K15mil goes to Autonomous Region
[The National Newspaper, 22nd September 2011]
The PNG National Government has allocated K15 million (US$6 million) to the Autonomous Bougainville Government to honour a commitment towards the peace and restoration program.
The funding is a development grant to ABG which was part of the peace agreement.
Treasury and Finance Minister Don Polye, in his supplementary budget speech to Parliament, said the previous government did not provide funding for the commitment in the 2011 budget.
He said this was now being corrected in the supplementary budget.
Petroleum and Energy Minister William Duma thanked the new government for providing funds for Bougainville. He said Bougainville was part of PNG and he was pleased that K15 million had been allocated to the ABG.
Duma said President John Momis would be pleased that the new government had given recognition to Bougainville including the appointment of two Bougainvillean ministers to the national cabinet.
“The previous government paid only lip service to the people of Bougainville,” Duma said.
Long Term Investors Respected: PM
[The National Newspaper, 12th September 2011]
Papua New Guinea’s incoming Prime Minister Peter O’Neill has assured foreign investors, especially in the mining and petroleum sector, that the government would ensure that investors who were already operating in PNG would have their positions respected.
“My government respects the commitment of foreign investment companies that have been loyal to PNG in both the good and bad economic times the country has faced since the early 1990s.
“We welcome new foreign investment initiatives in our mining and petroleum sectors.
“However we would like to see that new and returning investors respect those that are already operating in PNG,” the prime minister said.
“Let me reassure you that the goal posts have not been shifted. The playing field remains the same and shall be maintained that way for the foreseeable future,” he said during a business luncheon in Brisbane.
The lunch was hosted by BCL director Sir Rabbie Namaliu, Frank Kramer and the team from Kramer Ausenco.
O’Neill said his government believed in being predictable and forthright in its dealings with all foreign investors in PNG’s natural resource sectors.
“This is not the time to destabilise mining and petroleum industry developers and investors with any law to compromise or reduce their present respective equity positions.”
Any future changes will have to be driven by a win-win formula for all stakeholders in a predictable manner, the prime minister said.
Mine Re-opening a Step Closer
[The National Newspaper, 16th August 2011]
Moves to re-open the Rio Tinto-owned Panguna copper mine in Bougainville are a step closer after a rebel leader said he was willing to negotiate with the Australian government and Rio Tinto on it.Original Mekamui leader Chris Uma said he was willing to talk to the Australian government and Rio Tinto about re-opening the mine.
His group had controlled access to the mine site over the past two decades since a civil war shut it down. Uma said any negotiations must recognise the original Mekamui’s interests and respond to past conflict.
The statement comes after Uma allowed Australian diplomats access to the mine site for the first time since 1990. Uma said he granted that access to show the world that he was now talking with the Australian government.
2011 is expected to be another year of positive development leading to the re-commencement of operations at the Panguna mine, owned and previously operated by Bougainville Copper Limited.
This website contains current information about developments on Bougainville, the status of Bougainville Copper Limited including Annual Reports, the activities of the Board in pursuit of their objective of a return to profitable mining, and links to other relevant commentaries and sources
Bougainville Copper Limited
Incorporated in Papua New Guinea A.R.B.N. 007 497 869
Full representation of views
The Company has assured President Momis of its willingness to contribute in appropriate ways towards development in the region, to the benefit of the people of Bougainville and the company's shareholders.
With copper reserves estimated at almost 3 million tonnes and gold production in the range of 400,000 ounces per annum, Panguna remains as potentially one of the world's largest producers of both metals. Unexplored neighbouring tenements are also very prospective, and will be explored when a moratorium on exploration is lifted.
New Autonomous Bougainville Government
The Bougainville elections were conducted in mid-2010, in a safe and orderly manner. Around 90% of the former members were not returned, including President Tanis who was replaced by Chief John Momis. The result was conclusive for the position of President and it was not necessary to go to preferences.
BCL Chairman Peter Taylor met the new President in his first week in office.
The tax case
By mutual agreement with the Internal Revenue Commission (IRC) the outstanding tax claimed amount of K48.8m was paid into court on condition the amount would be invested and that if BCL is successful in the substantive case the sum