Trading Bougainville Copper (ADRs) 867948
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Wenn die Wiedereröffnung der Pangunamine bekannt gegeben wird,sind lockere 100% drin,wenn die Mine wiedereröffnet ist können es laut den bewiesenen Reserven auch gerne 1000% sein.
Pritzker hat in 93 schon 3,35 USD pro Share an RT geboten u. damals stand der Kupferpreis um die 1000 USD/T.(akt bei 7000/T).Die damalige Antwort von RT war dass sie ihre Assets nicht verschenken würden.In 96/97 liess Chan,damaliger PM von PNG eine unabhängige Expertenkommission den BOC Wert bestimmen,da er einen Käufer in Aussicht hatte.Die damalige Bewertung belief sich auf 7,5 AUD,doch das war RT immer noch zu wenig,obschon sie sich zum damaligen Zeitpunkt von BOC trennen wollten.Der Kursanstieg seit OCT von 100% war alleine durch 2 Ereignisse bestimmt.1.Die Weltbank hat Gelder in Höhe von 16 MIO USD bereitgestellt u. schickt Experten um das Mining Ministerium von BOUG in ihre Arbeit einzuweisen.2.Die Landeigner haben einen Vertrag mit BOC unterzeichnet u. sind dabei die Altanlagen zu verschrotten.
BOC hat laut GB von 2006 rd. 30 ct/Share in Cask,welche an der ASX angelegt sind,der grösste Teil in MLT,AFI,ARG u.BKI.(Die Performance dieser Titel kannst du dir auf http://stocknessmonster.com/ ansehen.)
Weitere Details (90 Seiten)findest du auf http://www.undervalued-shares.com/de/ (3 von oben)
Dass BOC die Mine(n) eröffnen/wiedereröffnen will/wird steht fest,feasability Studien liegen fertig in der Schublade,Landeigner sind mit den zugesagten Royaltys einverstanden,jetzt wird nur noch die Politische Entscheidung PNG/ABG erwartet,was aber erfahrungsgemäss noch etwas dauern kann,da sie sich im Moment noch um die Aufteilung der (Steuer)Gewinne und die Uebertragung der 80 Mio Shares von PNG ans ABG balgen.
Ubrigens ist BOC in Fra heute 8,16% im + ;-)) , während Fusa wieder um 4,69% auf 0,61€ abgeka**t ist ;-((
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Charges against so called Fiji mercenaries in Bougainville dropped for lack of evidence
Posted at 02:30 on 11 February, 2008 UTC
Papua New Guinea’s autonomous province of Bougainville has freed four Fiji mercenaries accused of training a private army for wanted money scam operator, Noah Musingku.
The National Court in Buka released them due to insufficient evidence.
The Post Courier newspaper reports the former Fiji soldiers are set to return home once the PNG Foreign Affairs Department grants them the necessary papers.
They had been accused of helping form an unauthorised force and for conducting unlawful training of militia.
But Justice Ambeng Kandakasi said there was no case to answer as there were serious inconsistencies and deficiencies in the State’s evidence.
Two other Fiji men are understood to still be with Mr Musingku in South Bougainville.
The former soldiers had reportedly been lured to Bougainville more than two years ago with promises of payments of up to one million US dollars each
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sind wir denn hier um Boulevard-Journalismus zu betreiben,
und noch einmal der Hinweis,
bei Aktienständen um die 0,50 € mit Prozentwerten zu argumentieren (siehe Schlusskurs), nun ja,
da hatten sich die ADR´s den ORG´s doch zwischendurch glatt bei fallenden Kursen fast angenähert,
nichts für ungut,
ich teile durchaus die generelle Einschätzung zu BCL,
nur gelegentlich wirken solche Postings eher kontraproduktiv
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Dass die Fijis "Affäre" sowie Musingku schon längst nicht (mehr) kursrelevant ist ist auch jedem Investierten klar.Ich denke dass es trotzdem angenehm ist,auch den Abschluss der Problematik zu kennen,oder?(auch wenn noch immer 1 Fiji im Busch steckt ;-)))))
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B’ville prepares to sign ‘phone for gold’ deal
Damit dürfte der Ausspruch "never mining on B' ville" wohl endgültig ad acta gelegt sein.Bleibt abzuwarten was PNG,welche die Mining Rights noch nicht transferiert haben, dazu sagen wird ;-)))))))))))))))))
A SOUTH Korean company has proposed to set up a telecommunications company for the Autonomous Bougainville Gov-ernment.
The Korean Telco Airlink Co. Ltd has offered to let the ABG own the telecommunications company to be set up on the condition that the Bougainville Government grants them a mining licence.
President Joseph Kabui would not comment on the matter but agreed the issue was very sensitive.
He referred this reporter to the administrative officers to provide the information when the paper asked for comment. Officials dealing with the issue said that the Bougainville Executive Council met yesterday to consider the Memorandum of Understanding relating to the company’s offer.
They said this was not an unexpected proposal, however, confirmed the Koreans had been in Buka since last week to negotiate the deal – we give you this telecommunications company and you give us the mining licence.
