Trading Bougainville Copper (ADRs) 867948

Clarification

im 707

"........ for an estimated $US35 million ($A37.26 million) in cash"

Da scheint dem Schreiber beim Preis ein kleiner Fehler unterlaufen zu sein. ;-)))).

http://www.miningnews.net/...p?storyid=798531430&sectionsource=s0

Rio offloads Eagle
Kristie Batten
Thursday, 13 June 2013

RIO Tinto has announced it will sell its Eagle nickel-copper underground mine in Michigan to Canada’s Lundin Mining Corporation for $US325 million ($A342.7 million).

An aerial view of the Eagle project. Courtesy Kennecott Eagle Minerals

The agreed purchase price comprises $250 million for the project, as well as expenditures of about $75 million between January 1, 2013, and the close of the deal.

Rio approved the $469 million development in June 2010 after the project was initially put on hold in 2008.

Construction is about 55% complete, with first production slated for the December quarter of next year.

The mine would have been Rio’s only nickel operation.

The sale is expected to be one of several this year for Rio, which, under new boss Sam Walsh, has flagged divestments.

Rio chief financial officer Chris Lynch said the sale demonstrated the company’s renewed focus and discipline on capital allocation.

“We are making good progress on a number of other potential divestments as part of our goal to achieve substantial proceeds from divesting non-core assets,” he said.

“We believe Eagle will have a sound future under its new ownership given Lundin’s commitment to the development of the project.

“Rio Tinto will continue to manage Eagle to the highest safety and environmental standards during the transition to the new owner.”

Annual production over the first three years of operation at Eagle is expected to average about 23,000 tonnes of nickel and 20,000t copper with additional by-product credits from precious metals and cobalt.

C1 cash costs are expected to just $2 per pound of payable nickel in the first three years due to high grades and by-product credits.

The project has probable ore reserves of 5.18 million tonnes at 2.93% nickel and 2.49% copper.

Lundin said total capital expenditure had blown out to $770 million with $355 million already spent.

The Toronto-listed company will fund the acquisition from its $250 million cash balance and a portion of its $350 million revolving credit facility.

“The acquisition of the Eagle Mine fits ideally within Lundin Mining's asset base and is the result of the disciplined approach we have been focused on for some time to acquire high quality, advanced stage assets in low risk, mining oriented jurisdictions,” Lundin president and chief executive officer Paul Conibear said.

“The Eagle mine represents a very unique opportunity to acquire a high-grade project which is under construction and expected to begin generating significant levels of metal production and cash flow prior to the end of next year.”

Lundin produces copper, lead, zinc and nickel from mines in Portugal, Sweden, Spain and Ireland.

Rio shares were last trading 1.6% lower at $A51.97.

Pre-conditions need to be met before Panguna reopens – landowner - Papua New Guinea Mine Watch
ramumine.wordpress.com
Radio New Zealand

Despite reports in the Papua New Guinea media that negotiations to re-open the huge Panguna mine on Bougainville are ready to start, a landowner leader says there are a number of pre-conditions that must be met first.

Lawrence Daveona has just been made the chair of an umbrella group representing the six land lease associations in the area affected by the mine.

He says the first of these pre-requisites is that each of these bodies be properly funded to undertake their work keeping their members informed.

Mr Daveona says the associations need money for staff, phones, vehicles and the other expenses.

"If ABG [Autonomous Bougainville Government] wants us to speed up the process of re-opening Panguna and to start off the negotiations they have to get ourselves properly established."

Lawrence Daveona says there will also need to be compensation and reconciliation and he doubts this can all be completed by the ABG"s projected start for negotiations in November.  

Zitat:

The newly-elected representative for landowner groups around Papua New Guinea"s Panguna mine on Bougainville says addressing the historic demands for 10 billion kina (A$4.5 billion) compensation will be a key part of his negotiations.

Rechne ich richtig? Sie wollen 4.500 Millionen A$ vorab???? (A$ 4.5 billion)  

so wie ich es verstehe, wollen sie nicht die 4,5 mrd vorab, aber zumindest vorab geregelt, dass sie im zeitablauf die 4,5 mrd erhalten .... kann m.e. auch in einem größeren sharenanteil bzw. größerem revenue-stake münden....  

Part of the negotiation.....

Was sollen sie auch anders sagen als mit Maximalforderungen in die Verhandlungen zu gehen. Gewerkschaften wollen doch auch immer anfänglich 7,x% und landen dann bei 2,x.  

könnten die nie wieder ausgeben!?  

