Trading Bougainville Copper (ADRs) 867948

antstieg sollte das Gab vom 27.12.13 zum 30.12.13 in Fra.0,288 auf 0,309 erst geschlossen weden.
https://www.cortalconsors.de/euroWebDe/-  

... aber nach unten hin wenig abgesichert. Da ist man recht schnell wieder in den Mit-Vierzigern und zwar nicht in Euro-Cent sondern AU-Cent.

Aber hoffen wir das Beste.... So wie seit Jahren halt. ;-)  

und es wird wieder nach oben gekauft.
Bei Bougi legen sich schon immer wenige Leute eine Limitorder.
Meistens wird bestens gekauft.
Nach oben ist ja im Orderbuch auch nichts drin.
Ich gebe folglich nichts aufs Orderbuch.  

da gebe ich LOPF recht, solange die Ausalndsorder täglich gelöscht werden, ist die Aussagekraft sehr gering.
Und welche Spile mit den Order schon gemacht wurden , da kennen wir ja...
 

............das momentan noch sehr geringe Interesse an BOC.Ein paar Käufe aus dem ASK in AU (gerade mal 60k) lassen den Kurs  ohne den geringsten Verkaufsdruck um 20% ansteigen.Die Reconciliation incl. Belcol (Austausch von "Geschenken") zwischen Boug. u. BOC die Verabschiedung des Mining Act durch das ABG u. die Uebertragung der Miningpower (+BOC Shares) durch PNG ans ABG sind in Vorbereitung. Jetzt heisst es gemütlich den BIGBOCBANG abwarten. ;-))))

das siehst du ganz richtig...
Viele Aktien sind jetzt in festen Händen... woher der VK-Druck herkommen soll ist mir nicht ganz klar...die Zittrigen sind doch schon lange weg...
und die Rein-Raus-Typen haben die Lust verloren...wahrscheinlich nach dem Motto: Den letzten haben die Hunde gebissen...
der ist nun BOC-Aktionär wider willen :))))
aber sobald sich das Blatt wendet werde sie wieder kommen ...die RR-Typen...und dann noch jene, welche sich bereits über 50 % freuen...und die Aktie verkaufen...weil man ja den Spatz in den Händen halten will...
ach... wie lange bin ich schon im Geschäft...  

...............bekommt man aktuell die ca. 100 USD/ Share Pangunareserven noch im Angebot für gerade mal 10 cts.(0,1%) Die zustzlichen 7 Lizenzen gibt es gratis dazu ;-)))))))

27.02.2014
Source: Post-Courier


By WINTERFORD TOREAS

TWO Bougainville-based organisations responsible for conducting environmental preservation programs and the development of eco-tourism industry have been chosen as recipients of funds earmarked for developmental assistance and sustainability of their projects. The Paruparu Conservation Group and Rotokas Eco Tourism will receive a total of $US200,000 (K450,000) from the United Nations Development Program’s global environment facility, small grants program .
The grants program is a world wide fund that assists small community based organisations to protect and preserve their natural environment. The Paruparu Conservation Group will receive $US150, 000 over the next three years while $US50,000 will be given to the Rotokas Eco Tourism. The national co-ordinator of the program at the UN Office in Port Moresby, Tamalis Akus, said she was very pleased that funds have been approved for Bougainville.
“The two proposals were the best written proposals we have received,” Ms Akus said, before encouraging other small conservation and environmental groups to enquire about support. The Paruparu Conservation Group will be using this fund to develop and teach sustainable farming methods and develop village level technologies for micro electricity supply.
Their chairman, Charles Mikua, said he was extremely pleased to receive the financial support for this project. “This has taken a long time and a lot of work to receive this funding and we must be sure to use it wisely and carefully,” Mr Mikua said. Rotokas Eco Tourism is currently working to develop and promote ecotourism in the Wakunai and Torokina Districts especially along the Numanuma Peace Trail.
While thanking the UN for their funding assistance, their representative Junias Repiriri said this funding will greatly help them in educating their communities on the benefits associated with the trail. “We are pleased to receive this funding. It will help us work with and educate the community to maximize the benefit and sustainability of ecotourism to communities along the trail.”
Chief Technical Advisor of the UN Development Program in Bougainville, Anthony Agyenta, said he was pleased to have brought this funding to Bougainville. He said the funding enables the UN to partner with communities to undertake environmental work, and communities are expected to provide the same ‘dollar value’ in labour and local effort as the program is providing in funding.
Mr Agyenta emphasised that communities should not be looking to get payouts from this money, but should be working together to maximize the impact that will be reaped from this assistance. Both conservation groups are also thankful for the support and assistance provided by the Autonomous Bougainville Government, especially the newly formed Bougainville Environment Bureau.
Paruparu also has a close partnership with the Bougainville Education Division while Rotokas has already made links with the Bougainville Division of Culture and Tourism. The New Zealand organisation Volunteer Service Abroad will also be assisting the Rotokas by providing a one year volunteer placement to assist with the program.