They said after senior officials from the Bougainville administration and representatives from the Korean company met last week to prepare a BEC submission on the proposed agreement, both parties were happy. Official papers will be signed tomorrow as more talks are progressing on the matter.
The ABG said it was a good deal but have yet to make a final decision on the telecommunication proposal.
It is understood a meeting is scheduled for tomorrow where the signing of the deal is due to be made.
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Fuel shortage hit Bougainville, affecting transportation
FUEL outlets in the Autonomous Region of Bougainville have completely dried up, leaving PMV owners and road construction companies no choice but to ground their machineries.
Those also affected include passengers from other parts of Bougainville, who could not travel to Buka town to access vital services such as banking and telecommunication.
PMV owners from as far as Buin, Siwai and Bana in the south and Kieta, Wakunai and Tinputz in the northern region at the weekend said they could not transport cargoes and passengers to Buka and Arawa as there was no fuel.
“There is no fuel in Buin, Arawa and now we could not find any fuel in Buka also. The place has completely dried up,” veteran highway driver Peter Sikonu said.
Over the weekend PMVs from all over mainland Bougainville could be seen queuing up at one of the only fuel stations at Kokopau.
Directors of a leading road construction company South Bougainville Engineering Limited, currently upgrading feeder roads in the Buin, Siwai and Bana districts told The National that by this week they will ground their equipment.
The fuel shortage problem stemmed from the recent decision by the National Maritime Safety Authority (NMSA) to decommission all the vessels that frequent the waters of Bougainville with cargoes including fuel.
The recent decommissioning of the Bougainville Sea Transport, Coastal Shipping and Agmark Shipping vessels is now taking its toll on parts of the island region.
The vessels have been the “saviour” for the islanders by transporting food supplies, materials and fuel.
Authorities on the region including the Autonomous Bougainville Government (ABG) are bracing for the worse as at the moment all the vessels are not cleared by the NMSA to start operating again.
It is understood the ABG Trade and Industry Minister Joseph Watawi had already written a letter to the NMSA chairman and vessel owners.
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Frontier appoints two newdirectors
By FRANK ASAELI
FRONTIER Resources has developed a strategy to accomplish continued exploration and possible development of the Kodu deposit.
Such a strategy called for the hiring of “highly-valuable” mining engineering and financial expertise to boost the company’s current board.
One of such experts is Hugh David Swain who has been named as director for mine development and Ces Iewago as non-executive director.
Mr Swain used to be the chief mining engineer at Bougainville Copper Ltd while Mr Iewago, an accountant, served as the managing director of the defunct Public Officers Superannuation fund, now known as the Nambawan Super.
Their appointments were announced recently on the Australian Stock Exchange (ASX) when the company updated the bourse on the Kodu licence renewal.
Kodu requires approximately A$15 million (K36 million) for the bankable or definitive feasibility study that was started last November.
This funding would likely be obtained by listing exploration license 1348 on the Toronto or TSX-V Stock Exchange and raising funding in North America.
Frontier also expects to retain or obtain a major equity in the company to be called “Koiari copper”.
Frontier’s strategy would also allow the company to further progress and benefit from exploration and drilling success on its excellent Tasmanian and prospective Papua New Guinea tenements, without the “uncertainty” of the Kodu deposit and its issues weighing on the company’s share price.
The total resource at Kodu to date at the 0.3% copper equivalent cutoff contains 1.08 million tonnes of copper equivalent grading 0.51%, within 213.6 million tonnes grading 0.31% copper, 0.35g/t gold, 78ppm molybdenum and 1.8g/t silver.
Managing director Peter McNeil said once Kodu is mined, it would fetch up to US$100 million (K293.7 million) if copper price is good during the mines’ life span.
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"Der Verkauf unseres Anteils ist ein erster Schritt zu dem Ziel, in diesem Jahr Vermögenswerte in Höhe von zehn Milliarden Dollar abzustoßen", sagte Finanzchef Guy Elliott. Insgesamt plant Rio Tinto den Verkauf von Teilen im Wert von 15 Milliarden Dollar.
Da könnte wohl auch die Möglichkeit bestehen dass BOC,RT's "crownjuwel" unter den Hammer kommt.Somit wäre das Pritzker Angebot von 3,35 USD bei einem Kupferpreis von 1000 USD/T als Bewertungsgrundlage wohl hochzurechnen ;-)))))))))))))))))))))))))))
Highlights
-- Hecla will control 100% of the world´s fifth largest silver mine
-- Almost doubles Hecla´s annual silver production to approximately 11 million ounces
-- Increases silver reserves by about 150% and gold reserves by about 140%
-- Greens Creek is among the lowest cash cost silver mines in North America
-- Accretive on major metrics
Hecla President and Chief Executive Officer, Phillips S. Baker, Jr., said, "We are extremely excited about acquiring the rest of Greens Creek, giving us a tremendous world-class silver asset. We know the operation intimately and believe the operational risks are low. The cash cost per ounce of silver produced at Greens Creek, including by-product credits, is among the lowest in North America. Greens Creek has a strong track record of environmental and safety performance, a long mine life, and an excellent cadre of talented people. And it nearly doubles our silver production while improving our position as the lowest-cost silver producer."
