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Auch er ein Ex-BCL Mitarbeiter
http://www.thenational.com.pg/061008/nation14.php
Acting president to lead ABG
JOHN Tabinaman, the MP for Buka’s Mahari electorate, is the acting president of the Autonomous Region of Bougainville.
Mr Tabinaman is a former Bougainville Copper Limited employee. He will act as president until a by-election is held.
The ABG president is elected directly by the people. Among his first duties as acting president, Mr Tabinaman imposed a liquor ban in Bougainville as the region mourns the loss of Kabui.
Mr Tabinaman said Kabui had dedicated his time and life in serving his people of Bougainville.
“President Kabui had a dream and vision to see Bougainville excel and become politically and economically independent,” Mr Tabinaman said.
He appealed to youths and the people in the region to remain calm and not to take advantage of the situation to create problems.
He said the ban on the sale of liquor will be for an indefinite period.
East New Britain Governor Leo Dion was shocked to hear of Kabui’s death.
He said words alone cannot express the sadness at the loss of another great leader of Bougainville and the New Guinea Islands region.
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....dazu dann Sam und Leo als Präs. u. Vize............;-)))))))))))
Kurs 1,40 VOL 76646 Trades 47
http://www.un.org/News/Press/docs/2008/sgsm11625.doc.htm
SECRETARY-GENERAL MOURNS DEATH OF PAPUA NEW GUINEA’S PRESIDENT JOSEPH KABUI
The following statement was issued today by the Spokesperson for UN Secretary-General Ban Ki-moon:
The Secretary-General mourns the passing of President Joseph Kabui, the first President of the Autonomous Bougainville Government, Papua New Guinea. President Kabui was known as a skilled mediator and peacemaker who had a genuine interest in the future of his people. He played a crucial role in bringing peace to Bougainville, following the years of conflict, achieving autonomy for the province in 2005. The late President Kabui enjoyed a long-standing relationship with the United Nations, through the peace negotiations and the years of the UN Observer Mission to Bougainville and the Political Office that followed. The Secretary-General extends his condolences to the family of President Kabui and to the people of the province of Bougainville.
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Kabui is dead
BOUGAINVILLE’S first auto-nomous government president Joseph Kabui is dead after suffering a massive heart attack.
Buka General Hospital chief executive officer Dr Cyril Imako confirmed the 54-year-old former seminarian from Siromba in Central Bougainville was already dead in the house before he was brought to the hospital for medication.
Dr Imako said Mr Kabui was due for medication last December.
He ran out of medicine four months ago and was depending on brand of bottled water reputed to have healing properties. He felt chest pains on the left side a week before he travelled for the Governors’ conference in Manus.
He was premier of the province until the conflict started and then became the leading figure in the pro-secessionist Bougainville Interim Government which fought for independence from Papua New Guinea.
After declaring a ceasefire in 1998, Mr Kabui and other rebel leaders signed the 2001 Bougainville Peace Agreement with PNG giving the province a high degree of autonomy with the promise of a referendum on independence in 10 to 15 years.
The man who once led the Bougainville Revolutionary Army in the region’s war-torn island was officially sworn in as the first president of the ABG on June 15, 2005, which was officially witnessed by Prime Minister Sir Michael Somare and his Cabinet ministers and leaders from the United Nations, Australia, New Zealand, Japan, Fiji, Solomon Islands and European Union governments.
The easy-going leader had been under intense pressure over a series of unpopular decisions in the region until his death. Already condolences are coming from all over the Pacific including Australia, New Zealand, Fiji and Solomon Islands.
There will be a State funeral accorded him at the St Joseph’s Catholic Cathedral at Boroko today. The body will be flown to Buka tomorrow and the National Government will officially hand over the body of the late president Kabui on Thursday in Arawa.
Mr Kabui’s body was flown to Port Moresby on Sunday on a chartered Air Niugini aircraft and is at the funeral home.
Buka town residents were shocked by the president’s death and the Buka hospital was crowded with mourners, including school children, who were seen weeping openly as the President’s body was transferred from the outpatient section to the mortuary.
Mr Kabui and his delegation travelled from Manus to Port Moresby last Wednesday for other engagements including a meeting with the United Nations Development Program (UNDP).
He is survived by his wife Rose and four children.
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BOC ist meine Pornoposition
Hä???????