 

wer hat sich denn jetzt gerade die 29000 in frankfurt geschnappt?
du wollte ich mir gerade noch einverleiben.
jetzt bekomme ich nur noch 5000 zu 0,38  

in Sydney nur 14000 aus dem Ask gekauft und
in Deutschland wieder 130000!  

........0,60 AUD = 0,3923 EUR ist immer noch Platz ;-)))))

sehe ich ähnlich.

Heute Nacht wirds vermutlich in AU wieder abwärts gehen. Die Umsätze für den Anstieg sind sehr klein und der GB hat ja nun wirklich keine bahnbrechenden neuen Infos bereitgestellt.
 

New post on Mekamui News
                    
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Meeting with former BCL Mine Manager: Johannes Van Der Linden and his wife Emmy, Both of whom lived on Bougainville for 20 years.
by mekamui

By Daniel Jones 23/2/2014

While organising Clive’s film screening in Sydney I got a call from a Mr Johannes Van Der Linden claiming to be a former BCL mine manager at Panguna. He expressed interest in coming to the film night in Sydney but was worried he might be beaten up by what he suspected was a group of anti mining communist hardliners perhaps. I assured him he would be welcome to attend and would not be abused but he didn’t make it to the film night.
Copper map of Bougainville

Copper map of Bougainville

I contacted Johannes and suggested a visit, which he accepted, so Clive and I went along to their house in Austinmer. Upon meeting Johannes and his wife Emmy we were shown some of the beautiful carvings and artefacts from Bougainville including a hand-made hard wood dining table with double legs, very nicely made. He believed in the great potential for unique Bougainvillean made furniture with their prized rain forest timbers, something worth involving in their economy and trade links.
Table make in Bougainville

Table make in Bougainville

After expressing that our views maybe different Mr Van Der Linden told me of his work as a BCL mine manager, first in Analytical Services Department then Analytical and Environment Services and later in Corporate Services toward the end. He said he was “one of the first there and one of the last to leave”. He worked with Louis Togovono at the time, a very switched on Bougainvillean man, whom I had become familiar with from online forums. Johannes said “We want to have the same outcome an opportunity for the population to achieve their full potential and sustainable future for the people of Bougainville. We may not agree on how this can be achieved and both points of view should be discussed. I am not representing Rio Tinto, my only interest is in the future of the Bougainvilleans. Louis should play part in this”.
Johannes opinion is that; “for the people of Bougainville to achieve their full potential it is essential to reopen the Panguna mine to provide an income and capital to develop agriculture other local businesses and provide funding for infrastructure health and education. At present 85% of the funds to pay for these service comes from the PNG Government and International aid. Some of the best agricultural land on Bougainville is owned by foreigners. The population of Bougainville increased from 50,000 to 75,000 between 1970 and 1989, now it is 200,000. The people of Bougainville have a great capacity to technical work and the opportunity should be given to further develop this. A significant number of BCL trained tradesmen and professionals are working all over the world because their skills are recognised. All the positive issues instigated by BCL have not been recognized such as the infrastructure such as roads, Arawa town, the training of many young Bougainvilleans, the friendships between the local people and expatriates. Most expatriates which were mostly Australians recognised that the part of the income paid to the PNG Government was inadequate and this would have been renegotiated the year the uprising started. Of course the People of Bougainville, not just the landowners should get the benefits and there should be consensus within the population based on facts to recommence mining”.
Carving from Bougainville