Baker continued, "The Greens Creek mine has continuously replaced reserves and has excellent exploration potential, not only within the current mining area, but perhaps even more importantly, has the potential for discovery within the highly-prospective 12-square-mile land position in this great mining district."
Pursuant to the acquisition, Hecla will purchase all of the equity of the Rio Tinto subsidiaries that hold the 70.3% interest in the Greens Creek mine. The $750 million purchase price is comprised of $700 million in cash and $50 million in Hecla common stock. Hecla has received $400 million in committed debt financing from Scotia Capital, which together with available cash will be used to fund the acquisition. Closing is expected to occur in the second quarter and is subject to customary conditions, including expiration of the waiting period under the Hart-Scott-Rodino Act.
In 2007, on a 100% basis, Greens Creek produced approximately 8.6 million ounces of silver, 68,000 ounces of gold, 63,000 tons of zinc and 21,000 tons of lead. Because the by-product metals more than pay for the silver production, the total average cash cost of silver was negative $5.27 per ounce. Even at metals prices significantly lower than they are today, Hecla estimates a 10-year average cash cost of $1.88 per ounce of silver at Greens Creek.
Baker said, "Hecla has 117 years of experience as a precious metals mining company, with a particular expertise in underground mining. We have worked closely with the management of Greens Creek for more than two decades. Rest assured that we fully intend to uphold the strong tradition and great reputation of the Greens Creek mine and its people as we become more involved in the operation and the community of Juneau. Because of our long participation in the joint venture, we anticipate a smooth transition."
Scotia Capital acted as a financial advisor to Hecla on the transaction. Hecla´s management will conduct a web cast conference call to discuss the Greens Creek transaction and its benefits and impacts on Hecla Mining Company on Tuesday, February 12, 2008, at 3 p.m. Eastern time. The web cast can be heard at www.hecla-mining.com, in the Investor Relations segment of the website. The call will be archived for a period of time for re-play purposes.
Hecla Mining Company, headquartered in Coeur d´Alene, Idaho, mines, processes and explores for silver and gold in the United States, Venezuela and Mexico. A 117-year-old company, Hecla has long been well known in the mining world and financial markets as a quality producer of silver and gold. Hecla´s common shares are traded on the New York Stock Exchange under the symbol HL.
Statements made which are not historical facts, such as anticipated payments or purchases are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production and costs, exploration risks and results, political risks, project development risks, labor issues and ability to raise financing. Refer to the company´s Form 10-Q and 10-K reports for a more detailed discussion of factors that may impact expected future results. The company undertakes no obligation and has no intention of updating forward-looking statements.
Cautionary Note to Investors - The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "resource," "reserve," and "inferred resource" that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K. You can review and obtain copies of these filings from the SEC´s website at http://www.sec.gov/edgar.shtml.
Hecla´s Home Page can be accessed on the Internet at: http://www.hecla-mining.com
Autor: © Business Wire
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PNG, a fragile sovereignty
THE greatest fear imagined by the colonial administration 33 years ago was that the concept of one nation may not hold for Papua New Guinea.
To unite a country that was made up of hundreds of tribes was a daunting task.
Nonetheless, soon after independence, progress was made towards nation-building with contributions from dedicated civil servants, both locals and Australians.
These people work tirelessly to give effect to the preamble of the Constitution, the national pledge and the national anthem that called for unity among a diversity of ethnicities and cultures.
Despite the effort put into consolidating the tribes to think and act as one nation, there were setbacks.
There still existed strong regional and political movements toward secession from the newly established sovereignty.
The secession movement in Bougainville began prior to PNG’s independence.
However, any attempt at secession was quickly contained by the legislation on the Organic Law on Provincial and Local Level Governments (OLP&LLG) giving Bougainville the first province to come under this tier of government.
Likewise, the former British New Guinea (Papua) wanted to break away form German New Guinea to either become a sovereign state, or be part of Australia.
The attempt at that failed.
However, political movements such as the Papua Besena, kept secession hopes alive for some time.
There were also regional proclivities found in the Highlands region prior to nationhood.
The late Sir Iambakey Okuk was a charismatic figure, an ardent advocate for the Highlands region, telling voters not to vote for any party originating from the coastal region.
He was very confrontational and advocated for the Highlands region throughout his political career.
Despite being candid and popular, the secession idea was never on his agenda.
Nonetheless, Sir Okuk did manage to secure a better share of development for the Highlands region.
However, the real test of the PNG sovereignty came with the civil war in Bougainville more than a decade after independence.
PNG had lost that war and had not protected its sovereignty. Since then, work towards autonomy is gaining leeway and with the referendum in the near future, we will possibly see the birth of a new nation.
Still, the autonomy arrangement is premature and quite precarious in Bougainville. There have been warlords, still in control of areas where the autonomous government penetration is non-negotiable.
In other places, permission is needed to enter the so-called no-go zone area. If caution is not heeded, the autonomy will be further divided into sub-autonomy spheres trickling right down to the level of tribal control.
Also recently, the resurgence of the Papuan secession gained some attention.