............ funded.

http://www.rnzi.com/pages/news.php?op=read&id=76759

osted at 06:24 on 13 June, 2013 UTC

Despite  reports in the Papua New Guinea media that negotiations to re-open the  huge Panguna mine on Bougainville are ready to start, a landowner leader  says there are a number of pre-conditions that must be met first.

Lawrence Daveona grew up in Guava village on the lip of the open cast  mine and is closely related to Francis Ona who led the revolt against  Bougainville Copper Ltd that sparked the civil war.

Mr Daveona has just been made the chair of an umbrella group  representing the six land lease associations in the area affected by the  mine.

He says the first of these pre-requisites is that each of these  bodies be properly funded to undertake their work keeping their members  informed.

LAWRENCE DAVEONA: The issue of funding has been there for close to  two years, and really nothing has happened with the outstanding  commitments by ABG, a lot of money. But all that’s happened is this has  come to a non-attendance by the ABG on the ground. If ABG wants us to  speed up the process of reopening Panguna and to start off with the  negotiations, they have to get ourselves properly established.

DON WISEMAN: Once properly established, what happens after that? What’s the next thing on the agenda for you?

LD: That’s the second prerequisite to starting negotiations. It’s  what we call ’bel kol’ - it is the cultural compensatory practises that  we practise here for parties that have gone into conflict. And this has  to happen before any talks or renegotiation on the Panguna mine  reopening.

DW: What would the nature of the ’bel kol’ be in terms of  compensation? Because there has in the past, as far as the mine goes or  the damage, been discussion of many millions of dollars. Is that what  we’re talking about here or is that something different?

LD: No, this is something different. It is something to do with the  crisis in itself. And in this case the parties that must come into play  for funding this cultural compensationary practise, people on the ground  see it as the national government, the Australian government and the  New Zealand government. This is what they say at home. It is because the  Australian government supplied Iroquois helicopters during the conflict  and there were pilots who were flying these Iroquois helicopters. You  won’t believe this, but their way of reasoning all these things is not  the way you and I would understand and reason. So what they’re saying is  that the Australian and New Zealand and Papua New Guinea governments  would have to fund this ’bel kol’ customary practise arrangement, which  will kind of compensate the families of the deceased, the families of  the injured, the families of the PNG soldiers, security force soldiers,  that lost their lives or got wounded and are disabled now and all that.  So that’s the second prerequisite that my association is looking at. The  third is the outstanding compensation payments that BCL has not paid  for 1990 titleholders compensations. And BCL has agreed already to help  sort it out as soon as the details of the process as to how this payment  will be sorted out are agreed to between us, the ABG and BCL.

DW: Alright. And once that’s done, essentially, it’ll be a matter of agreeing to reopen the mine, will it?

LD: The fourth matter that we have not addressed, and we got sucked  up into the quick pressure from ABG to start talks on reopening Panguna  mine, is the reconciliation all over Bougainville. They say there’s  about 20,000 people that have died. At present, in Panguna mine pit,  there are some leaders from other areas of Bougainville who have been  killed and buried there. This reconciliation orders the return of the  bones, the remains of those buried there, to be undertaken. We cannot  really talk about the reopening of Panguna mine unless we attend to  these very important cultural practice requirements that our people  believe in.

DW: As it’s been said before, it will be a significant number of  years before that mine does reopen because there are all these stages to  work through first.

LD: Yes, yes, you are right. And our president is saying he’ll start  negotiating in November. But I don’t believe for one moment he’ll be  able to do that. And the actual reopening of Panguna mine may even take  up to 2015.

DW: Take up to what year, did you say?

LD: 2015.

DW: Well, that’s fairly close, isn’t it?

LD: If this prerequisite happened as soon as practically possible.  And the other major thing we have agreed to do for our own people is  this area of villages, which I did for 2 months in 2012, when I was on  leave, is properly educating our people as to the ways and how foreign  companies, major multi-million dollar companies, operate anywhere around  the world, and what we call ’global financial literacy awareness’. When  BCL came in 1972 and the first tonne of copper was shipped out and all  that. How companies operate is something new to our people. And for me,  at that time, too, at the university, there was really nothing I knew  about. The only thing I knew about was news that had a benefit to  myself. BCL was sponsoring me at the University of Papua New Guinea, but  after that, I soon realised this big monster had these tentacles almost  everywhere in the world. So it’s hard to explain this on the phone, but  I have actually done a lot of work as to how we can educate our people  in the villages to understand how multinational corporations actually  operate with their relationship with whatever company that they have  links with wherever around the world.

