Trading Bougainville Copper (ADRs) 867948

hi Frank

......Irgendwie gewinne ich immer mehr den Eindruck das dieser "Traum" bald platzen wird....


..interessant. Worauf begründet sich denn dieser Eindruck ?

Welche  bekannte Entwicklung in letzter Zeit  müßte in eine andere Richtung gehen um die Hoffnung auf ein re-opening  von Panguna  zu  verstärken. Nur mal so zum besseren Verständniss gefragt. ;-)))))

Landowner opposition, Mining Law und last but not least ..... have a look to the share price ....

z. Bsp. :

A. es emfiehlt sich von selbst die zwei Themen  1. gesellschaftspolitische Entwicklung

                                                                          2. Panguna

erst einmal getrennt zu verfolgen, natürlich mit dem Wissen und der Überzeugung daß das erste ohne das zweite sehr schlecht zu  erreichen ist . Punkt.

Aber...... bei den gesellschaftspolitischen Entscheidungen auf unserer Insel muß ja nicht zwangsläufig der Blichk auf den ``sharepreis`` Priorität haben. ;-)))

B. Gestreute Zweifel am Erfolg der ganzen Entwicklung könnten ein günstiges Umfeld für den Einstieg schaffen. ;-))))

Red Sea Housing offloading the twelve 40 foot containers containing Aropa Airport Terminal and Security Fencing meterials at Kieta Wharf to be transported to Aropa Airport later today ..Also first project site meeting in progress between NAC, ABGPMU and the project contractors.

uk.finance.yahoo.com/news/...ing-rio-tinto-plc-124147235.html

......On top of this, Rio Tinto's aggressive restructuring programme is also sailing along at a fair clip. The company announced last week that it was reviewing its near-54% stake in Bougainville Copper Limited, which operates the Panguna copper mine in Papua New Guinea. And the move follows on from the $50m sale of its coal assets in Mozambique at the close of July.

Although these deals can hardly be described as ground-shaking, a steady conveyor belt of asset sales mean that capex outflows are further reduced, cash reserves are bolstered, and the firm's exposure to still-weak commodity markets is further reduced. Clearly a smaller and better-focussed Rio Tinto is in a much better position to enjoy solid earnings growth in coming years.
This bull market has become a rodeo ride

Work continues on Bougainville"s long term mining law

By SEBASTIAN HAKALITS

THE Autonomous Bougainville Government"s Mining Department and its partners have been working tirelessly for seven years to develop a policy framework for a long term mining law to meet Bougainville"s special needs.

Last week international experts and their Bougainville counterparts conducted a workshop attended by ABG cabinet members and senior Bougainville public services officers.
The purpose of the workshop was to brief these leaders and senior officers on the long-term and detailed draft act and regulations which would give effect to ABG"s previous decisions on the mining policy to become a best-practice law.
Bougainville is the only place in the world where a local rebellion over mining issues has forced the shut-down of a very large mine of 25 years. These international experts have been in Bougainville and working closely with the Bougainville team on the draft act and regulation and together they have agreed on many improvements which have been agreed upon to by cabinet.
The experts" team leader, Jeremy Weate and senior expert Professor James Otto, have assured cabinet that they will make agreed changes to the draft act and regulations with the final draft to be delivered to ABG in early November this year.
Acting President Patrick Nisira and Mining Minister Michael Oni both expressed satisfaction on the rapid progress made in preparing Bougainville"s long-term mining law.
They said policy work began in 2007 where many stakeholders were invited to attend workshops and air views as it was ABG"s aim that this new law should address Bougainville"s special needs and should adopt world"s best practice.

ramumine.wordpress.com/2014/08/28/...gainvilles-mining-future/

Autonomous government needs to weigh the cost and benefits of extractive industries

Matthew Allen* | Bougainville News
burnt out truck at the Panguna mine

A lone copper dump truck that was completely burned out during the crisis at Panguna mine. Photo by Ian Booth.

The recent passage of new mining legislation on Bougainville comes at an especially troubling time for large-scale mining operations in the Western Pacific.