Some Papuan activists claimed that they were Australian citizens by birth and sought legal advice to clarify their status. Whatever the outcome of such legal pursuits will be, the fact is that the Papuan secessionist propaganda is an issue not to be easily jettisoned.
The lingering sentiment will resurface in the near future, possibly with unconceivable ferocity.
Still many provinces are opting for autonomy, especially in the New Guinea Island region.
Only time will disclose the negative repercussions of the autonomy arrangements in a nation of 1,000 tribes.
PNG is a difficult country and any classification of outcome usually defies the ethnic and cultural diversities it holds.
The autonomy may work for some provinces, while in others, a total fiasco will result.
The danger persists that tribalism may work as a cartel to override the proper democratic functions of autonomous states.
At the political level, the concept of sharing the responsibility of authority has been tested with frequent changes to OLP&LLG.
As usual the pendulum of power swing from centralisation (where power and resources are controlled at the national level) to decentralisation (where power and resources are shared with lower tiers of government).
The frequent legislative alterations demonstrate that there is still work and study required, in which the 1,000 tribes of PNG are seen to have an equal share in political power and responsibility.
The call for parochial self-rule results from the fact that power and resources are not evenly distributed – one of the major reasons that led to the civil crisis in Bougainville.
Even the recent calls for separate Hela and Jiwaka provinces imply a lack of participation in political responsibilities and the disparity in resource and service allocations.
With the ‘divide and rule syndrome’ confronting us, one serious question that needs to be addressed is, will an inclusive sharing of governance responsibilities and equitable resource allocations resolve the secessionist proclivity?
Many good thinking people will respond in the affirmative, however, one serious obstacle remains – the issue of political corruption.
Thus corruption has deteriorated the proper and effective functioning of State authority within the three arms of Government.
The executive arm has created a cartel of parochialism. It is really a worry, when the Prime Minister allows his son to be a Minister of State enterprise. In other countries this could be seen as a conflict of interest and grossly unethical.
With the current Government, we have seen an interest group continually trying to create a hegemony within the State politics.
The current Government shows that more than half of the Members in cabinet are from the Momase region.
The Momase region alone has almost 15 Members in cabinet, which is already 60% of its composition, while 40% is distributed to the other three regions.
The Sepik MPs share one fifth of the cabinet’s make-up with very significant portfolios. You have the Prime Minister, whose son is the Minister for State Enterprise, then you have the Minister for Finance, and the Minister for Forestry. Other Sepik MPs hold the Ministry for Trade and Industry, and also the Ministry of Correctional Institution.
The frightening thing is that MPs of other regions are not fighting the cartel of parochialism on the floor of Parliament, and their silence confirms their consent.
The cartel of parochialism within the current Government really defeats the idea of one nation, one people, where resources and powers are meant to be shared equitably.
While the executive arm has creating a cartel of parochialism, the legislative arm of Government has lost its sense of dignity and decorum.
The Sunday Chronicle has labelled the House of Parliament ‘the house of thieves’. The mismanagement of funds as been going on for four years and the incumbent Speaker will be bathed soon in hot waters.
Even the judiciary, the third arm of Government, is of no assistance in the fight against corruption.
Recently, it has handled significant cases resulting in indecisiveness, discrepancies, and even procrastination.
Anarchy and secession happens when State authority lacks the force of cohesion, which is a direct result of greed and corruption.
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The four had been working for notorious money scam operator Noah Musingku whose u-Vistract scheme has fleeced hundreds of people.
The National Court ruled there were serious inconsistencies and deficiencies in the State’s evidence.
Pacnews quotes Bougainville Police Minister Ezekiel Massat telling Radio New Zealand International if others feel the court ruling allows them to join Musingku; they will be making a big mistake.
Massat said not everybody on Bougainville is doing cartwheels because of the court decision and it would be foolish on the part of any Fijians to think that they’re free to go in and do as they please.
http://www.radiofiji.com.fj/fullstory.php?id=8492
Fiji Broadcasting Corporation
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ABG president told to remain in office till 2010
By ALOYSIUS LAUKAI
THE Autonomous Bougainville Government (ABG) president Joseph Kabui has been urged to remain in office until the 2010 ABG elections.
Chiefs from the Kieta district made the call in a special meeting held at Arawa market last Feb 1.
This followed the demand by some North Bougainville chiefs for the president to step down from the presidency following the burning down of the Kieta district office recently.
However, the chiefs told the president to remain in office because he was given a mandate by the people to be their leader.
The chiefs said that the president could only be removed from office through the electoral process that would be the ABG elections in 2010.
Amongst the chiefs who urged president Kabui to continue to lead the people of Bougainville was former Bougainville hardliners, chairman David Sisito now calling himself as an opposer to the government.
Mr Kabui went to Arawa to speak to the people about the deteriorating law and order in the area and to find out if they wanted him out of office.
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Japan to assist re-building bridges in ABG
By ROMULUS MASIU
THE Autonomous Bougainville Government has been challenged to fast-track negotiations with the Japanese government to re-build the damaged bridges along the Arawa/Kokopau highway.
