Everybody has to do something for the other: BCL and the people on Bougainville as well. BCL has to make sure that royalties will be paid to the landowners and that these royalties don’t vanish in the pockets of the wrong people. We are no social experts but we can imagine that BCL would provide some well-experienced persons that can help the people in good investing of their royalties. It must not happen once more that a conman like Noah Musingku steals the money of the Bougainvilleans. Children have to be well educated in a way that they can take responsibility in 10 or 20 years. There are a lot of tasks that should be discussed in an open dialogue. There is among others the question of how alcohol and drug abuse can be reduced to a minimum. Only a healthy population without drugs and alcohol can build up a healthy community. As BCL has a very well experienced major shareholder in Rio Tinto, I have no doubt that all these tasks would be shouldered.
The mine was closed nearly 20 years ago mainly due to the secessionist conflict in which BCL was made responsible. Therefore, we believe that it would be a friendly sign of the Bougainvillean landowners to invite BCL to come back to work on the island. Second: such a big task as the re-opening of one of the world’s biggest copper- and gold mines needs a big company but it also needs local support.
The landowners can provide that. We want to say one day: We, the owners of BCL AND the landowners are proud to manage one of the best and most modern copper mines in the world.
Post-Courier: What would you like to see the Government of PNG do for the landowners?
Axel G. Sturm: The Government of PNG has announced that it will transfer the PNG-owned shares to the ABG which is the legal elected Government of all Bougainvilleans. That seems to us as a good idea; we would go one step further and say that dividends from these shares should be distributed among all Bougainvilleans; this would act as some sort of social security for all Bougainvilleans, payable every month to every adult Bougainvillean.
As we are informed, should the Autonomous Government of Bougainville take care of his citizens – landowners included. Of course, the National Government of PNG should be generous and provide as far as there is a wish of the Bougainvilleans every support in administration and logistics. First, ABG has to address all of the landowners’ claims, as so far we understand the situation correctly. If the landowners do not feel happy with their elected Government they are free to vote another next time. That is democracy.
Post-Courier What will you bring up during the upcoming BCL AGM?
Axel G. Sturm: The European Shareholders published recently 22 questions that we want to be answered in the Annual General Meeting. Let me point out what seems to us to be a major problem: The information of people is absolutely not sufficient. Sometimes we here in Europe seem to be better informed than people in Bougainville. We would like to see that BCL helps to build up a better communication infrastructure in Bougainville. Every Bougainvillean must be very well informed on what is going on. We heard that there are still persons running around on Bougainville and telling lies about BCL and even about The European Shareholders. That is not funny and that must have an end. The first radio station on Bougainville that got support by Germany is a first step. There are others to follow. BCL must convince all Bougainvilleans that mining is the best way to overcome the actual situation of poverty and lack of security. Maybe by a specialised and focused information campaign.
Post-Courier: What is the ESBC’s opinion on the chairman’s statement made on the Rio Tinto AGM concerning Bougainville?
Axel G. Sturm: Obviously the ESBC members were not amused at all. We would appreciate if Mr. Skinner would keep himself better informed. His statement on Bougainville was not helpful. At his age he should better think about retiring and play golf instead of bringing inadequate and false messages into the world of finance. After one year of progress in Bougainville and PNG he cannot stand up and recite the same story as last year. This is simply ridiculous.
Post-Courier: Would you like to see landowners owning a significant interest in Panguna?
Axel G. Sturm: The significant interest of all landowners should be the future of the island. The landowners will always own the Panguna land; BCL will add value to that land. The landowners do not have the money or the technology to take out the gold and copper. They should be paid royalties computed on sales of gold and copper from the ground. The landowners will invest the royalties earned in building a strong future for their children; spend it on good schools, hospitals, businesses for themselves. It lies in the hands of the landowners if there is development or not. Tourism is an interesting target for the future of Bougainville.
But tourism needs infrastructure, peace and security. As long as Bougainville is known as a place of unrest and killings there will not be any tourism. Bougainville Copper, only by the company’s name, could bring the message of a peaceful island into the world. One day when mining has earned enough money to build up a good infrastructure, tourism will arrive and bring work and money to the island. Bougainville could become a second Bali for Asian and Australian tourists one day and I am sure that it might also become a hot-spot for Europeans who are already visiting French Polynesia.
[Go to the top] ©Copyright, 2004, Post-Courier Online. Use of this site is governed by our Legal Notice.
Optionen
0
Copper price puts focus on disputed mine
May 9, 2008
BOUGAINVILLE COPPER is back on Rio Tinto's agenda.
It has been nearly 19 years to the week since the contentious operation in Papua New Guinea closed after the outbreak of a civil war on Bougainville Island.
But amid record copper prices, the chairman of Bougainville Copper, Peter Taylor, broached the possibility of reopening the Panguna mine at the Rio subsidiary's annual meeting in Port Moresby yesterday.
He said Rio's technology and innnovation group last month began a study into a potential reopening even though the company has not been allowed access to the damaged site. The study should be completed in August.
Rio estimates it could process 20 million to 50 million tonnes of material annually from the low-grade copper and gold mine, which would produce between 80,000 and 200,000 tonnes of copper a year.
During its 17 years of operation, the mine produced 3 million tonnes of copper and accounted for about 44 per cent of PNG's exports over the period.