         

News Content © Radio New Zealand International
          PO Box 123, Wellington, New Zealand

 

MGU backs Panguna mine reopening

By WINTERFORD TOREAS

THE Me’ekamui Government of Unity (MGU) has also expressed its support towards the reopening of the defunct Panguna mine.
However, their stand is that-they want all outstanding issues to be sorted out first, including bel kol or compensation payments and the K10 billion compensation claim for environmental damages to be paid before the reopening of the mine can take place.
While speaking to the Post-Courier early this week, MGU vice president Philip Takaung warned that if the above conditions are not met, they will not allow the mine to kick-start its operations.
“We the people of Panguna are not against the reopening of the Panguna mine. We see that the reopening of the mine is a genuine cause and we are supporting the ABG’s decision to reopen the mine. But our stand is this, we want all outstanding issues to be sorted out first before the mine’s reopening can take place.
“We the leaders of Panguna want Bougainville Copper Limited (BCL) to first of all meet the K10 billion compensation claim. If this condition is not met, our stand is that the Panguna mine will not be reopened,” Mr Takaung said.
Mr Takaung is also calling on the Autonomous Bougainville Government to meet with MGU leaders to address pressing issues, including the resettlement issue of the Panguna people to avoid problems arising which could again lead to the closure of the mine’s operations.
“ABG is our legitimate government so we want them to come and meet with us and discuss where the 10,000 plus Panguna people will be relocated to before the mine’s reopening can take place. If our relocation issue is not addressed, then we will go back to square one,” added Mr Takaung.
Apart from this relocation issue, Mr Takaung said there were other issues that need to be addressed first but the ABG was still pushing for the reopening of the mine without addressing these issues.  

Unglaublich !!!!!!  

Bougainville: Landowner Revolution or Government Power Grab? -

Papua New Guinea Mine Watch

Bougainville: Landowner Revolution or Government Power Grab? - Papua New Guinea Mine Watch
ramumine.wordpress.com
The Autonomous Bougainville Government has announced that its mining legislation is a world-first attempt to recognise customary rights to minerals resources. But this claim does not hold up to serious scrutiny…

PNG Mine Watch | Islands Business magazine

It has been over a decade since the Bougainville Peace Agreement was signed, putting an end to a bloody conflict that killed between 10,000 and 20,000 people.

At the centre of the hostilities was the Panguna copper and gold mine operated by Rio Tinto subsidiary Bougainville Copper Limited. When landowners closed down the mine, following complaints over its socio-economic effects, Rio Tinto became embroiled in a bitter counter-insurgency campaign littered with serious human rights abuses.

Two decades later, the mine is now back on the agenda, and it appears Rio is set for a Bougainville return. To make way for this event, the Autonomous Bougainville Government (ABG) has been busy drafting mining legislation, with AusAID"s assistance.

Tricky business

This is a tricky business; Bougainville"s Constitution demands "recognition of customary rights of the People of Bougainville in relation to the land and the sea and natural, mineral and oil resources of Bougainville". Ceding real power to communities is something governments are loathe to do, but in the context of Bougainville, where a bitter armed struggle was waged by landowners for this right to control natural resources, the ABG is under significant pressure.

Not surprisingly then, the ABG announced in March 2013 that the proposed mining legislation would be a "world first".   In an interview with the ABG President, ABC Radio suggested that the draft bill, if passed, would allow "landowners and the government to share rights to sub-surface minerals".

According to the ABC report, "President Momis says landowners will have a power of veto over exploration and will also have a right to object once the development process begins".

Sounds pretty airtight, that is until one reads the actual draft bill.

At the exploration stage customary landowners do indeed have a right to object that is legally enforceable. On the other hand, at this very preliminary stage communities would have few indications as to the size of the deposit, their potential share of revenues and spin-off benefits, or the waste disposal methods. Whatever consent is given here, will be based off patchy information at best.

Once landowners have agreed to exploration, their control over the resource development is entirely at the ABG"s pleasure.

President Momis argues landowners have the right to object at the mine-development stage. They do, but it is not an enforceable right.