Public and PMV owners using the section of the Arawa/Kokopau highway at the weekend reiterated the call in light of recent heavy floods that have been making crossing impossible and risky for travellers.
The ABG last year held talks with the Japanese government with both parties signing an agreement on the latter to help erect some of the washed-out bridges on the island.
Most of the bridges, which were built before the crisis, have been washed-out by floods due to heavy downpour experienced on the island region.
As part of the agreement last year a team of engineers from the Japanese government visited the island and conducted a survey of the damaged bridges.
To date there was no report on the outcome of the survey, which was causing frustration among the public especially those using the highway everyday.
The project would cost millions of kina.
Veteran PMV highway driver Peter Sikonu wants the ABG to fast- track the agreement with the Japanese government and gets the bridge project off the ground.
“It doesn’t mean the government would construct all the bridges at the same time.
“No, all we’re requesting is for the government to at least build one bridge in a year. Each year they could build one bridge.
“That is all we want,” Mr Sikonu said, adding that it’s about time ABG starts kicking off the reconstruction of bridges on the island.
Mr Sikonu who has been driving for more than 20 years now said it was a sad sight seeing mothers and children sleeping at the river side waiting for flooded rivers to subside.
He said, while PMV owners try their best to serve the public the government of the day must do their bit by making sure those infrastructure such as roads and bridges are up to their standard.
The Arawa/Kokopau section of the highway had become the life-line of mainland Bougainville population after the Bougainville crisis who travelled the highway to the temporary township of Buka to gain access to basic needs and services.
Mr Sikonu, who was supported by other PMV owners, said there was no time to lose and the government must start constructing new bridges for the good of the travelling public.
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Changing face of B’ville
BOUGAINVILLE is remerging from the long shadows of its armed struggles and is discarding her dreadlocks to sport a new look of a young maid just entering womanhood. In doing so she is quickly catching the attention of every eligible bachelor in the region most of whom want her hand in a marriage of convenience attracted by the vast richness of her mineral wealth and natural resources.
But like all good girls brought up to observe the strict protocols of custom but educated in the ways of the western civilisation, she is leaving the final decision to her uncles and aunties in the ABG house of representatives because not only is her marriage the question but who the potential groom could be and more importantly the bride price and its beneficiaries.
The step father who brought her up is somewhere in Waigani and he also has made it known that her future is also his business.
Rich in minerals with copper and gold being prominent, Bougainville is becoming the centre stage for every mining company, both big and small, to try to get in and have a share of the island’s riches. Even Papua New Guinea does not want Bougainville to go without first striking a deal for its share of the island’s minerals.
While all sorts of techniques are being used to enter Bougainville by miners, middlemen are also making fortunes as they try to broker deals between the Auto-nomous Bougainville Government (ABG) and the mining and even petroleum companies.
The only company that has made a tangible investment on the island is Invincible Resources, a company that not many people, even Bougainvilleans, come to know of but according to company executives, Invincible Resources’ K20 million given to Bougainville is for capacity building so that “Bougainville gets out of the mess quickly”.
While the Bougainville Consti-tution states that Bougainvilleans as landowners have every right over minerals on their land, on the other hand, the ABG still does not have the regulatory authority to resume anything to do with mining on the island. This is because the Government of Papua New Guinea is still in negotiation with the ABG for the drawdown of powers among others the power to regulate mining, petroleum and gas resources on the island.
The next Joint Supervisory Board (JSB) meeting will be held in Alotau, Milne Bay Province. The last meeting was held in Buka.
During the last meeting Prime Minister Sir Michael Somare and his deputy Dr Puka Temu requested that while mining, petroleum and gas powers were transferred to the ABG, mineral rights over Bougainville should remain with the Government of Papua New Guinea.
While ABG President Joseph Kabui declined their request, he called on the PNG Government to work closely with the ABG to ensure that when ABG requests transfer of functions and powers that the transfers take place as quickly as possible in simple a manner as possible and with all possible assistance provided for development of necessary capacity in the ABG. The President’s request was also in line with the Peace Process which is still fragile.
“Unless we achieve rapid progress on implementation of the peace agreement, our people will lose their faith in the peace agreement and the peace process. We must work together to maintain their faith,” Mr Kabui said.
“Sir Michael, if my government were to agree that the functions to control mining, oil and gas could be transferred to the ABG without ownership of the resources, the ABG would immediately lose all popular support. I would face recall by my people. There could be a serious danger of rebellion beginning again.”
Former Secretary of the Department of Mining, James Wanjiik said the proposed Alotau meeting of the Joint Supervisory Body (JSB) of the National Government and Autonomous Bougainville Government (ABG) on governance matters particularly on the issue of the transfer of mining powers to the ABG, would be a wasted opportunity.
He said no meaningful dialogue or outcome can be expected from such a meeting if the Mineral Resources Authority Act 2005 that appropriates mining regulatory responsibility to the MRA that is created under that Act, is not removed before the meeting.
MRA officials continue to argue that the authority is a legal entity established by Parliament to oversee the mining industry in the country, a task performed by the former Department of Mining.