One of the first major laws to be enacted since the transfer of a suite of powers to the Autonomous Bougainville Government under the terms of the 2001 political settlement with Papua New Guinea, the transitional mining law is a significant step towards the possible recommencement of large-scale mining on the island.

However, an assessment of how some of the region’s largest mines have been travelling in recent times makes for sobering reading and points to the need for deep and careful reflection as Bougainville contemplates a mining future. The report card reads like this.

In April of this year the PNG government declared a state of emergency at the Porgera gold mine in the highlands province of Enga – operated by the Canadian miner Barrick Gold – and launched a three-month operation to stamp out what it describes as “illegal” mining. Over a hundred police and military personnel were deployed to the region and hundreds of houses allegedly belonging to illegal miners were razed by security forces.

Two weeks ago the Chinese-owned Ramu nickel mine, also in PNG, was reportedly attacked by “armed villagers” resulting in injuries to five Chinese workers, damage to equipment and a three-day halt to mine production.

Late last year the PNG government effectively expropriated the lucrative yet environmentally and socially problematic Ok Tedi mine in Western Province, a move that remains the subject of a court challenge in Singapore.

In neighbouring Solomon Islands, the country’s only mine, Gold Ridge on north Guadalcanal, has been closed since the site was flooded during heavy rains in April. The Australian operator returned staff to the site in June but has recently pulled out again citing a serious escalation in security incidents and the presence of large numbers of “illegal miners” in the mine lease area.

Further south in New Caledonia, the Vale nickel mine in the Southern Province was closed for several weeks earlier this year following a chemical spill that triggered a series of fatal clashes between riot police and Kanak youth.

And so the list goes on.

Unfortunately there is nothing particularly new about this association between large-scale mining and violence in Melanesia (and nor is it peculiar to the region – a 2009 United Nations study found that at least 40 per cent of intrastate conflicts globally are related to natural resources). Gold Ridge mine was a flash point during the so-called “ethnic tensions” that gripped Solomon Islands in the late 1990s, eventually closing down as a result of the violence.

And of course local grievances associated with Rio Tinto’s giant Panguna copper mine on Bougainville were a major contributor to the 10-year civil war in which thousands died. The mine has remained closed since the conflict, but Rio Tinto’s subsidiary, Bougainville Copper Limited (BCL), had, until the passage of the new legislation this month, retained its mining lease under PNG law.

Bougainville’s political leaders are in the unenviable position of having to weigh the costs and benefits of a mining future. At the forefront of their minds is the prospect of a referendum on full independence from PNG which, according to the autonomy arrangements, must take place between 2015 and 2020. A key question is whether an independent Bougainville can be economically viable without large-scale mining.

The avowed policy of the ABG’s current leadership is to actively explore the possibility of at least one large-scale mine, with the preferred candidate being the mothballed Panguna mine. The need for the ABG to be able to regulate Bougainville’s mining sector has been given added urgency by the increasing activities of foreign investors with questionable credentials and intentions, as well as by the recent boom in small-scale and artisanal mining activities.

There are aspects of the new mining law that are innovative and clearly informed by the problematic history of the Panguna mine and the legacy of the conflict. For example, the legislation vests the ownership of mineral resources in customary landowners, who can veto exploration but not mining once an exploration license has been granted. It also contains provisions for the development of the island’s poorer regions.

That said, the legislation has not been without its detractors – in large part reflecting the highly fragmented character of Bougainville’s politics – with the parliamentary debate and subsequent passage of the bill met with an outpouring of opposition across mainstream and social media.

Opponents claim that the new law gives privileged treatment to BCL, which loses its mining lease but automatically gains an exploration license and therefore the right to negotiate for a new mining lease. Other critics have long maintained that Bougainville should follow a path to development based on smallholder agriculture and artisanal mining rather than large-scale mining.

For its part BCL’s chairman Peter Taylor has described the new legislation as a “set-back” and Rio is to review its majority shareholding in BCL. Whatever the legal status of BCL’s claim, the history of mining on Bougainville and elsewhere in Melanesia shows us that no new mining is likely to take place without the agreement of landowners, and such agreements are open to frequent renegotiation.

