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Showing posts with the label BCL

O'NIELL'S STICKY FINGERS AIM FOR PANGUNA

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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 else includi…

Countdown begins for Panguna mine reopening - Bougainvilleans key to mine’s success

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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 of copp…

Countdown begins for Panguna mine reopening - Bougainvilleans key to mine’s success

Image
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 of cop…

SOMARE WANTS TO REOPEN PANGUNA IN TWO YEARS

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 Bou…

SOMARE WANTS TO REOPEN PANGUNA IN TWO YEARS

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 Bou…

Lessons from Bougainville

OP/ED

The Bougainville crisis did not just happen. The writing, so to speak, was on the wall for a good seven years before violence erupted. Even in the early days of the crisis, the prolonged and bloody nature of it could have been averted, but it was not. The reason for this was really a series of stupid decisions and unforgivable neglect by those in authority at the time in national government and the Bougainville Copper Ltd. The Bougainville Copper Agreement, signed in 1974, had contained within it a provision for a review to occur every seven years. The first opportunity for such a review fell in 1981, but there was no review. Angry reminders were made in the media, and even in parliament, by the member for Bougainville, John Momis.
The crisis started when the second opportunity for a review, 14 years from the signing of the BCA, fell due in 1988 and it looked like nobody was prepared to do it. When the power pylons were felled, Panguna leaders sought the way of peace but, while the …

Lessons from Bougainville

OP/ED

The Bougainville crisis did not just happen. The writing, so to speak, was on the wall for a good seven years before violence erupted. Even in the early days of the crisis, the prolonged and bloody nature of it could have been averted, but it was not. The reason for this was really a series of stupid decisions and unforgivable neglect by those in authority at the time in national government and the Bougainville Copper Ltd. The Bougainville Copper Agreement, signed in 1974, had contained within it a provision for a review to occur every seven years. The first opportunity for such a review fell in 1981, but there was no review. Angry reminders were made in the media, and even in parliament, by the member for Bougainville, John Momis.
The crisis started when the second opportunity for a review, 14 years from the signing of the BCA, fell due in 1988 and it looked like nobody was prepared to do it. When the power pylons were felled, Panguna leaders sought the way of peace but, while the…