Tja,sowas kauft man schnell,wie einen Porno und hofft nicht von den Kollegen dabei erwischt zu werden.Dann versteckt man ihn im hintersten Winkel dass er von niemandem entdeckt wird und schaut alle paar Monate wieder rein u. freut sich darüber.BOC ist echt Hardcore.;-)))))))))))))))))))))
So gesehen werden meine Pornopositionen immer umfangreicher,inzwischen ist schon eine ganze Bibliothek daraus geworden.
15/06/2008 15:00 h 2nd Meeting of the ESBC-Members in Cologne / Germany
2. Treffen der ESBC-Mitglieder in Köln
Bis jetzt haben sich ca 20 Mitglieder angemeldet.
Wer noch kommen will,Anmeldung unter :
http://www.bougainville-copper.eu/pageID_6053845.html
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http://rohstoffe.wallstreet-online.de/nachricht/2412377.html
...In dieser Phase ist es wichtig, die einzelnen Unternehmen im Hinblick auf die Qualität ihrer Projekte abzuklopfen. Natürlich sind auch die fundamentalen Ausgangsdaten, wie die aktuelle Cashposition von hoher Bedeutung.**********
Schlussendlich ist auch die Erfahrung des Managements von herausragender Bedeutung, damit unter dem Strich sowohl das Unternehmen selbst als auch die Aktionäre den Strudel der Krisen ohne größere Blessuren durchfahren.***********
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Tributes flow in for Kabui
IT seems like only yesterday when Joseph Kabui made history by being elected as the first President of Papua New Guinea’s first Autonomous Region, the Autonomous Region of Bougainville, Prime Minister Sir Michael Somare said yesterday.
Today we are shocked to learn of his death, Sir Michael said. “As recent as Friday when he was in Manus, New Ireland, Alotau and Port Moresby representing the people of Autonomous Region in contributing towards the development of our national agenda.
“He was to return to Manus to engage with the Government of PNG in the next round of consultation on the Bougainville Autonomous arrangement. But that was not meant to be.’’ Sir Michael said “Bougainville directly stretches the bounds of our political experiments. Just before Independence, Bougainville wrote the system of provincial government into our Constitution. And not so long ago, it expanded the scope of our Constitution to embrace the concept of Autonomous Region’’.
He said Mr Kabui had taken charge of the system of provincial government in Bougainville well before the crisis and maintained the legacy of successes inherited from his predecessors.
He helped bring the Autonomous Region into existence and he was mandated by the people of Bougainville to make it work.
“We expected much from him and his team to make the Bougainville autonomy work. But that remains the chapter of our political and constitutional history that he leaves behind for others to complete,’’ Sir Michael said.
“On behalf of the people and Government of Papua New Guinea, I offer my sincere condolences to his widow, children, family and the people of the Autonomous Region of Bougainville for the unexpected death of her husband, their father, their son, their President and one of our leaders.
“We will remember him.’’
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USA 53,5 K mit +76,06% bei den Aktien auf 1.25 USD u.-9,66% bei den ADRs auf 1.31 USD
Die ADRs werden also bei den Amis immer noch stark bevorzugt,hier hätte (hat?) man mit 5% Gewinn ADRs in Aktien tauschen können. ;-))))))))))))))))
AU 98,8 K Hier wird wohl versucht einen Anstieg zu verhindern,nach jedem Kauf aus dem ASK wird eine neue,0,5 ct billigere VK Order eingestellt???? Trotzdem wird permanent aus dem ASK gekauft.Total 38 Trades, 2600 ST/Trade
Dazu eine interessante Betrachtungsweise aus POM:Würde BOC nach Kabuis Tod sofort massiv ansteigen,so käme das einer Beleidigung Kabuis gleich.
Da werden wir uns also noch einige Tage gedulden müssen. ;-)))))))))))
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Project Component 7 - Project Coordination and Implementation Unit (PCIU)
The Project Coordination and Implementation Unit (PCIU) will monitor, supervise, and provide technical and administrative management control of the Project. The PCIU will manage procurement - including all contracting works and purchases - and the hiring of consultants, the contractual relationship with the Bank and the Project's overall administration and financial management - which includes accounting, reporting, managing the Project's Credit Account and its other funding. PCIU will be responsible for preparing and submitting to the Bank quarterly reports dealing with Project implementation, and for contracting under Terms of Reference acceptable to the Bank, the yearly audits of the Project including the timely submission of such audit reports to the Bank. The Project will finance the contracting within the PCIU of a General Technical Coordinator, and accountant / financial expert, and administrative support staff. Funding is provided for the unit's operating costs, as well as some operational equipment.
