There is widespread agreement today that Bougainville’s economic future needs mining if it is to be able to fund services for the people from its own resources, as well as address future opportunities for economic and social development. A re-commencement of mining at Panguna cannot take place unless all parties: the Landowners, the Autonomous Bougainville Government, the National Government of PNG, and BCL, are acting in close accord, now and into the future.
Funding and sovereign risk assurance for the project will require a united effort. There will need to be a fair and stable regulatory regime that gives investors the confidence needed to commit to a project that will cost in excess of US$3 billion.
It is pleasing to note that Landowners and others in nine areas most closely affected by the mine’s operations, including Panguna, the tailings areas, Arawa, and the road and port leases, have all but completed the formation of legally-based associations capable of providing genuine representation to the process of reviewing the Bougainville Copper Agreement. The process of incorporation, which involves both legal and customary commitments, is most welcome, and should bring us closer to the capacity required to review the BCA to the benefit of all stakeholders. It is a process conducted by the Landowners themselves with the support of the Autonomous Bougainville Government and President Momis, and without the participation of BCL.
Prime Minister Peter O’Neill has confirmed in the Parliament that BCL has, by right of the BCA, permits to operate at Panguna for a further 21 years from 2011. There are also encouraging indications that funding for Bougainville and the drawing down of powers to the ABG including the power to license and regulate mining will be invigorated under his government.
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