Panguna, Frieda & OK Tedi - Three mines that can change PNG for the better.
by GABRIEL RAMOI LLB Panguna The decision by Rio Tinto to vacate Panguna and to transfer its 53.8% shareholding in the mines to the National and the Bouganville Government is welcomed although it cannot by any measure adequately compensate for the pain and sufferings and loss of life sustained by Families during the Bouganville Crisis. Let me state for the benefit of the post Bouganville Crisis Generation that the Bouganville crisis was brought about as a result of a dispute over the adequacy of the Royalty payment of two and a half Percent [2.5%] calculated on the basis of the total value of exportable ore paid as rent to the National Government for copper ore exported from the Panguna Mine. The amount was paid by CRA [ Rio Tinto Australia] into a pool and shared between the national Government [ 50% ] the Bouganville PG [25%] and the Panguna Land owners Association[25%]. Annually no more then K10 million was received every year as rent and shared by all