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Wurde Kabui von einer grossen Mehrheit wegen dem Invincible Deal u. der darauffolgenden Volatilisierung der 20 Mio Kina als korrupt angesehen,so ergibt der heutige PC Artikel eine andere Sichtweise.
NG's Post-Courier today reported that 12 hours before his death, Kabui told the newspaper he was using a local water tonic rather than medicine for his heart condition.
"You know my sister, I am not a man that would ask for things that concern me," he told Bougainville journalist Gorethy Kenneth in his last interview.
"I got a lot of work to do. I was supposed to go for medical check-up but had a meeting with our (Bougainville) leaders instead.
"And I was also tied up with an education meeting, for our (Bougainville) children.
"I worry too much about work and not about my medication," he said.
"You know my medication is quite costly," he said.
Kenneth suggested a fundraising drive or seeking outside financial assistance for Kabui's next trip to Townsville Hospital.
"I don't ask for things if they concern me," he said.
"Thank you, I am alright. My review in Australia will be this month, maybe two weeks' time but I will have to look for some money for the airfare as the last check-up cost me lots of money," he said.
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"all Autonomous Bougainville Government (ABG) functions have been postponed for a week, and all schools closed."
Radio Australia, 11 June 2008
Hundreds greet body of Bougainville president
Updated 25 minutes ago
The president of PNG's autonomous Bougainville government, Joseph Kabui, died on June 7 of a suspected heart attack. [AFP]
In Papua New Guinea, Buka airport has been under tight security as thousands paid their respects to the late president of the Autonomous Region of Bougainville, Joseph Kabui.
He died on Saturday of a heart attack and his body was flown back to the regional capital, Buka, after a state funeral in Port Moresby on Tuesday, attended by dignitaries.
Our PNG correspondent Steve Marshall is in Buka and says there was an out pouring of grief from the crowds as the chartered jet carrying the late president touched down
After a church service Mr Kabui's body will be taken to his wife's village in the Bana district to be buried.
On Tuesday in Port Moresby Mr Kabui was given a state funeral in Port Moresby, attended by PNG's prime minister, Sir Michael Somare, his government and members of parliament, and ambassadors and high commissioners based in PNG.
As a mark of respect at Mr Kabui's passing, all Autonomous Bougainville Government (ABG) functions have been postponed for a week, and all schools closed.
ABG vice-president John Tabinaman has now taken over as the acting president.
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High level govt delegation in Buka
FRIDAY, 13 JUNE 2008
MINISTER for Public Service Milner Tozaka is leading a high level government delegation to Bougainville yesterday to pay respect to late Joseph Kabui.
Other members of the delegation are:
Honourable Augustine Taneko,
Honourable Patrick Vahoe,
Honourable Severino Nuaiasi,
Honourable Francis Billy Hilly,
Sir George Lepping,
Rence Sore and
Silas Atu.
The late Kabui, who is Bougainville’s president, died of a suspected heart attack early Saturday at a Buka hospital.
The Government delegation left on a chartered flight 7am yesterday which started from Honiara, Munda and Buka.
The Office of the Prime Minister said the delegation has left to pay respect to the Bougainville president on behalf on the Government and people of Solomon Islands.
The delegation is expected back in the country on Friday.
The Autonomous Bougainville Government leader died at age 54.
By JEREMY INIFIRI
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Bougainville mourns president Kabui
Mourning is continuing for Bougainville President Joseph Kabui in the capital Buka, with officials announcing a public holiday for the autonomous region.
Shops, schools, government agencies are all closed as Bougainville comes to grips with the sudden loss of the first president of Papua New Guinea's only autonomous region.
Kabui's body arrived in Buka on Wednesday and a funeral mass was held on Thursday with locals and officials from PNG, Australia, New Zealand and Bougainville packing the Catholic church on Buka's outskirts.
On Friday, Kabui's body will be taken south to Arawa for more official ceremonies.
On Sunday, the body will be taken to Central Bougainville's Panguna, where the infamous Panguna mine remains closed since a landowner dispute sparked secessionist fighting in the 1990s.