Carving from Bougainville

He told me of his work, often but not always with Rio Tinto, from around the world including South Africa, Indonesia and Mongolia, mostly benefiting the mining Industry as a chemical engineer but he also worked at Port Kembla’s Southern Copper, the 200 metre high stack there was demolished only last week. Surprisingly this is where he also worked with Louis Togovono. Mr Van Der Linden supports Louis with admiration of his high standing and capacity for leadership. It was news to us that Louis is the son of Sir Paul Lapun, a Ministerial Member of the House of Assembly (1965) with an extensive political career but was also an early fighting voice against the land and resource theft occurring on their Island. This is evident in the interview documentation with Sir Paul Lapun (1988) provided courtesy of Dr Lasslett on a forum.
Good news as I find Louis certainly expresses intelligent resolve on forums of issues affecting Bougainville, sharing solutions to many economic and environmental problems within Bougainville that don’t necessarily involve mining. Examples include premium coconut oil production and chocolate production facilities. After learning what works and what doesn’t from mega mining projects and turning the other way Louis had thought he had left Rio Tinto only to find out they had bought his current workplace, such is the nature of capitalism. It is fortunate that Mr Togovono has so much knowledge and experience to offer his motherland and peoples in many areas of expertise especially alternatives to large scale mining and directions in agriculture and renewable energy.
Another Carving from Bougainville

Another Carving from Bougainville

In Louis’s own words “Bougainville at present does not have the capacity to deal with mega projects, the politicians there think they do. Maybe they need to go out and get a job overseas and learn how much government effort is required to keep these people in line. I prefer small mines or artisanal mines for starters and build up capacity that way. Better still focus on agriculture and the others renewables. One big hole in the tropics has far reaching consequences due to the wet conditions. It is also my view that some of the public servants and politicians dealing with BCL at the local level are seriously out of their depth. Thats why we have seen a fragmentation rather than a unification of the landowner associations. There some are incisive and divisive characters amongst the local players. And one of the biggest qualification they need is the gift of listening…no just hearing, but actually listening to the little people on the ground”.
Garamunt from Bougainville

Garamunt from Bougainville

Over coffee Johannes admitted that things went wrong with the [mining] environmental issues “that were supposed to flush the tailings out to sea” with which he admitted some responsibility and is concerned to this day about acid mine drainage, which he believed ought to be fixed now regardless of whether the mine re-open’s or not. He said “A best practice of tailings disposal through a pipeline to the sea was constructed in 1988 but not implemented because of the BRA uprising. The acid rock drainage would have been fixed soon as soon it had become apparent”. It was interesting to hear that ASIO had arrested Johannes on his return from Panguna after suspecting he had secret documents on events that had occurred. After pulling apart his belonging‘s and keeping him in custody overnight they found no secret documents.
Along came the social issues and shear injustice that sparked the war. Bougainvillean’s got next to no benefit from the mine on their land. Mr and Mrs Van der Linden as BCL employees recommended the company should have addressed this issue much sooner to prevent the conflict that arose. Had BCL listened and paid attention to Mr Van der Linden, Louis commented, there would have been a different result at Panguna. Emotionally Johannes and Emmy expressed their fondness for Bougainvillean’s. Twenty year relationships that had become like family, they felt sorry for what had resulted from the mining occupation.
As Clive talked with Emmy who spoke of such family and mentioned triplet babies whom one was the namesake of her ‘Emma’. Coincidently Clive knew exactly of the people spoken of and brought the bad news that Emma had died due to the blockade of medical treatment during the crisis. The news was upsetting but a connection had been made again with Bougainvilleans.
Clive lived in the same area where Emmy and Johannes long time Bougainvillean friends lived. James his wife and the triplets are named after the wives of three Managers of Bougainville Copper; Emma, Judith and Beverly.
Johannes said; “James and his family came down from their upper Bovo village to see us of when we were forced to leave Bougainville. We had known each other for 19 years”. As we heard from Clive who knows the family well that James , his wife and the two triplets died most likely from an infectious disease.
Johannes said “If the BRA would not have burned down the Arawa hospital and killed our Bougainvillean Doctor who tried to stop them they would mostly likely be ok”. “James the Medical Doctor and Louis Tagovono ,Sir Paul Lapun son, both started their working lives in the Analytical Services Department and were supported to become Professionals in their own right. Louis worked with me for more than 20 years on Bougainville and for Southern Copper in Port Kembla in Australia. Louis was nominated to take over as Departmental Manager from John in 1988”.
Clive asked Johannes what he thought Rio Tinto ought to do to be invited back to Bougainville. In reply he said “easy they ought to start a foundation to rehabilitate the Panguna site whether mining starts again or not”. He mentioned trying to get BCL interested in a foundation in recent years with Louis’s ideas focused on empowering Bougainvillean people rather than the education assistance hand outs they are doing now. However BCL has zero interest in such a foundation in their game plan, but still the importance of compensation to be addressed remains. The cost according to hydro geologist Dr Gavin Mudd, could go into hundreds of millions to remediate the mine, certainly not out Rio Tinto’s profit margin reaches of over nine billion and within its corporate social responsibility.
Dan & Johannes talking outside his house