One thing we can be certain of is that despite demonstrable economic recovery, Bougainville’s social and economic development indicators remain well below pre-conflict levels. There are pressing human development needs on Bougainville, which only heighten the urgency of the tough choices that must be made about its economic future.

* Matthew Allen is a fellow at the State, Society and Governance in Melanesia program, ANU College of Asia and the Pacific. He is conducting research on mining and political change in Melanesia funded by the Australia Research Council.

Former Bougainville Revolutionary Army (BRA) leader Sam Kauona accused the late Joseph Kabui and Joel Banam, who led the Bougainville delegation to sign the terms, of giving “too much away to a dishonest government” and added that “the survival of the PNG/Bougainville peace process depends very much on honesty, fairness and transparency… If we have not learned from our past mistakes then this struggle could go on for another 40 years.”
Honesty, fairness and transparency are foreign attributes in the current context of PNG’s dealing with the Bougainville people and government. In the entire tour of Bougainville by PNG prime minister Peter O’Neill in January, he hardly talked about Bougainville’s rights to a referendum or self-determination.
In a David Lornie Post-Courier article in February, Maurua: PM to clarify views on referendum, a Siwai pastor said “I’m feeling that I don’t understand Papua New Guinea’s position on independence. They are not serious about what we think because 2014 is the last year before we enter the window of referendum.”
This is one of many doubts on Bougainville and those with guns seem to be happy that they did not throw them away so long as PNG seems to play with Bougainville.
Again PNG’s thinking was captured by Anthony Regan in a 2010 article, Light Intervention: Lessons from Bougainville:
The logic is that in the 10 to 15 years from the establishment of the ABG in 2005, the PNG government has the opportunity to work closely with the ABG to promote all forms of development in Bougainville in a way that could be expected to encourage Bougainvilleans to consider the possible merits of remaining a part of PNG when it comes time to vote in the referendum.
PNG is at work. It succeeded in influencing the Bougainville Peace Agreement (BPA) to create friction and now it is all about winning Bougainvillean hearts to get them to see Bougainville and its problems through a PNG lens and not a Bougainville lens.
And the Peter O’Neill 2014 tour showed the proof of PNG activities to undermine the Bougainville government.
During the three-day tour, the PNG delegation announced multi-million dollar development projects like the re-opening of Aropa International Airport by the PNG government for Bougainville, thus exciting the people and a handful of leaders.
For all the project launchings, a PNG minister flies into Bougainville from Port Moresby to officiate - not an ABG minister.
The Autonomous Bougainville Government (ABG) had endured continuous loud attacks from Bougainville’s representatives in the PNG parliament for not bringing development. Noteworthy in this respect have been Jimmy Miringtoro from Central Bougainville and Steven Pirika from South Bougainville, and to some extent Lauta Atoi from the North.
The regional MP, Joe Lera, is the exception - productively working with the ABG.
All these condemnation of the government came from national MPs who have the financial power over the struggling, PNG-dependent ABG.
An ABG parliamentarian sent me a text message few days ago saying:
We believe PNG has agents in the Autonomous Region of Bougainville to disrupt our preparations for referendum. Our national MPs, except the regional MP, are all agents of PNG.
They feel comfortable with what they are receiving [from the PNG government] while majority of Bougainvilleans continue to struggle.
They use the DSIP funds to promote “PNG’s might” and attempt to convince and mislead Bougainvilleans thus undermining the ABG. Tasol ol bai tait (But they won’t succeed).
PNG’s intentions are clear. They are pursuing a disrespectful desire to keep Bougainville integrated with PNG so it can remain enslaved under the old claws of those pre-1990 days.