Mr Wanjiik, who has been a strong opponent to the MRA, an authority created to regulate the country’s mining industry, said following a decade-long conflict that had seen many lives and property lost or damaged with consequential physical, psychological and spiritual wounds, the Natio-nal Government and Bougainville leaders resolved, among others, in the Peace Agreement on the way forward, for governance regime on Bougainville.
These arrangements were given legal force by way of constitutional amendment to the National Constitution and subsequent enactment of the Bougainville Constitution.
A key issue of importance relates to mining responsibility on Bougainville.
He said mining on Bougainville, particularly at Panguna, by Bougainville Copper Limited, was at the core of the crisis that escalated into civil war proportion that lasted 10 years since May 1989. The indigenous people’s dissent goes back to the colonial era when the Panguna mine was approved for development by the colonial administration in the late 1960s without much consultation with and against dissension of the landowners.
The leadership struggles and squabbles the Panguna landowners had, between the older and newer generation of leaders, also contributed to the escalation of the conflict. And the National Government did not help either when it failed consistently to review the Bougainville Copper Agreement when it was due to review in 1981 and again in 1988.
“Again this backdrop the leaders on both sides of the political divide in their wisdom decided that mining responsibility will be given to the Bougainville Govern-ment to exercise for the benefit of the people of Bougainville. This was given legal force and effect under section 290 of the National Constitution,” Mr Wanjiik said.
Under section 290 of the National Constitution the ABG in effect has mining responsibility on Bougainville. Section 295 of the National Constitution provides for the transfer of various powers including mining from the National Government to the ABG.
Mr Wanjiik said as far as mining powers was concerned, the ABG had requested the National Government, since June 2006, for the transfer of those powers, and the National Government was in continuous breach of the National Constitution, from about June 2007, which was past the 12-month notice period.
The Bougainville Government, at the material time, also formulated a Bougainville Constitution, which was subsequently approved by the National Government.
“This Bougainville Constitution, inter alia, provides to the effects that all minerals in Bougainville are the common heritage of all Bougainvilleans, Mr Wanjiik said.
“This provision contradicts the National Government’s Mining Act 1992 that vests mineral ownership in PNG in the Independent State of PNG. Apart from mineral ownership, the Mining Act 1992 also provides the regulatory framework for mineral regulation in particular licensing arrangement in the country. Mining engineering and safety aspects are regulated under the Mining (Safety) Act Chapter 195A.
Previously the administration of the Mining Act 1992 and the Mining (Safety) Act among others were the functional and administrative responsibility of the Department of Mining which is an agency of Government. The regulation of the mining industry as a public service function was carried out by public servants within the employ of the Department of Mining.
In 2005, the National Govern-ment, through the National Parliament, passed without debate and in just a single session, the MRA Act.
This Act creates the MRA and appropriates to it, among others, regulatory powers generally under the Mining Act 1992, the Mining (Safety) Act, and the Bougainville Copper Agree-ment Act so far as mining regulation on Bougainville was concerned.
According to Mr Wanjik, the MRA, despite its statutory character, will be staffed by non public servants and operate as a private company controlled and funded by the mining industry, a backward march to the old concession era where mining companies were essentially self-regulated usually at the expense of host nations and their people.
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Call to stop bad behaviour
A CHIEF and ex-combatant leader of the Panguna district in the Ioro constituency has called on all ex-combatants in the region to abstain from bad behaviour. The concern was raised by John Duni due to the fact that law and order situation was now becoming a major issue in the Central and South Bougainville regions. Mr Duni said at the moment, all ex-combatants in the region are divided into different factions, causing more confusion to the peace process.
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GIve up, Bougainville minister urges Fijian
Saturday, February 16, 2008
A senior figure in Bougainville's autonomous government has renewed a call for the remaining Fiji national in hiding on the island to give himself up and enjoy life like his other companions.
ABG Police Minister Ezekiel Massat's comment came as Aliki Moroca, Jolame Gukirewa, Kalivati Dau and Manasa Dumuloto arrived at Nadi Airport late yesterday on a flight from Port Moresby.
The National newspaper reports the four controversial Fijian nationals had their charges dismissed by the National Court last week because of lack of evidence.
Ex C-R-W trooper Maloni Namoli is the remaining Fiji national on the island - evading arrest while on the run with failed pyramid scheme operator Noah Musingku.
Massat says Namoli could be charged with breaches of the immigration law
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Papua New Guinea Secretary Isaac Lupari has assured the Autonomous Region of Bougainville that he will call a meeting on the drawdown of mining powers to the Autonomous Bougainville Government reports the Post Courier newspaper.
ABG President Joseph Kabui says he has met with Lupari to discuss the issue of the drawdown of mining powers to the ABG, who told him a meeting would be called this week to deal with this issue.
“He has assured me that he will try to address it quickly because it is part of the agreement between the national government and ABG,” Kabui said.
“We also discussed about the heavy equipment machineries that the Japanese Government is willing to fund for the people of Bougainville.
“This equipment, when delivered, will greatly help in maintaining our roads.
