PNGBLOGS

by BRYAN KRAMER Yesterday (11/01/16) Post Courier published an article by Gorethy Kenneth headlined "O'Neill: Govt has no interest in Panguna" The report stated "Prime Minister Peter O’Neill has reiterated that the Government has no interest to own the Panguna Copper Mine on Bougainville." It went on to quote O'Neill stating; "There have been suggestions that the Government is keen to buy 53.38 per cent Rio Tinto’s shares in the Australia firm Bougainville Copper Limited. "The National Government is committed to improving the delivery of basic services to the people of Bougainville as a top most priority of our Government, the report said. "Recent decisions, including rebuilding the main roads including Kokopau to Arawa, and to Buin and the awarding of contracts, are clear examples of this commitment. "As I stated in Arawa and in Panguna, the National Government is not interested in talking about anything e

ROWAN CALLICK Plans are under way for the opening of one of the world’s biggest copper and gold mines, with resources worth about $US50 billion, as the China-driven commodities boom keeps rolling on. So far, so predictable, if awesome. But few people expected ever to hear of this vast pit ever again—except those canny investors who hung on to their shares for decades.   It is the Bougainville copper mine in Papua New Guinea, where production was suspended—the owners insist, not closed—on May 15, 1989. Bougainville Copper Ltd—which is 53.58 percent owned by British-Australian mining giant Rio Tinto Ltd, 19.06 percent by the Papua New Guinea Government, and 27.36 percent by other shareholders—believes it will cost about $US3 billion to reopen the mine.   The vast trucks and electricity pylons may have been blown up or rusted or cannibalised, but the resources in the mine have not, of course, been damaged or diminished over the last 21 years. It contains 3.5 million tonnes o

ROWAN CALLICK Plans are under way for the opening of one of the world’s biggest copper and gold mines, with resources worth about $US50 billion, as the China-driven commodities boom keeps rolling on. So far, so predictable, if awesome. But few people expected ever to hear of this vast pit ever again—except those canny investors who hung on to their shares for decades.   It is the Bougainville copper mine in Papua New Guinea, where production was suspended—the owners insist, not closed—on May 15, 1989. Bougainville Copper Ltd—which is 53.58 percent owned by British-Australian mining giant Rio Tinto Ltd, 19.06 percent by the Papua New Guinea Government, and 27.36 percent by other shareholders—believes it will cost about $US3 billion to reopen the mine.   The vast trucks and electricity pylons may have been blown up or rusted or cannibalised, but the resources in the mine have not, of course, been damaged or diminished over the last 21 years. It contains 3.5 million ton

PLATTS Work to reopen the world-scale Bougainville copper mine after a 20-year hiatus can potentially begin within two years, Papua New Guinea Prime Minister Michael Somare was reported as saying Monday. Restarting operations will cost an estimated $4 billion, Australian media quoted Somare as saying at the opening of the PNG Mining and Petroleum Investment conference in Sydney. The Panguna mine on PNG's eastern island of Bougainville shut down in May 1989 after sustaining damage during a secessionist uprising in which the issue of how income from the mine should be distributed was a key factor. Bougainville's local media reported Monday that an agreement paving the way for the reopening of the mine had been reached with local landowners over the weekend. "We are very satisfied on the meeting's outcome," the president of shareholder association European Shareholders of Bougainville Copper or ESBC, Axel Sturm told Islands Post's online edition. "This gives

PLATTS Work to reopen the world-scale Bougainville copper mine after a 20-year hiatus can potentially begin within two years, Papua New Guinea Prime Minister Michael Somare was reported as saying Monday. Restarting operations will cost an estimated $4 billion, Australian media quoted Somare as saying at the opening of the PNG Mining and Petroleum Investment conference in Sydney. The Panguna mine on PNG's eastern island of Bougainville shut down in May 1989 after sustaining damage during a secessionist uprising in which the issue of how income from the mine should be distributed was a key factor. Bougainville's local media reported Monday that an agreement paving the way for the reopening of the mine had been reached with local landowners over the weekend. "We are very satisfied on the meeting's outcome," the president of shareholder association European Shareholders of Bougainville Copper or ESBC, Axel Sturm told Islands Post's online edition. "This