Momis wants to re-open Panguna mine
Published: 14 April 2015
Es wird spannend, Steuerstreit mit PNG beigelegt,Rückzahlungszusagen,Übernahmegerüchte,Versöhnungsfeiern,Präsidentschaftswahlen,Unabhängigkeitsbestrebungen Bougs.
Ein kontinuierlicher Vol. u. Kursanstieg über die letzten Wochen lässt eine positive Stimmung erkennen. Die Tiefs sollten überwunden sein.
BUKA, (PNG LOOP) - If Bougainville’s caretaker president John
Momis is re-elected in next month’s elections his government will
immediately begin discussions on re-opening the Panguna mine.
The huge mine was the catalyst for the civil war that engulfed the Papua New Guinea autonomous region for much of the 1990s.
Momis says a resumption of mining is the only way Bougainville can
become economically viable and meet the conditions for a referendum on
independence which must be held by 2020.
He says with the new Mining Law now in place guaranteeing local
landowners control of their resources he is confident Bougainville can
safely resume mining.
“After the election we will be taking immediate steps to talk to Rio
Tinto [the parent company of Bougainville Copper Ltd, which had operated
the Panguna mine]. We will find out whether they are interested. If
they are not we will try another company. Look you know, we can try
others, said Momis
“The Autonomous Bougainville Government (ABG) has been deeply concerned
at the possibility that Rio and PNG might be contemplating trading
shares in BCL. The only valuable asset that BCL has is its limited
rights over minerals at Panguna. Trading in Bougainville’s minerals
between Rio and the Australian colonial Administration occurred in the
1960s, without any reference to Bougainville. We cannot allow a new form
of colonial dealings in Bougainville’s resources to occur.”
President
John Momis has called for the Prime Minister O’Neill and the global
mining giant , Rio Tinto, to reveal any dealings between PNG and Rio
Tinto in Rio Tinto’s shares in Bougainville Copper Ltd (BCL).
Rio
Tinto is the majority shareholder in BCL, with 53 per cent equity. In
August 2014, Rio Tinto announced a review of its investment in BCL.
The President said:
“For
over a year now, Prime Minister O’Neill has expressed interest in the
National Government taking control of BCL. He proposes that PNG operate
the Panguna mine in Bougainville in the same way it operates the Ok Tedi
mine. The Prime Minister expressed that view to me early in 2014, and
to members of the Bougainville group known as the Me’ekamui Government
of Unity.
“In 2014 I made two strong statements against the Prime
Minister’s proposal, the most recent dated 11 December. In that
statement, and in a letter to the Prime Minister of 11 December, I made
it clear that all decisions about mining in Bougainville must be made by
the Autonomous Bougainville Government. I also spelt out that it would
be completely unacceptable to Bougainvilleans for the National
Government operate the Panguna mine.
“The
Prime Minister replied in a letter dated January, but not received by
me till late March. Amongst other things he said the National Government
had no intention of taking control of the Panguna Mine.
“But as
yet unconfirmed information available to me indicates that the National
Government may be planning to purchase the Rio Tinto 53 per cent share
in BCL. The National Government has always held 19.3 per cent of the BCL
shares, and so if it takes Rio’s shares it would own over 72 of the
equity.
“On 20th March, I wrote to BCL, seeking advice from
either BCL or Rio Tinto, about the whether such share transactions
between Rio and PNG were under discussion or preparation. I received a
brief reply from Rio, addressed to BCL but passed on to me, dated 23
March.
The letter simply stated that ‘Rio Tinto … was reviewing
its options with respect to its stake in Bougainville Copper Limited.
This review is continuing.’
“The Autonomous Bougainville
Government (ABG) has been deeply concerned at the possibility that Rio
and PNG might be contemplating trading shares in BCL. The only valuable
asset that BCL has is its limited rights over minerals at Panguna.