The legislation is very clear in this respect. If landowners object to the grant of a mining lease the ABG has the power to overturn their decision:

"The Autonomous Bougainville Government is by force of this section empowered to override the requirement for the consents referred to in subparagraphs (1)(b)(i),(ii) and (iii) [these subparagraphs deal with landowner objections to the granting of a mining lease]".

That said, section 14 of the draft legislation does acknowledge "disputes about minerals involving the owners of customary land are to be resolved, so far as practicable, by consensus". There is, therefore, a responsibility incumbent on the ABG to negotiate with landowners – but if agreement can"t be reached, customary owners can be sidelined.

Additionally, the Bougainville government has reserved for itself other sweeping powers. For example, they possess the exclusive legal right "to determine the amount, and the allocation, of revenue from the development of minerals". Also, the ABG is set to become kingmakers in mine areas. Section 20 of the draft Act states that the "Bougainville Executive Council may from time to time approve one or more organisations to represent all or some of the owner:  (a) of customary land that is the subject of an application for a mining lease; or (b) of customary land that the Council is satisfied is likely to be the subject of an application for a mining lease".

It would appear the big winner out of the proposed legislation is not customary landowners, but the ABG. Once consent has been given to exploration, all the cards are in their hands, they can determine the distribution of revenues, they can overrule objections, and they can determine who represents landowning communities.

In a March 2013 explanatory document, the ABG justify this power-grab on paternalistic grounds. It is necessary, they argue, in order to "protect the interests of the customary landowners so they are not exploited by corrupt outsiders". While in a speech to parliament, President Momis added that the ABG"s wide-reaching powers were needed "to promote equitable development, protect our society, culture and environment, and protect the interests of our future generations".

Perfect storm

It would appear a perfect storm of sorts has come Rio Tinto"s way. A government intent on its return, is now set to assume full responsibility for mining related decisions. Meanwhile landowner communities have been told to mute their criticisms of Rio Tinto"s past complicity in serious human rights abuses. Mine revenues must begin flowing, the ABG claims, or autonomy/independence will be put into peril.

Much the same was said in the 1960s, when landowners expressed concerns over the proposed Panguna mine, except then it was Papua New Guinea self-government whose fiscal future was at stake. And like now, the colonial administration justified its approach through appeals to the "greater good", and paternalistic notions of protecting the "natives". Using the same neo-colonial rhetorical tricks may bring about the mine"s reopening, but it puts at risk Bougainville"s peace and the region"s security.

It would appear the draft legislation is far from revolutionary, it recognises what is already defacto practice in Papua New Guinea, and falls short of the onerous requirements envisaged in Bougainville"s Constitution.  

@ nekro....


... And the actual reopening of Panguna mine may even take  up to 2015.

DW: Take up to what year, did you say?

LD: 2015.

DW: Well, that’s fairly close, isn’t it?......

....wenn das kein Versprecher ist und als realistisch eingeschätzt werden darf, Motto
-the land of the unexspected- müßte eigentlich das dafür benötigte technische Equipment schon vorsorglich in Auftrag gegeben worden sein. ;-))))

In diesem Zusammenhang: wurde eigentlich schon etwas bekannt bzgl. möglicher Kontaktaufnahme mit dem ehemaligen  alten Management  sowie Ingenieure, Geologen,Lieferanten, Facharbeiter usw. vor Ort als auch Welt weit??? Das  kann ja nicht gänzlich im Geheimen und unbemerkt ablaufen.

Oder wollte LD mit dieser Bemerkung nur unterstreichen das ab jetzt BCL den Ball hat ??????  

.............Post Crisis - Kabui accepted (without mandate from the people) K20M from INvincible in return for mineral rights.

Weitere uf Boug. realistische Beträge:

http://bougainville.typepad.com/newdawn/2013/06/...mens-developm.html

130613INCLUSIVE RELEASES FIRST 400 THOUSAND
By Aloysius Laukai

The much talked about WORLD BANK sponsored women’s development fund, INCLUSIVE DEVELOPMENT in Post Conflict Bougainville, Small Grants for Community Development this afternoon presented FOUR HUNDRED EIGHTEEN THOUSAND KINA to the first successful applicants in Buka this afternoon.
Fourteen Women’s projects received cheques for their approved projects to be implemented in Kunua, Selau, Suir, Atolls districts.
The women groups are MOUNKOTO WOMEN’S Group from HAGOGOHE COE who has received 35,763 KINA.
HAHALIS HEALTHY COMMUNITY CONCEPT from HALIA COE also received 37,700 KINA.
MALASANG NUMBER ONE WOMEN’S Group from TSITALATO COE received 37,155 KINA.
HAHELA CATHOLIC WOMEN’S GROUP has netted 50,000KINA.
SAPUT WOMEN’S CARE GROUP in TSITALATO also received 45,640 KINA.
PETATS COMMUNITY WOMEN’S GROUP from TONSU COE also has 50,000 KINA.
KEPUI WOMEN’S GROUP from TEUA COE received 44,782KINA.
TAIOF CATHOLIC WOMEN’S GROUP in MAHARI COE received 40,891 KINA.
DORCAS SDA WOMEN’S GROUP from Gohi village SELAU received 39,574 KINA.
GATEWAY WOMEN’S GROUP also in SELAU received 41,000 KINA.
ARAVIA WOMEN’S GROUP in SUIR also received26,991KINA.
ATOLLS WOMEN’S GROUP received 48,367 KINA.
KOKOPAU CLC WOMEN’S MINISTRY also benefited from funds totalling 50,000 KINA.
New Dawn FM understands that from a total of 600 applications only 41 will benefit from the Inclusive Development Small Grants scheme which officially ends on March 2014.

Ends

Posted at 12:47 AM | Permalink  

" technische Equipment schon vorsorglich in Auftrag gegeben worden sein."

......wäre wohl etwas verfrüht da man statt Tagebau wohl eher auf Block cave mining übergehen wird.Dazu sind viel tiefere Bohrungen nötig.(Die historischen Drills wurden nur bis zur damals im Open Pit möglichen Tiefen ausgeführt) Ein Resourcen Up-grade ist somit mehr als wahrscheinlich.

https://www.google.lu/...AE&ved=0CDQQsAQ&biw=1134&bih=491

Einige im Boug. Chat aktiven Ex-BCL Mitarbeiter schreiben dass sie ihre Kandidatur schon vorsorglich eingereicht haben.

Eine "sichere Quelle" gibt an dass sich PT schon über Frachtpreise u. Ladekapazitäten für grössere Transporte informiert hat.(Bohrgeräte?)

http://www.menafn.com/...ougainville-Regarding-Mining-Policy?src=main


Morumbi Resources Inc. Reports on Positive Developments on Bougainville Regarding Mining Policy

TORONTO, ONTARIO, Jun 14, 2013 (Menafn - Marketwired via COMTEX) --

--Bougainville Executive Council affirms that mineral rights on
Bougainville belong to the customary landowners in line with the
requirements of Section 23 of the Bougainville Constitution and that the
role of the Government is limited to that of a custodian




Morumbi Resources Inc. ("Morumbi" or the "Company")is pleased to report positive developments on Bougainville withrespect to the formulation of mining policy. A Bougainville miningpolicy is a condition precedent under the 2004 BougainvilleConstitution in order to demonstrate Administrative Capacity for thedrawdown of full powers over mining to the Autonomous BougainvilleGovernment ("ABG") from Papua New Guinea. This process is a preludeto lifting the moratorium over mining on the island and the issuingof exploration licences.

After months of stalemate on the island with respect to the coreissue of mineral ownership, the Bougainville Executive Council (ABGCabinet) ("BEC") on June 11, 2013 accepted and formally endorsed therecommendations of the joint ABG and Bougainville Resource OwnersRepresentative Committee ("BRORC") technical teams in a briefing tothe BEC - that the true intentions and meaning of Section 23, is tobe implemented - to return the ownership of minerals to the customarylandowners as required under the Bougainville Constitution.

The BEC has fully endorsed the work in progress between thestakeholders, and has subsequently given drafting instructions forthe new Mining Act to be formulated. The President is insistent thatthe process be expedited and that the September sitting of the Housebe targeted for a Bill to be ready. In the event that the Bill isready beforehand, the President indicated that a Special Sitting ofthe House could be called.

Reproduced is a report by News Content Copyright Radio New ZealandInternational:

Bougainville's Momis says talks with former army leader going well

Posted at 19:01 on 10 June, 2013 UTC

The President of the autonomous Papua New Guinea province ofBougainville, John Momis, says good progress is being made in talkswith the former leader of the Bougainville Revolutionary Army, SamKauona.