Dan & Johannes talking outside his house

On the way out we were shown the garden which hosts a joint nature reserve with the neighbours and respect for nature. They really like the area and Johannes tells me he walks up the escarpment twice a week as he reveals his weight gym. In his eighties he likes to keep fit as he said he had always done including in his time on Bougainville hosting regular aerobics and fitness regimes for workers at the time.
It was good meeting them. As Johannes stressed that in all the documentation of research facts over the years no-one had bothered to come and talk with him. It was a pleasure to talk with Mr and Mrs Van der Linden I hope this will not be the last time we talk about Bougainville and help to piece together the history, and of peoples Bougainville experiences both tragic and inspirational to so many and to find a way forward.
Emma,Clive & Johannes

Emma,Clive & Johannes
mekamui | February 27, 2014 at 6:38 pm | Categories: Uncategorized | URL: http://wp.me/prj9z-rQ  

28.02.2014
Source: PNG Attitude

The ‘belkol’ concept & the re-establishment of Panguna mine
by LEONARD FONG ROKA

“BELKOL is the promise by Bougainville Copper Limited and Papua New Guinea that they will compensate the people of Bougainville for their impact on our society as they mined our land at Panguna,” paramount chief of Piavora, Charles Karoro (pictured) told me.
In Bougainville’s Nasioi society, just like other societies in the Solomon archipelago, conflict is the essence of the people’s way of life; it is intrinsic to the interaction of humans to other people and the environment.
All these behaviours lead to disruption of peace within society, resulting in war, destruction and death.
Before colonisation the Nasioi society was a world governed by clan leadership and power. Laws that existed over the land were supreme and observed by all people, thus our society was largely peaceful with minimal reckless violence against each other.
But at those times of war and death, the Nasioi civilisation had procedures to heal the wounds and divisions in our midst.
“When my clan’s enemy killed one of us,” Karoro explained, “we did an analysis to see who was in the wrong. If our clan was innocent and we had enough warriors, we would retaliate and carry out a punitive raid. People would be killed.
“But if our clan was weak, we would make a gesture for peace to save ourselves and rebuild, with an intention to wage war in the future – by ourselves or in an alliance. The enemy knows that its power is not eternal and he will also have to make peace with us.
“And the beginning of the peace process and compensation is the domang tamiri or belkol as you educated youths are calling it.
“This is the tiny promise that you, as the culprit, will execute to heal the wounds and divisions so we can co-exist peacefully back again.”
To Karoro, the concept applies equally to the Nasioi people and BCL. Bougainville Copper arrived in Bougainville in the 1960s and extracted the people of Bougainville’s wealth to develop PNG who are not relatives of the Nasioi people or the Bougainville people.
“Since BCL and PNG gave us nothing in return for the destruction of our land,” Karoro said, “we went to war with them both. We fought and died and won the war and now we want development on our island to start our journey.
“With the massive destruction of infrastructure by war and civil conflict our Autonomous Bougainville Government sees the Panguna mine as the way forward. But we all know that Panguna mine is where the war came from and killed 20,000 Bougainvilleans from Buin to Buka Island.
“So BCL and PNG have the blood of the 20,000 people on their hands, but since ABG needs BCL then BCL has to right the wrongs starting from domang tamiri.”
Domang tamiri, or belkol, will be a recompense in the form of cash, kind and a feast for the people of Bougainville by BCL, PNG and ABG saying they will pay compensation at a later date.  

http://nz.news.yahoo.com/a/-/top-stories/21763047/...culture-project/

Quelle  : http://www.t-online.de/wirtschaft/zinsen/...s-von-warren-buffett.html



ergo : wer alle diese Punkte einhalten möchte, kommt dann praktisch an Bougainville Copper
         nicht vorbei. ;-)))))  

http://ramumine.wordpress.com/2014/03/03/...ms-visit-to-bougainville/

March 3, 2014 · 9:22 am

Here is how Bougainville Copper opens its preliminary annual report released last week:

   “The historic visit in January 2014 to previous no go areas on mainland Bougainville by PNG Prime Minister Peter O’Neill, the first by a serving Prime Minister in fifteen years, has generated a wave of conciliatory sentiment among many stakeholder groupings previously unwilling to declare an end to long held hostilities”.