By WINTERFORD TOREAS

ACTING President of the Autonomous Bougainville Government Patrick Nisira is challenging the former combatants to respect the ABG as the legitimate government of Bougainville.
He issued the challenge following a call by the former combatants last week for the suspension of the render safe operation planned to be carried out towards the end of this year at Torokina in South Bougainville.
The former combatants had issued this call saying they were not consulted on this exercise.
"I ask the former combatants, as signatories to the Bougainville Peace Agreement to be sincere in their efforts. They must respect the ABG as the legitimate government created by the peace agreement," said Mr Nisira.
"They must understand that ABG makes decision on major issues for the benefit of the people and must not try to interfere with the democratic roles and responsibility of the elected government."
He reminded the former combatants not to always attack the government, before blasting them for failing their responsibility in containing and destroying all weapons they have.
"I must also frankly remind ex-combatants, as the signatories of the peace agreement that they too are in breach of the peace agreement. They have not honoured their part in completing the final phase of the weapons disposal on Bougainville and destroying the remaining weapons of war that are still in their hands.
"We cannot continue to blame the ABG, national government and our donor partners for breaching the peace agreement while we ourselves as Bougainvilleans ignore our duty to uphold the provisions that demand our full co-operation in the peace agreement that we are signatories to."
Mr Nisira is now appealing to the former combatants and those who continue to have negative conceptions concerning the render safe operation to work with ABG and its partners and friends get rid of all remaining unexploded ordinances at Torokina so that people there can be free to move around without fear of getting injured or killed by these unexploded bombs.

There is no “if or buts” on the road to referendum for the Autonomous Region Government, referendum has to go ahead.
President of the ABG Dr John Momis made this known yesterday during a seminar organized by Bougainville students of the University of Papua New Guinea.    
Dr Momis said this against the backdrop of plans to re-open the Paguna mine, but under renegotiated terms that suits landowners and the ABG.
The theme of the Seminar was “Gathering Intellectual Capacity for our Journey towards referendum.”
The sole reason for holding the seminar was for Bougainville Students wanting to create dialogue by reaching out to their leaders through open dialogue.
Present amidst President of the Autonomous region of Bougainville John Momis, were other political leaders including ABG Governor Joe Lera and former Bougainville Affairs Minister Sam Akoitai.
With the date to referendum quickly approaching around the corner, economic empowerment is at the top of the agenda. Without it, ultimate Independence is just a dream.
Chief John Momis explained the hard-line approach and conditions they’ve put forward to former developer of the now defunct Paguna Mine Rio Tinto, in no terms will landowners be left out in the negotiation process.
The actions they have taken against Rio Tinto, despite being threatened with law suits, illustrate that fact.
The other issue that will also determine a smooth transition is, if the weapons disposal program is successful. Currently, the situation is far from being handled.
Presentations by students were impressive;   their understanding of the Bougainville issue and recommendations gave hope to their leaders.
Carmelita Momoi a post Graduate student in organic chemistry recommended that Bougainville set up a Research centre to develop the agricultural sector. She is currently working on a formula to safe guard cocoa from the dreaded Cocoa Pod Bora.
Business student Edward Misiliu gave some pointers on economic growth.  
While final year Law student Joshua Ku’usa gave a rundown of the legal frame works governing the ABG as well as recommending the setup of an Ombudsman Commission.
The students were challenged to continue with their awareness efforts in the lead up to referendum.

bougainville.typepad.com/newdawn/2014/09/no-title.html

010914 HIGH COMMISSIONER MEETS BOUGAINVILLE LEADERS

By Aloysius Laukai



The Australian High Commissioner to Papua New Guinea, DEBORAH STOKES arrived in Buka for a few hours visit to the Autonomous Region of Bougainville.

She came with senior members of the Australian Defence Force to talk to the Bougainville leaders concerning the Operation Render safe in Torokina.

They were met on arrival by the ABG member representing the women of Central Bougainville, JOANE JEROME and officers of the Bougainville Administration.

MS. STOKES said that she was on Bougainville with her delegation to have quick discussions with the Bougainville leaders concerning the operation that should commence in October this year.

She met the ABG President, CHIEF DR. JOHN MOMIS, the vice President, PATRICK NISIRA the member for Torokina, STEVEN SUAKO and the senior officers of the Bougainville administration before returning to Port Moresby.