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Bougainville
Explosive mines
Feb 7th 2008 | CANBERRA
From The Economist print edition
A dispute over who owns the minerals brings echoes of a bloody war
ROWS about minerals sparked the decade-long civil war between Bougainville and Papua New Guinea (PNG). Now Bougainville's politicians are hoping mining revenues will allow them to repair destroyed infrastructure and raise living standards. But this has brought them into conflict with PNG about the terms of the autonomy arrangements that ended the war in 1997, and raised questions about the rightful ownership of the mineral deposits secreted under the island's towering, rainforest-covered mountain ranges.
PNG's prime minister, Sir Michael Somare, and his influential deputy, Puka Temu, visited Bougainville in late January for negotiations. They acknowledged the need to transfer supervisory powers over mining to the Autonomous Government of Bougainville (ABG), but Mr Temu argued that “the state”, ie, PNG, should remain owner of all the resources. Joseph Kabui, president of the ABG since 2005, strongly disagrees. He argues that if his government were to accept PNG's ownership of the resources, it would lose all support and there would be a serious danger of the rebellion's beginning again.
That rebellion, which some claim cost 15,000-20,000 lives, was sparked by landowner disputes centred on the distribution of revenues from the vast Panguna copper mine operated by a Rio Tinto subsidiary. When the PNG government sent in the army to quash the rebellion, it escalated into an independence struggle, led by the Bougainville Revolutionary Army (BRA). PNG's soldiers withdrew after a 1990 ceasefire. But the embattled island then endured a long and debilitating conflict among the islanders themselves.
The peace agreement eventually reached between BRA leaders and PNG politicians in 2001 entailed the PNG government's accepting greater autonomy for Bougainville and a referendum on independence, to be held at some point between 2015-20. In the intervening period, powers were to be devolved to the ABG. The latest dispute centres on the first big transfer of powers under the new arrangements. That this devolution of authority concerns mine ownership and regulation reinforces its sensitivity.
Mr Kabui and his ministers argue that the mine-ownership issue matters little to the national government, but is of pivotal significance to Bougainville. The formula for the division of royalties already gives 20% to the landowners and 80% to the local government, leaving nothing to the central government. The biggest source of mining revenue is company taxation, the distribution of which Mr Kabui agrees must be negotiated with the national government. But the PNG government is worried, regardless of the financial implications, that the inexperienced ABG will be hoodwinked by the unscrupulous international mining companies waiting in the wings. That may indeed be a real danger, but a peace settlement that provides for autonomy should leave room for Bougainvilleans to learn to handle tough negotiations by themselves.
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RNZI) - Recently declassified documents show Britain secretly considered supporting an independent Bougainville in the days before Papua New Guinea became a sovereign nation in 1975, reports Radio New Zealand International Online. “The British foreign ministry documents show diplomats and ministers made serious assessments about whether Bougainville could go it alone,” reports RNZI correspondent Ben Lowings. “The British company mining copper on the main island was in secret contact with the UK government about whether to support the secessionist movement. “The British government said fewer Bougainvilleans had turned out in support of the separatists’ declaration of independence, than those who had supported the PNG independence day celebrations later the same month,” Lowings continued. “Britain thought the rebels could harass the mine and provoke disorder, but it believed PNG’s prime minister, the young Michael Somare, would act firmly to resist this.” Source: http://www.rnzi.com/pages/news.php?op=read&id=26514
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Fiji Govt seeks release of remaining citizen from South B’ville prison
THE Fiji High Commission (HC) is still working on bringing out Maloni Namoli, the remaining Fijian still in Musingku’s camp at Tonu in South Bougainville.
In a statement yesterday, the HC expressed gratitude for the assistance and support given by the Autonomous Bougainville Government (ABG) and its officials to the other four Fijians while they were in Port Moresby before flying to Fiji last Friday.
The HC said they were also thankful to the Papua New Guinea Government for their advice and support to come up with a satisfactory resolution to this issue.
The four Fijians had served prison terms in Buka for breaching their visa conditions.
They were convicted by the National Court in Buka on two charges relating to their links with failed money scheme operator Noah Musingku.
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"During the year the company has undertaken a comprehensive review of its exploration data aimed at defining targets and developing a work program in anticipation of being able to resume active exploration.
Additionally extensive work has been done on understanding the economics and technical challenges associated with reopening of the mine.
The Company is continuing this work consistent with its vision of a “return to active exploration and profitable mining”. While undertaking this work the company will continue to consult with a broad cross-section of the Bougainville and PNG community."
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Dass der aktuelle Stand der Verhandlungen nicht im GB veröffentlicht wurde,bzw.werden darf ist wohl leider unvermeidlich.
http://www.postcourier.com.pg/20080221/thhome.htm
MRA eyes exploration
The economy of Papua New Guinea has enjoyed good returns from mineral export receipts in the last five years.
In the December quarter of 2005, the Bank of Papua New Guinea reported in its Quarterly Economic Bulletin (QEB) that the minerals sector contributed 52.9% of total merchandise exports receipts to the Government.
In 2006 total mineral export receipts excluding crude oil were K7,499.3 million. This represented 59.0% of the total value of merchandise export which was K12,617 million.