   “Bougainville Copper Limited is encouraged by this new spirit of engagement … Positive dialogue between stakeholders including the Autonomous Bougainville Government (ABG), the National Government of PNG, landowners, Bougainville communities, ex‐combatants and BCL continues to advance the prospect of re‐opening the mine”.

While the media contingent got wrapped up in the moment back in January, more clear headed and accurate elements called it out for what it was, a PR mission. Here is how PNG Exposed framed the PM’s Bougainville sojourn:

   “O’Neill’s visit has been portrayed by a pliable media contingent as a historic act of reconciliation between PNG and Bougainville; the breaking of arrows. ‘Why here’, ‘why now’, are not words any one dares utter. But utter they should.

   For the past three years the ABG has made its development strategy clear – the sell-off of Bougainville’s marine, timber and mineral resources to foreign investors … But there is one problem niggling at the President, ‘stability’. If foreign investors are to be wooed, they need to be able to convince creditors that they are not about to park their funds in a black hole … Enter Prime Minister O’Neill. With concerns being increasingly raised about Bougainville’s stability as it approaches its independence referendum, O’Neill and Momis have entered a pact of convenience.

   It needs to be said O’Neill is not hell bent on keeping Bougainville – he will respect the referendum decision – however, the PM certainly does not want an independent or autonomous Bougainville being a financial albatross around PNG’s neck for years to come…

   Momis and O’Neill might not like each other (!!), but they know they need each other.

   If PNG is to be rid of the financial albatross, O’Neill believes he must assure the international community that whatever the outcome of the referendum, PNG will act as a mature friend of Bougainville. On the other hand, Momis has bought the AusAid mantra and thinks that only the wide-scale sell off of Bougainville’s resources will establish an economic future for his island, so Momis needs O’Neill to act as a mature guarantor foreign investors can believe in.

   These are not necessarily well thought out or well supported strategies, indeed they may be the quickest route to wrack and ruin; but it explains the recent odd behaviour of Momis and O’Neill, who are what the kids call these days, ‘frenemies’”.

http://www.stuff.co.nz/travel/kiwi-traveller/...auty-of-amiable-Arawa

ich das alles lese  die Inso ist ganz nah , da bin ich froh wieder rechtzeitig raus zu sein.
Wer noch ein bischen Kohle retten will sollte jetzt aussteigen.
Nur meine Meinung  

...klingt nach Insider. Dann schau mal richtig ins ´Erdloch´ ;-))))))))...........  

Kibush Capital signs agreement to begin gold mining in Papua New Guinea

http://ramumine.wordpress.com/2014/03/04/...ning-in-papua-new-guinea/

Hier bilden sich die Interessengruppen heraus, nicht umsonst wird dieser Bericht von ramunickel als erstes veröffentlicht...

05.03.2014
Source: Papua New Guinea Mine Watch

Panguna officials turned away from two village visits
by ramunickel

Dansi Oearupeu

Poisoned Kavarong River

Panguna Landowners Association (PLA) officials were told to leave at two village sites in Panguna whilst carrying out a social survey. The survey undertaken by PLA was to gather views from the mine impact communities regarding the mine reopening. The two places were Upper Tailings Mine Lease Area and Paruparu. The team led by Michael Pariu (pictured below); were told to leave as the communities did not want to deal with the landowners association.
Instead, the officials were reminded to address the environmental destruction caused by the mine. Dolorose Sisia, a local and landowner from the Upper tailings Lease Area told the team at the meeting that if BCL can restore the land and water back to its pristine condition, then they (PLA) can come and ask the people of their opinions, otherwise the PLA should not waste time seeking address on an issue that is not in the interest of the people they represent.
“We are still feeling the effects of the damages caused by the pollution; on top of that the trauma of the crisis is still fresh in our minds and hearts” implied an angry Mrs. Sisia.
Villagers in the upper tailings also stated that, since the waste outlet of the mine runs through their land, the association should not talk about the reopening; rather the landowners association should look ways to fix the damage done by the chemical pollution. “
The reality is we live in a poisoned environment, how could these representatives not see the dangers faced by their people living in such conditions?” questioned Mrs. Sisia.
Villagers have also alleged that PLA has made a few submissions to the ABG and BCL regarding formalities towards reopening of the mine. The landowners association however, has not made public any details in regards to the claims so far. Villagers have expressed that the landowners association often ‘leave them in the dark’ and are never aware of the landowners association’s dealings.  