Earlier this year Mr. Kauona was strongly critical of thegovernment's planned mining legislation, suggesting it was beingwritten by an Australian academic, and local Bougainvilleans had noinput.

Mr. Momis has stressed Bougainvilleans will have a say and will playleading roles in the sector.

He says both men have since been meeting to talk and discuss theissues.

"And in a spirit of collaboration and spirit of reaching an agreementthat will get Bougainville on its feet again we have come a long way,in fact, we met again today (Monday (June 10)) and tomorrow (Tues(June 11)) we will continue. I am very happy with the progress we aremaking."

In a subsequent statement Sam Kauona said; 'I and other stakeholderssalute the President for showing great leadership by listening to theconcerns of the resource owners and Bougainvilleans generally, andfor directing that resource owners, ex-combatants and Bougainvilleansbe represented to provide direct input and participation in thedrafting of the Mining Policy and Mining Act. We are fortunate tohave Ezekiel Masatt to head up our technical team."  

nicht unglaublich,sondern perfekt

Ich hier im Forum vor kurzem einen Artikel über eine schwedische Mine rein gestellt,bei welcher auch die Einwohner zum Wohle des Volkes umgesiedelt wurden.

Das ist perfekt,das sich die Einwohner von der Panguna damit beschäftigen,damit wäre der weg frei für Mining ohne Störungen,ala Schweden. Da läuft alles supie.

Für ein großer positiver Meilenstein.  

http://copperinvestingnews.com/...m=0_f83d87db0f-db8f63db32-240700777

Thursday June 13, 2013, 3:30pm PDT

By Vivien Diniz - Exclusive to Copper Investing News
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Supply Concerns for Copper

Typically, copper prices find support when supply concerns hit the market. However, lately the dark cloud looming over copper is not letting up. Despite the occasional uptick in price, the red metal is being dragged down by the usual suspects: fears that central banks will curb their stimulus programs and worries that China’s economy is headed for a contraction.  

But with supply concerns on the horizon, the copper market could be looking at some positive price movements if it can overlook these economic factors.

Force majeure

In a continuation of the ongoing saga at Freeport-McMoRan Copper & Gold’s (NYSE:FCX) Grasberg mine, the company declared force majeure this week, sending the copper price back up from a one-month low. Three-month copper checked in at $7,190 per metric ton (MT) in London, a gain of 1 percent. Freeport’s force majeure on its shipments of concentrate from Grasberg is not a surprising move following a mid-May tunnel collapse that killed nearly 30 workers. Companies will declare force majeure whey they cannot meet obligations beyond their control. However, with the mandate in place, global copper supply is taking a hit of nearly 3 percent of average daily copper output for the year, according to Bloomberg. For Freeport, the stoppage equals a reduction of 3 million pounds of copper and 3,000 ounces of gold per day on top of the 80 million pounds of copper and 80,000 ounces of gold production that it lost between May 15 and June 11.

Trade union workers at the mine who have been carrying on with maintenance at the facility since the accident are threatening to stop work indefinitely on Friday June 14 if the company does not suspend those suspected for being at fault for the deadly tunnel collapse.

Mining Weekly reported that a letter sent to Freeport’s management on Monday singles out five company officials suspected of being responsible for the accident. “They have to be sent home while the investigation on the cause of the accident is still under way,” union official Virgo Solossa told the publication.

The company employs about 24,000 workers, the majority of whom belong to the union. If Freeport cannot come to an agreement with the workers, the companies fears that “[a]ny walkout could delay the eventual resumption of production at the mine and further strain ties between the two sides after a three-month strike in late 2011.”

Rio Tinto jumps the gun

The invitations were sent. Journalists and traders from all over were invited to attend a ceremony on June 14 at Rio Tinto’s (NYSE:RIO,ASX:RIO,LSE:RIO) $6.2-billion Oyu Tolgoi copper mine in Mongolia to celebrate the mine’s first shipments of copper. With the stoppage at Grasberg, Oyu Tolgoi coming online couldn’t have been more perfectly timed. Except it won’t be happening — at least not on June 14. Rio called the whole thing off late on Wednesday. Though the company is still expecting to start shipments before the end of the month, it is currently missing the final clearance from the government before it can move forward, Reuters reported.

Market watchers have been keeping an eye on the Oyu Tolgoi mine, waiting to see how new regulations and concerns raised by the government over the mine play out. Oyu Tolgoi is important for Mongolia, expecting to account for one-third of the country’s economy by 2020. The mine is also important for Rio, which is looking to branch out from its dependence on iron among other small assets.