Last September quarter, mineral export receipts excluding crude oil totalled K1,832.3 million and represented 55.7 per cent of total merchandise exports, which was K3289 million. The figures stated show an upward trend in the contribution of the minerals sector to the national revenue.
Having briefly noted the economic contributions that the industry has been making to the current economic situation, it is important to point out that minerals are non-renewable resources and mines will shut down when minerals run out. If we do not find mines to replace ones that shut down, the current economic boom that we are enjoying could be jeopardised.
There is therefore a great need for new mines to be developed in order to sustain the current levels of mineral receipts to the government and its people.
The Minerals Resources Authority (MRA) through its Geological Survey Division (GSD) is therefore tasked to stimulate mineral exploration activities in the country.
“We have to be thinking ahead trying to find now in 2008, the mines that will be developed in 10-20 years time. So it’s an ongoing game where you have exploration, discovery and a delay of at least 10 or 20 years usually before a mine is developed.
“If you don’t have exploration then you are reducing the prospects of being able to continue as a successful mineral-based economy,” says GSD executive manager Professor Hugh Davies.
Mines like Ramu nickel and Hidden Valley which are currently on advanced development stages were discovered more than 20 years ago.
To encourage exploration, the GSD is developing new information and ideas that will help exploration companies to explore in new areas and hopefully find minerals which could result in new mines.
This information includes geological maps and information on how rocks originated and how the earth’s crust has moved with time.
The division will re-write a lot of work that was done in the past which are in manuscript forms. This information will be digitised and published in the MRA website so that investors can easily get it without having to come to PNG. Work which is in manuscript form includes reasonably detailed geological maps on the western part of the Central ranges, which the then PNG Geological Survey and the Australian government geologists prepared in 1971-1972.
“We are now improving those maps by digitising them. We can now print them in colour, we can now make the digital maps available on the web,” says Professor Davies.
The maps from the past contain information including places where people have discovered minerals previously.
A map may contain a “dot” an “Au” meaning that gold was found in this point and in the information accompanying that map it will state whether this was just an occurrence of a few flakes of gold or whether there was act of alluvial mining at that point.
This information can be used as a factor in determining the potential of gold in that particular area and hence a decision to explore the area which may lead to a new mine.
Other reports that will be digitised include those that were submitted by mining companies and our own geologists and overseas researchers. New exploration companies may be interested in previous geological work including results of drilling and stream sediment sampling.
“If people don’t know about those reports then they can’t use them in developing their own ideas,” Professor Davies said.
He explained that exploration was an ideas game. Exploration companies must believe that they could improve on what has been done previously, either by obtaining new data or by applying new concepts.
Under the MRA, the GSD aims to recruit the best geologists to effectively implement its goals. It is hoped that this will result in lifting the profile of the industry and encourage further investment and exploration.
The GSD’s efforts to stimulate exploration are in line with the MRA’s mission which is to effectively promote a healthy and sustainable mineral industry.
The MRA may be a new entity but the GSD staff members are tried and true, headed by Professor Davies.
His study of Papua New Guinea’s geology spans half a century — from the late 1950s to the self-government and independence 1970s period and beyond.
He has seen the mining industry grow from alluvial mining to world class copper and gold mines and operated under all sorts of administration from the colonial administration in small teams right through to the full-fledged Department of Mining before its replacement. The Geological Survey Division’s general function is to acquire and generate geoscience data, store it and make it readily available to stakeholders including exploration companies, geoscience researchers and members of the public. This data includes geological, geochemical and geophysical data.
Geological data includes information on the main rock units underlying the country and the prospective areas which may host mineral deposits.
Geochemical data include information that indicates what types of chemical elements occur in which areas of the country. This dataset also indicates mineral occurrence within the country. Geophysical data includes information on the physical properties of rock units and the underlying soil structure. In mineral prospecting, this information can help define areas that are geologically prospective in terms of mineral deposits, but which could not be physically mapped by geologists.
Geological Survey Division also places emphasis on geo- technical and groundwater studies for the benefit of social infrastructure and health development.
The Geotechnical and Groundwater branches focus on areas such as slope stability and foundation investigation studies and also the exploration for groundwater aquifers. This data is available for the public, government bodies, churches and other organisations.
Mining companies need these sorts of information to be able to further research and determine which rocks have mineral deposits and which do not.
Unless companies have this information on hand, they cannot advance further in their efforts to explore for minerals.
Other data collected are used for awareness of geological hazards and advice on such matters as prospectivity.
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Dazu gute Zahlen heute von BOC,guter Ausblick,Sieg im Steuerstreit mit PNG,Weltbankhilfe über 16 Mio USD,Kabui/Somare Verhandlungen über Miningpower + Sharetransfert,fertige Feasability Studie,etc,etc.
Für den,der von einer Wiedereröffnung überzeugt ist,bleibt BOC eine Open End Option mit einem gigantischen Hebel auf o.g. Rohstoffe (+ Moly u. Rhenium) u. steigendem Zeitwert,je näher der Mining Beginn rückt.
Diese Phantasie sollte beim nächsten zu erwartenden BOC Hype durch gute Meldungen mit eingepreist werden. ;-)))))))))))