"There has not been a more favourable time since mine closure to assess the economic feasibility of restarting and operating a large copper mine on Bougainville," Mr Taylor said. "World demand for copper - particularly in China - has created an unprecedented opportunity for Bougainville to kick start its economic growth through mineral resource development."
He said the Autonomous Bougainville Government and the national Government of Papua New Guinea had made significant progress toward resolving the political and administrative issues associated with the future of mining and exploration on the island.
Mr Taylor said it would be impossible to calculate the costs of reopening the mine without firsthand knowledge of the state of the site. But there is speculation it could cost well in excess of $US1 billion ($1.05 billion) to restart operations.
Mr Taylor said the mine retained 691 million tonnes of mill feed at 0.4 per cent copper and 0.47 grams per tonne of gold, and "significant infrastructure" - including an access road and port - at the site.
He said the company hoped to enjoy better community relations than it did the last time around, and noted the redevelopment would bring a wide range of business opportunities to the island. He said Bougainville Copper would this year place a priority on formal engagement with landowners and advancing the reconciliation process.
But despite Mr Taylor's optimism, at Rio's annual meeting in Brisbane last month, its chief executive, Tom Albanese, said that there were no plans to reopen the Panguna mine in the "near future".
Rio has recently highlighted its large pipeline of copper development projects as part of its ongoing effort to fend off an unwanted bid from BHP Billiton, but it has not mentioned Panguna in those presentations.
Bougainville Copper shares closed 4c higher at $1.05.
http://business.smh.com.au/...cus-on-disputed-mine/20080508-2cb0.html
Optionen
0
nun scheint es ja zumindest mal wieder nen "kleinen" Anstieg zu geben (zumindest heut morgen)
(ich hoffe ja auch die nächsten 1001 + xxxx Tage ..... wäre ja märchenhaft).
Wie weit gehts dieses mal????? (Frage an die Truppe)
Axel und Nekro an dieser Stelle mal nen Dankeschön für ihre Mühen
allen noch nen schönes weekend
Carlchen
Optionen
0
http://www.postcourier.com.pg/20080509/frhome.htm
Positive road ahead for BCL
Bougainville Copper Limited chairman and managing director Peter Taylor said there was optimism that the new Mineral Resources Authority (MRA) would help with negotiations in opening the Panguna mine.
Mr Taylor said landowner participation was considered very important and progress had been made with landowner reconciliation and agreement on how they would be represented in the negotiation. He said there was a moratorium on new exploration for mining on Bougainville outside BCL’s lease area. The Autonomous Region of Bougainville has given the National Government notice that it wants to take responsibility for exploration and mining under the Bougainville Constitution.
“It can do so when it demonstrates sufficient capacity and this initiative is certainly far preferably to having private vested interests dominate the process,” Mr Taylor said.
He said he did not believe it was necessary for ABG to draw down mining powers before either exploration or mining development could take place within the company’s tenements.
Mr Taylor says this is because the BCA already makes provisions for such activities. With the commitment of the landowners, the ABG and the National Government progress towards the reopening of the mine can move forward and result in much needed economic development for Bougainville and PNG.
“The current economic cycle for the minerals industry presents an opportunity for the parties to benefit considerably and BCL has signalled its willingness to be involved but needs the support of the landowners and the Government,” Mr Taylor said.
Optionen
0
Bougainville Copper unveils K3.6m profit last year
By ANTON HUAFOLO
BOUGAINVILLE Copper Ltd again declared a modest profit of K3.6 million for last year owing to a strong Australian equities market, compared to a K3.7 million profit in the preceding year.
Speaking at a well-attended BCL annual general meeting yesterday, chairman Peter Taylor said although the profit for the two periods was similar, operating expenses rose last year, but the increased costs were offset by increased investment income.
Mr Taylor said the company maintained over the years an investment strategy of investing its surplus cash in the equities market in Australia that has also resulted in the unrealised gain and profit for the company in 2007.
Capital gains are not being taxed in the country, which Mr Taylor said is important for BCL as the company “cannot claim depreciation on its remaining Bougainville assets”.
He said in addition to the K3.7 million profit last year, there was a K22 million capital growth which together with the net profit equates to a 7% increase in shareholder funds.
“The strong Australian equity market in the reporting year has again resulted in a positive return in Australian dollar terms, much of the unrealised gain being of a capital nature,” he said.
“The move into equities was prompted by a sharp fall in the PNG domestic interest rates and a lack of suitable alternative investments in PNG vis-a-vis the investment criteria established,” he said.
BCL had an investment income of K9 million in 2007, compared to K8.2 million in 2006, and earnings per share of 90 toea in 2007 and 91 toea in 2006, with share holders return at 0.88% in 2007 and 0.967% in the preceding year.
BCL intends to continue the current investment strategy this year.
Mr Taylor also said though BCL does not have direct access to the mine presently, 2008 will be a year for the company to work towards active exploration and mining on Bougainville.
He pointed out that it will be a lengthy process taking two to five years but the company is going to take a “low key way” in ensuring that there is stakeholder as well as local community input and agreement on tailings disposal.
He added that the mine will bring prosperity to everyone, including Bougainvilleans, from high economic activity, social benefit and high employment when it opens.
The company will also be actively involved in assisting the people of in the reconciliation process on Bougainville.
Optionen
0
0