Trading in Bougainville’s minerals between Rio and the Australian
colonial Administration occurred in the 1960s, without any reference to
Bougainville. We cannot allow a new form of colonial dealings in
Bougainville’s resources to occur.
“Secret dealings of this kind
are completely unacceptable to the people of Bougainville and so the
ABG. It would be equally unacceptable to the people of Bougainville for
the National Government to try to take control of Panguna. As I said in
my public statement in December: ‘Any attempt by the National Government
to control mining in Bougainville could cause Bougainvilleans to lose
all faith in the BPA (Bougainville Peace Agreement). Many would refuse
to work with the National Government any more. They would want immediate
independence. It would be a recipe for undermining, perhaps even
destroying, support for the BPA.’
President Momis said that as a
result of the gravely serious issues involved, he was now calling on
both the Prime Minister and Rio Tinto to clarify the position: ‘They
must state publicly and clearly whether or not either of them is
planning, or is in any way involved, in preparing for or conducting, any
transaction involving transfer of Rio Tinto’s shares in BCL, either to
the PNG Government or to any entity controlled by or involving PNG’.
The
President also said that as a result of ABG mining laws passed in
August 2014 and March 2015, the only legal right BCL has in Bougainville
is an exploration licence over the former Special Mining Lease at
Panguna. He said:
“That exploration licence is intended to put
BCL in the same position as any exploration licence holder that has
completed exploration, and wants to apply for an negotiate about
possible grant of a mining licence. It gives BCL a right to negotiate
the conditions on which it might be allowed to resume mining, but only
if it gets permission from both customary landowners and the ABG.
“It
is normal for mining laws to allow withdrawal of an exploration licence
if there are any commercial dealings in the licence in the first two
years after it is granted. In passing the Bougainville Mining Act 2015
in March, the ABG House of Representatives amended section 112 of the
Act to make it clear that dealings in more than 25 per cent of the
shares in any company holding an exploration licence will also allow
withdrawal of the licence.
“Both Rio Tinto and the Prime Minister
need to be aware that transfer of Rio’s shares in BCL in the two years
since BCL’s exploration licence came into operation, in August 2014,
will result in action to withdraw that licence. In the meantime, I call
on them to clarify the issues I am raising in this statement”
Chief John. L. Momis
Dazu der chin. Übernahmeversuch von Frieda-Riverr
April 15, 2015 · 1:23 pm
Foreigners barter for control of Frieda river mine while landowners have no say
Big profits to be made in this foreign auction of PNG resources – but none of that money will filter back to PNG…
Will the Chinese or the Australian's get to destroy the Frieda river?
Will the Chinese or the Australian’s get to destroy the Frieda river?
PanAust Rejects New A$1.1 Billion Guangdong Offer as Too Low
James Paton | Bloombeg
PanAust
Ltd. rejected a new bid from China’s Guangdong Rising Assets Management
Co. that valued the copper producer at A$1.1 billion ($840 million) as
too low.
Guangdong Rising, PanAust’s largest shareholder, should
pay more than A$1.71 a share if it wants to boost its ownership, the
Brisbane-based company said Wednesday. PanAust rose as much as 0.9
percent to A$1.755 in Sydney trading.
“With PanAust’s share price
now trading above the GRAM offer price, it suggests that the market
also agrees with this view,” according to the statement. The PanAust
board is open to talking with the state-owned Chinese investor to
determine whether the two sides can agree on a price, the company said.
Guangdong’s
cash offer, 40 percent higher than PanAust’s share price before the bid
last month, is “unconditional and not subject to the board’s
recommendation,” the Chinese company said in a separate statement.
The
cash bid in March was unsolicited and made when both the producer’s
shares and copper and gold prices were trading at or near five-year
lows, PanAust said at the time.
PanAust, seeking to develop one
of the world’s largest undeveloped copper and gold deposits at Frieda
River in Papua New Guinea, last year rejected Guangdong Rising’s
previous offer of A$2.30 a share
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