A PNG Bougainville Affairs spokesman said it would be Friday next week before Kabui's body was finally laid to rest in the Central Bougainville village of Padorima.
"Under the constitution Bougainville Vice President (John Tabinaman) has become acting president until a by-election is held, as soon as possible," he said.
"While the outside world may think it is tense or dangerous, Bougainvilleans are now mourning and there are no signs of trouble."
On Wednesday, PNG's Post Courier newspaper reported Kabui stopped taking his heart medication four months ago because he couldn't afford it and felt ashamed to ask for help.
On Tuesday, hundreds packed the St Joseph's Catholic cathedral in Port Moresby for a state funeral for Kabui, 54, who died in a Buka hospital on June 8 of a suspected heart attack.
Tributes have poured in from around the world for the leader, who had trained to be a priest and led the Bougainville Revolutionary Army during the secessionist war in the 1990s.
© 2008 AAP
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http://www.radioaustralia.net.au/news/stories/...73058.htm?tab=latest
Updated 1 hour 25 minutes ago
More Papua New Guinea Stories:
Hundreds greet body of Bougainville president
State funeral for PNG peacemaker Joseph Kabui
Bougainville VP shocked by president's death
More than a thousand people have attended another church service for the late Bougainville President Joseph Kabui who died of a heart attack last Saturday.
Our Papua New Guinea correspondent Steve Marshall in Bougainville says the service was held at a Catholic church outside the Bougainville capital Buka.
The Mass lasted nearly six hours and was punctuated by songs, readings and speeches.
Australia's High Commissioner to PNG, Chris Moratis, told the gathering Joseph Kabui was a true son of Bougainville, PNG and peace loving people all over the world.
President Kabui was largely seen as the man responsible for pulling Bougainvillians together after a civil war over mining in the 1980's and 90's.
In 2005, Joseph Kabui was elected the first president of the autonomous Bougainville government, the A-B-G.
Tags: papua-new-guinea
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Aktien BOCOF.PK 5K Kurs 1,25 USD 0,80 € 1,32 AUD
ADR's BOCOY.PK 5K Kurs 1,31 USD 0,845 € 1,38 AUD
Und wieder kann man feststellen,dass die Amis die ADRs vorziehen u. dafür gerne 5% mehr auf den Tisch blättern ;-)))))))))))))))))))
AU Trades 13 42,5K Kurs 1,30 AUD 0,80 € 1,24 USD
BID/ASK 1,30/1,395 AUD 0,80/0,85 €
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Academic notes Kabui’s last fight at conference
"to allowing landowners to own, control, explore and mine their own resources." käme den Panguna Landowners u BCL sehr entgegen ;-)))))))))))))))))))
THE late president of the Autonomous Region of Bougainville, Joseph Kabui, was working to solicit support to do away with the Mining Act of 1992.
The Act stipulates that minerals on or below the land belongs to the State.
Senior research fellow at the National Research Institute Alphonse Gelu said at the Governors’ Conference in Manus last week, Mr Kabui had recommended a major shift from the current mining policy to allowing landowners to own, control, explore and mine their own resources.
Dr Gelu described Kabui’s presentation as very important as it directly addressed the issues that had escalated into the Bougainville crisis in the late 1980s.
He said Mr Kabui had urged the Government not to hold onto the mineral ownership of Bougainville as it may create future problems. “The presentation by Kabui was meant to solicit support from other governors on the issue of mining royalties sharing as stipulated under section 23 of the Bougainville constitution.
“The Bougainville constitution allows ABG to pass its own mining legislation. Section 23 recognises the customary land ownership and rights of the people of resources on and below their land. This also includes minerals rights,” Dr Gelu said.
“This is a shift away from the PNG Mining Act of 1992.”
He added that Kabui’s setting up of the Bougainville Resources Development Corporation Ltd (BRDC) is an attempt to address the effectiveness of royalty payments, special support grants and tax credit based on the needs and desires of Bougainvilleans.
“The BRDC, therefore, would provide effective delivery of financial benefits to Bougainville.”
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‘Farewell meeting’ for Kabui
JOSEPH Kabui made peace with the rest of Papua New Guinea in a moving ceremony in Manus Province early last week.