Beyond its false start at Oyu Tolgoi, Rio has been dealing with problems at the Bingham Canyon mine in Utah. In April, a landslide at the mine send 150 million MT of material down the northeastern wall of the mine, causing a shutdown at the concentrator and reducing smelting and refining operations. The company expects to produce 100,000 MT of copper for the year.

BHP moves in

The string of shutdowns has given mining giant BHP Billiton (NYSE:BHP) the perfect environment to negotiate a better deal for processing its copper concentrate. The company has agreed to a rise of roughly 3 percent in the fees it will be paying Japanese smelters to process its copper concentrate for the second half of the year.

BHP has agreed to terms at $72 per MT and 7.2 cents per pound. Stephen Briggs, analyst at BNP Paribas in London, told Mineweb that he has “no doubt the higher fees largely reflect the losses from Grasberg and Bingham Canyon, especially Grasberg.”



Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.

Tags: BHP, copper production, Freeport-McMoRan Copper & Gold, Indonesia, Japan, mongolia, NYSE:RIO, Rio Tinto, Utah

von BOC  

Morumbi Resources Inc. Reports on Positive Developments on Bougainville Regarding Mining Policy
by ramunickel
MENAFN

Bougainville Executive Council affirms that mineral rights on
 Bougainville belong to the customary landowners in line with the
requirements of Section 23 of the Bougainville Constitution and that the
role of the Government is limited to that of a custodian




Morumbi Resources Inc. is pleased to report positive developments on Bougainville with respect to the formulation of mining policy. A Bougainville mining policy is a condition precedent under the 2004 Bougainville Constitution in order to demonstrate Administrative Capacity for the drawdown of full powers over mining to the Autonomous Bougainville Government ("ABG") from Papua New Guinea. This process is a prelude to lifting the moratorium over mining on the island and the issuing of exploration licences.

After months of stalemate on the island with respect to the core issue of mineral ownership, the Bougainville Executive Council (ABG Cabinet) ("BEC") on June 11, 2013 accepted and formally endorsed the recommendations of the joint ABG and Bougainville Resource Owners Representative Committee ("BRORC") technical teams in a briefing to the BEC - that the true intentions and meaning of Section 23, is to be implemented - to return the ownership of minerals to the customary landowners as required under the Bougainville Constitution.

The BEC has fully endorsed the work in progress between the stakeholders, and has subsequently given drafting instructions for the new Mining Act to be formulated. The President is insistent that the process be expedited and that the September sitting of the House be targeted for a Bill to be ready. In the event that the Bill is ready beforehand, the President indicated that a Special Sitting of the House could be called.

ramunickel | June 15, 2013 at 11:24 am |  

........In the event that the Bill is ready beforehand, the President indicated that a Special Sitting of the House could be called.

....lässt darauf hoffen dass es auch ganz "unexpected" etwas schneller gehen könnte. ;-))

http://www.rnzi.com/pages/news.php?op=read&id=76811

Bougainville to set up security academy with Australia’s BRI

Posted at 19:09 on 16 June, 2013 UTC

Bougainville is to team up with an Australian security company as it strives to improve law and order in the autonomous Papua New Guinea province.

An under resourced police force is seen as the key reason lawless remains a deterrent to investment and other activity.

The president John Momis says while the government is now starting to take greater control and get into a position to enforce their laws and policies, there is a need for more training for police.

And he says to complement that work they intend training former combatants as security personnel, through a joint venture with Australian firm, BRI.

   “We will set up an academy or a training school for ex-combatants and other civilians to be our security people. The standard will be Australian standard - we don’t want any mediocrity. They will not take the role of the police by the way, they will collaborate and complement the role of the police.”

The President of Bougainville John Momis.

News Content © Radio New Zealand International
PO Box 123, Wellington, New Zealand

ainville oder Morumbi reinstellt, desto mehr schmiert der Kurs ab.
Also - entweder noch eine Grossaktion - dann hat es sich endgültig erledigt, oder mal ne Pause machen, dann macht der Kurs vielleicht auch mal ne Pause.

Habt doch Mitleid mit den armen Gläubigen hier in der BOC-Kirche.

was ist heute los? Feiertag ist keiner.... steht was besonderes an?  

...........vor dem Sturm ;-))))

http://www.radioaustralia.net.au/international/...ougainville/1146994