New Dawn FM understands that there have been some disagreements on the conduct of the operation by the member for Torokina and former combatants earlier which called for todays meeting.



Ends    

...........Frieda river mine

ramumine.wordpress.com/2014/09/02/...ner-of-frieda-river-mine/

PanAust reveals $US1.7bn cost for Freida River

David Winning | Dow Jones | The Australian

PANAUST has said its majority-owned Frieda River copper-and-gold mining project in Papua New Guinea could cost $US1.7 billion to build.

PanAust — currently a takeover target for China’s Guangdong Rising Assets Management — said Frieda River could produce 125,000 tonnes of copper-in-concentrate, and 200,000 ounces of gold, annually.

Brisbane-based PanAust recently acquired an 80 per cent stake in the Frieda River project from Glencore. The remaining interest is held by Australia-listed Highlands Pacific.

“Preliminary analysis indicates that the base case development concept would be robust at a copper price of $US2.80 per pound and gold price of $US1300 a troy ounce,” PanAust said in a statement.

PanAust, which is preparing a feasibility study into the Frieda River project, said the initial construction-cost estimate didn’t include a fleet of mining trucks or a power plant.

BY WINTERFORD TOREAS

THE sole purpose of the render safe operation that will be carried out by members of the Australian Defence Force in the Torokina District of South Bougainville towards the end of this year is to remove all remaining unexploded ordinances there.

That is the assurance from the vice president of the Autonomous Bougainville Government, Patrick Nisira (pictured).
Mr Nisira said the people of Torokina, including the women and the former combatants, had also praised this initiative because they want their area to be free from these World War Two remains.
“The women wanted all bombs removed as they were the ones greatly affected. They cannot freely do gardening and farming to provide food and cash income for their families,” said Mr Nisira.
He was making this clarification to clear the air over some misconceptions that certain Bougainvilleans have towards this operation.
He said consultations regarding this exercise are still being carried out before the actual commencement of the exercise.

......................development has moved into its construction phase . The foundations of the terminal and associated building works are in progress. The project is on track.


BOUGAINVILLEANS MUST STAND BEHIND PRESIDENT MOMIS
BY JENNIFER NKUI

The people of Bougainville must stand behind the ABG president Chief Dr. John Momis and his government because that is the only way we can progress.
This statement was made by the former national mining minister Sam Akoitai during the Bougainville seminar at the University of Papua New Guinea last Saturday.
He said we have a government on the ground which is the ABG and whether you like it or not the president is our president.
He added that even if there are differences between him and president Momis, chief Momis is still his president.
Mr. Akoitai pointed out to the forum participants that there is no other government on Bougainville that the National government and the international community recognize.
He added that the only president that the international community understand and recognize is president Momis.
He said as an ex-combatant he has moved on but the problem with Bougainville today is we cannot forget the past.
Mr. Akoitai stressed that we must accept what happened because the past is past and we must use it to guide us to where we must go.
He pointed out that countries are becoming countries as a result of economic development because without economic development Bougainville can never be independent.
He said Bougainvilleans must understand this and stand behind president Momis to make sure what we got now was fought for as we could also miss the opportunity if we do not stand behind our president.
He then stated that it is very important that the National MP’s and the ABG work together.

....................are running a weeklong Belkol awareness in both North and South. It is well supported by the Community and chiefs.

.......... is not an internal agenda. It is an agenda pushed by Australians in the guise of helping Bougainville. What should be pushed is that everyone in Bougainville supports mining but it must be done on our terms...Not Australian pushing a sausage down one Bougainvilleans throat...

articles.economictimes.indiatimes.com/...-odisha-mine-iron-ore

.............in Papua New Guinea - do you still retain claim?

The Autonomous Bougainville Government has converted the mining lease to an exploration lease. We are going to review what exactly we will do with the project. It was project that we mined up until 1988 when there was the Bougainville revolution and there was lot of violence and we exited at that time. We have not been back since.

"In 2013 a team of the best international experts were engaged to assist the Mining Department with funding from the World Bank to finalize the Mining policy and early this year. They have been working with the Bougainville Public Service counterpart team in which a draft policy document was developed after detailed consultation with the ABG cabinet that was approved in June," they said.