At what has now become the last official conference for the former President of the Autonomous Bougain-ville Government, Mr Kabui officially made peace with PNG in a moving ceremony at the National Governors Council conference in Manus, three days before his death.
According to reports from the Manus conference, Mr Kabui’s attendance at the National Governors Conference was the first since Bougainville was granted autonomous status in 2001.
“His government was created under a different and unique set of legislations and he was never a member of the National Governors Council,” an insider told the Post-Courier. “However, that changed when he made peace with Sir Julius Chan last month.”
When New Ireland Governor Sir Julius and President Kabui made peace and reconciled their differences over the crisis in Bougain-ville, the Islands Gov-ernors Council invited him to their meeting which he did.
Following that meeting, the President was invited to attend the National Governors Council conference early last week in Manus.
“He came to the meeting, obviously prepared to make peace with the rest of PNG,” the insider said.
During the conference, President Kabui presented gifts to Enga Governor Peter Ipatas (Highlands), Morobe Governor Luther Wenge (Mamose), Milne Bay Governor John Luke Critten (Papua) and West New Britain Governor Peter Hump-hries (Islands).
He also presented gifts to the Minister for Inter-Government Relations Job Pomat.
“This was his way of making peace with the rest of PNG. We were all moved by his gesture, many of the governors there were having a hard time, fighting back their tears,” he said.
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Call to review mining act
PROVINCIAL governments want a bigger slice of the benefits from mining and petroleum developments for themselves and their people.
They have called on the Somare/Temu Government to review present laws governing mining and petroleum projects in the country.
At the National Governors conference in Manus last week, the 19 governors, including the President of the Autonomous Region of Bougainville, Joseph Kabui, called for comprehensive reviews of the Mining Act 1992 and the Petroleum Act.
The provincial governments said the reviews should be conducted with a view to giving landowners and provincial governments greater ownership and equity participation in all mining and petroleum development.
They resolved the Government paid grants to provinces from mining was in the same way as the payments made to provinces for Goods and Services Tax. The governors said the comprehensive review of the Mining Act 1992 should also cover the ownership of minerals.
During discussions from a paper presented by New Ireland Governor Sir Julius Chan and a supporting submission from Mr Kabui, the provincial leaders condemned the unilateral decision by the Government to reduce the rate of special support grant calculations from 1 per cent to 0.25 per cent. The provincial leaders demanded the national government immediately restore the 1 per cent special support grant with full compensation to be paid to affected provinces.
The governors said the payments should be backdated to the time of the decision to reduce the grants.
“The rate of special support grant calculation (should) be increased from 1 per cent to 10 per cent of annual FOB sales revenue,’’ they said.
“The principle of derivation revenue (5 per cent) paid to provinces be applied also to minerals export. The special support grant must be given as untied grants,” the governors said in the resolution. They said the rate of mineral royalty payment must be increased from 2 per cent to 5 per cent of annual FOB sales revenue. They were also demanding the state to fully carry the 10 per cent equity option offered to the provincial governments and the landowners.
“The supply and procurement of goods and services from within PNG must be transferred from within the province where the mining operations is located so that GST to the provinces is maximized,” they stressed.
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Kabui, advocate of non-violence
IF ever there was a leader in Papua New Guinea who emulated the virtues of non-violence, peace, harmony and consensus that the world had come to know to be the qualities of leadership so intimately belonging to Nelson Mandela and Mahatma Ghandi, then it must be Joseph Kabui.
His death has brought to a close a treacherous chapter in the history of Bougainville since its discovery and colonisation.
It is also a chapter that belongs to the history of Papua New Guinea.
He was the only political leader to have lived on the island with his people throughout the decade-long violent conflict that claimed the lives of more than 25,000 people, the greatest majority of them being innocent men, women and children of Bougainville.
It takes a man of extraordinary character to take the stand that Mr Kabui took to live with his people throughout an extremely violent conflict that even threatened his own life on many, many occasions.
Joseph Kabui survived because he was a true man of peace and humility. A simple man yet, a visionary with an uncompromising commitment to lasting peace for his people.
His Christian upbringing through the Catholic Church education system shaped his personality and future leadership qualities along the path of sainthood – a selfless sacrifice for the overall good of his people.
Even his own wife and daughters rated number two. The people came first.
Mr Kabui led a non-violent campaign against fierce opposition from many in the face of a violent, bloody conflict.
But, he believed that only through peaceful negotiations, consensus and compromises could the Bougainville crisis be solved. He rejected all forms of violence whether by the gun or through other means.
He believed that only through trust and faith in God could the Bougainville conflict be resolved peacefully.
He never departed from that principle from the day the first gun shots were fired on Bougainville until the day signatures were put on the Bougainville Peace Agreement some 15 years later. The conviction to strive for peaceful resolution to the conflict enabled him to navigate his way through the many conflicting and warring groups and issues that surrounded the bloody conflict in a way only men of the character of Nelson Mandela and Mahatma Ghandi would have done.
He was branded with all kinds of tags known only to those from whom the tags were initiated.
The National Government was suspicious of him and many in the Government never really believed that he could be trusted as a man who stood for the unity of Papua New Guinea and that Bougainville was part and parcel of a united Papua New Guinea.
But, whatever the tags were, Mr Kabui chose not to concern himself with them.
He remained resolutely focussed and committed to peace for Bougainville, no matter how long it took and whatever the hurdles were along the way.
It took more than a decade and a half for peace to finally arrive on the shores of his beloved Bougainville. It took that long for the birds to sing once more in the jungles of the island as the noise of continuous gun fire died down.
The title of Nelson Mandela’s own autobiography is: The Long Walk to Freedom.”
Joseph Kabui’s own biography could be titled similarly as “The Long Walk to Peace.”
Many around him often branded him a traitor of his own people. He was not.
He was misunderstood most of the time through the period of the crisis. His peaceful approaches were more often greeted with suspicion and mistrust.
Yet, as Nelson Mandela and Mahatma Ghandi did, he chose peaceful means to arrive at a resolution to the long conflict.
Throughout the period of the conflict, Joseph Kabui never once held a gun in his hand let alone fire one. It was against his principle of non-aggression.
He walked the long walk to peace a simple, humble and yet fiercely God-fearing man and died a poor leader, leaving his wife and four daughters with no money, no permanent home of their own, no healthy bank account and whatever else that would make life less difficult for them if and when God decided to call him home, as he did in the early hours of last Saturday.
In today’s Papua New Guinea, Joseph Kabui would be the only leader of his standing to fit into that category.
In the weeks leading up to his death, he was under immense pressure over some of the decisions of his Government.
These are decisions made by himself as President of the Autonomous Region of Bougainville and his cabinet.
He has defended the decisions as being made in the best interests of Bougainville and its future economic prosperity.
If anyone had suggested that Joseph Kabui had benefited financially from any of those decisions then let them provide proof to the people of Bougainville. He is gone for ever.
For now, the focus of Bougainville will be to find a successor to open a new chapter in the search for lasting peace and prosperity for Bougainville.
Joseph Kabui, the President of the Autonomous Bougainville Government, died a true servant of his people.
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Um diese Mine zu eröffnen muss eine 700 Km Bahnlinie und an der Küste von Guinea ein Hafen gebaut werden.Die Konstruktion soll 2010 beginnen u.die Verschiffung 2013 starten.
Vergleicht man Invest u. Anlaufphase,so dürfte BCL,eine kurzfristige Einigung der involvierten Parteien vorausgesetzt,deutlich schneller u. kostengünstiger wieder in Produktion zu bringen sein.Zudem ist das politische Risiko B'villes gegenüber Guinea wohl reduziert.
www.theage.com.au
At the end of last month, Rio's iron ore boss, Sam Walsh, told investors
that Simandou was a world-class project, with an initial resource base of
2.2 billion tonnes of high-quality iron ore that was expected to grow
significantly.
...There are 1200 people on the ground in Guinea examining the feasibility of
what would be a $US6 billion-plus ($A6.2 billion) project, involving a
mine, a port on the Guinea coast and more than 700 kilometres of railway
to link them. Rio has already spent $US300 million, and, if it gives the
project the go-ahead next year, will start construction in 2010, with the
aim of producing and shipping ore by 2013. Guinea, on Africa's north-west
coast, was shaping up as a globally significant iron ore province, Walsh
said, "comparable in many respects to the Pilbara 40 years ago, which
explains our excitement as we draw closer to the development phase".
But this episode will prompt some Rio investors to ask how much of
Simandou's potential they should load into their valuation sums as they
consider the BHP bid and, perhaps, whether other remote and ambitious
projects such as Oyo Tolgoi should be reassessed for political-event risk.