""Since then the first draft of the detailed and new "long-term" Bougainville mining act has been completed," they said.

Both said the draft "long-term" act builds on the foundations of the Bougainville Mining (Transitional Arrangements) Act passed by the ABG Parliament on Friday 8th August 2014, for instance, it confirms ownership of minerals by Bougainville"s customary landowners where it provides a framework making small-scale mining by Bougainvillean"s legal and maintains the abolition of the Bougainville Copper Agreement and the SML created by it, and all exploration licenses held by BCL since the 1960"s".

"It also deals with many things that were not covered by the Transitional Act. It makes detailed provisions on landowner resettlement, preference for LO"s in mining employment and contracts, free equity for LO"s in mining project, waste management and mine closure and land rehabilitation".

""Two years ago we were happy to wait for the "long-term" act, but then we got worried about back door deals that were being made by unscrupulous outsiders with small groups of Bougainvillean"s without any ABG checking or approval"", they said.

""We  also faced possible action by the National Government to take majority ownership of BCL, so we moved an interim mining law as quickly as we could to deal with these problems"", they said.

The next step for the ABG will be to conduct public awareness and consultation about the "long-term" draft act that is aimed to be finalized and passed by late this year or early 2015.

#18919: "We  also faced possible action by the National Government to take majority ownership of BCL" sagen "Acting President of the ABG, Patrick Nisira and Mining Minister, Michael Oni" ramumine.wordpress.com/2014/09/06/...les-long-term-mining-law/

PNG hält ~19%. Die werden vermutlich an ABG übertragen. Für die Mehrheit werden also noch mind. 31 % von Rio's Anteil (~54%) benötigt. Dann verbleiben Rio nur noch 23 %. Das ist noch nicht mal Sperrminorität.
Da sehe ich 2 Szenarien:

Rio geht ganz raus. Ohne Rio als 'Mutter' wird die Geldbeschaffung von ca 5 Mrd $ zur Wiederinbetriebnahme schwerer und vor allem teurer. Und ob Rio dann noch kompetente Mitarbeiter / Manager zu BCL gehen lässt? BCL wird dann einige Leute brauchen die wissen wie so ein riesen Projekt zu managen ist.

oder

Rio behält 25% + mind. 1Aktie und es werden (oder evtl. wurden bereits ?)  2-3% vom Streubesitz gekauft.  

Also ich halte meine Anteile. #2 klingt doch interessant. Da möchte ich doch sehen, wie ich herausgekauft werde. Jedenfalls ist mir der derzeitige Kurs etwas zu niedrig.Habe mit mehr gerechnet. Aber.....

,,,,,,, ABG........to take majority ownership of BCL...............

Ich frage mich aber was für Vorteile solll so eine Aktion dem ABG  bringen ? und vor allem welcher Big Player,  und es schaut doch so aus das nur  solch ein Partner die Kosten in dieser Größenordnung stemmen kann, wäre mit den angedachten Mehrheitsverhältnissen einverstanden ?
Was wäre mit den Kompensations Summen/Forderungen ? mal ganz abgesehen von dem fehlenden know how ein solches Projekt durchzuziehen.
Blieben noch die Chinesen oder gibt es noch andere Interessierte in dieser Liga ?

natürlich können die Aktionäre (hier Rio) von BCL auch eine Kapitalerhöung mit Ausschluss des Bezugsrechtes für Altaktionäre beschliessen. Für die Variante #2 geht es auch nur um ein paar %. Die Variante 2 ist bestimmt auch für alle Seiten das Beste: ABG hat mit der Mehrheit das Sagen und mit Rio einen starken Partner.

Hier gibt es ein Missverständnis: Das National Government ist die Regierung von PNG.

Siehe: en.wikipedia.org/wiki/Provinces_of_Papua_New_Guinea

Hier heißt es: Provincial governments are branches of the national government

Das ABG fürchtete also ein Übernahme von BCL durch die PNG-Regierung!

Gruß,

mike0575