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Friday, 13 June 2008, 03:00 CDT
...The next meeting between the two governments is scheduled for June. It is expected to address transfer of power on certain issues.
...Both governments have signed a 15-step memorandum of understanding to hand over mining powers, lifting a moratorium on mining aimed at helping the impoverished island, according to an official at the office of Papua New Guinea Deputy Prime Minister and Mining Minister Puka Temu.
Copyright Society for Mining, Metallurgy, and Exploration, Inc. May 2008
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South Pacific Copper Mine Set To Reopen Could Send One Share Into Super-drive
By Manraaj Singh,
First published on Wednesday, June 11, 2008
On a remote island deep in the South Pacific an abandoned mine is waiting to open.
When it does... shares in the company that owns it could go into super-drive.
You see, it sits on one of the world’s richest untapped deposits of copper. Copper they know is in the ground.
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The company’s share price has risen in recent months just at the mere prospect of the giant mine’s revival.
Today, we’ve learnt this could very soon become reality.
One man’s passing brings this copper mine ever closer
The copper mine is situated on the island of Bougainville, just off the coast of Papa New Guinea.
On Saturday, President Joseph Kabui, head of the Autonomous Bougainville Government, suffered a heart attack and died. His passing brings the mine one step closer to reopening.
Let me explain.
In 2005 Kabui was elected president of Bougainville by an overwhelming majority.
It’s easy to see why... he was very popular.
He’d been the premier of the island through good times and bad. When the mine was open he supported the people’s protests over its poor environmental track record... and he spoke out about the uneven distribution of benefits from the mine.
Kabui eventually backed the militant Bougainville Revolutionary Army (BRA) in their demand for independence from Papua New Guinea.
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That made him a marked man on the mainland... though a saviour to the islanders.
But he soon fell out with the leader of the BRA and played a big role in the peace talks that brought an end to the violence on the island.
That raised the first serious possibility of the once thriving copper mine being re-opened. And of course, the kind of profit investors could potentially make on this investment...
Once an asset, now a liability
But things hadn’t been going so well for Kabui lately.
He lost a lot of popularity over a deal that gave a Canadian company rights to future mining on the island...
In return for a US$7 million the Autonomous Bougainville Government granted Invincible Resources 70% access rights to all Bougainville’s mineral resources, apart from the copper owned by the little company that owns the mine.
The deal sparked protests which are still carrying on.
And questions are being raised about its legality under the guidelines on good governance practices under the Bougainville Peace Agreement.
Kabui had been facing growing criticism and calls for his resignation. Right up to his death the late president had made the re-opening of Panguna a real possibility.
But his political troubles were increasingly becoming a hindrance to pushing that through.
Why I expect this share to go even higher
Well now that’s all in the past.
And to our very great delight, the man to replace him is his Vice President John Tabinaman - a former employee of this unique company!
Imagine how Halliburton shareholder felt when Dick Cheney became George W Bush’s right hand man!
Unfortunately, Tabinaman will only serve as acting President until a by-election is held.
But the likely front-runners in Bougainville’s presidential election, Leo Hannett and Sam Akoitai, are both in favour of the copper mine re-opening. In fact, Akoitai is an ex-employee of the company too. He’s now Papua New Guinea’s mining minister.
Hannett is a former premier of Bougainville and became regional MP for Bougainville two years ago. He was also one of the first Bougainville independence activists, so his support for the re-opening of the mine is extremely good news.
Even better, local sources say that both candidates might actually collaborate in the forthcoming election.
Should the duo end-up as president and vice president of Bougainville, the process of re-opening the mine are sure to speed up.
And in the meantime, I expect shares in the brilliant company that owns it to move even higher.
Regards,
Manraaj Singh
Editor
Profit Hunter
P.S. I hope you understand I can’t disclose the name of this share. It’s an opportunity exclusive to my Profit Hunter members. If you’d like to read more about what we do and even review my service for three months, you can do so here.
Right now this particular share is past my ‘buy-in’ limit. But the volatile nature of this opportunity means you may have a chance to get in at any point before the mine re-opens. In fact, I believe the returns on this could be so big I shall be re-evaluating the ‘buy-in’ limit very soon.
In the meantime you can read all about our latest ‘special situations’ report here, which could prove to be just as profitable.