Quelle : http://www.bougainville24.com/


A look at a potential new Panguna mine

The possible size and shape of a re-opened Panguna mine have been outlined by Bougainville Copper Limited (BCL) in an Order of Magnitude Study (OMS).
The OMS shows a mine that, if given the go-ahead, could have a longer life than the previous Panguna operation, which operated from 1972 to 1989.

The base case, the minimum expectation for a BCL operation at Panguna, has a conventional truck and shovel open pit mine with an expected life of 24 years.
Copper-gold concentrate is expected to be produced from ore at a rate of 60 million tonnes per year.
A challenge for the project would be the expected capital cost of US$5.2 billion.
( 3.786.775.415,09 EUR )

Included in this a cost allocation for general infrastructure that includes a mine training college, primary & secondary school facilities, hospital & medical centre upgrades, recreational facilities, commercial centre upgrade, policy, fire & emergency services, airport, port, waste management facilities.
Power generation would be achieved through coal or gas rather than heavy oil, with power also supplied to non-mine areas.
The OMS considers a number of on-land and deep sea tailings systems, the remains from the production of copper-gold concentrate.
Stakeholders in a new Panguna operation, including elected representatives of landowners in mine-affected areas and senior officers and advisors of the ABG, have been given updated briefings on BCL’s OMS

 

....das beste was passieren kann. ;-))))


letzter Absatz aus :  http://www.t-online.de/wirtschaft/boerse/...ie-grosse-gold-luege.html

Experte sieht Goldpreis langfristig bei 5000 Dollar

Uwe Bergold nannte im "Aktionär"-Interview kurz- bis mittelfristige Goldpreis-Ziele von 1480 bis 1500 Dollar. "Das ist eine wichtige Schlüsselmarke. Gelingt der Ausbruch über diese Schwelle, sehe ich den Preis schnell bei 1900 Euro und langfristig - Ende des Jahrzehnts - bei über 5000 Euro." Das Problem sei nicht der Goldpreis an sich, sondern die Kaufkraft, die dahintersteckt. Es herrsche eine Korrelation zwischen dem Goldpreis und den Zentralbankenwachstum, deren Bilanzen werden immer weiter steigen. Demnach könne auch der Goldpreis langfristig nur weiter steigen.

 

http://www.smh.com.au/business/...una-mine-in-png-20140307-34cu4.html

Bougainville Copper is to open an office on Bougainville Island this year as sentiment begins to build within Papua New Guinea for a resumption of mining of the giant Panguna copper deposit.

The visit to Bougainville Island by the PNG Prime Minister Peter O'Neill earlier this year - the first visit by a government official of his standing in more than 15 years - has prompted conciliatory sentiment towards production resuming, the company told shareholders.

This visit was followed by the head of the autonomous Bougainville government, John Momis, who has signalled the willingness of most parties on the island to resuming production.

Civil war forced Rio Tinto unit Bougainville Copper to halt production in 1989 at what was then one of the largest copper mines in the world.
Advertisement

The Panguna mine was the largest single source of the country's export revenues and comprised about 7 per cent of global copper production.

One recent estimate put the cost of reopening the mine at more than $US4 billion, although it is unclear whether Rio would be willing to foot the bill for much of this work or would seek partners from the outset. This study was by the US Agency for International Development, which outlined a series of approaches that could stabilise developments on the island amid a push for greater autonomy from Port Moresby, which could pave the way for mining.

Along with resolving a series of technical issues before resuming production, perhaps more important is achieving agreement on revenue sharing with the island, which was one of the prime reasons for conflict over the mine so soon after production began.

Under the original revenue-sharing agreement, the bulk went to the central government but only a minor portion of the funds went to Bougainville's provincial government.

In its latest report to the stock exchange Bougainville Copper said no major studies into resuming production would begin until there was broad agreement between the various parties supporting the project.

In 2012, preliminary studies were conducted and they supported the project's prospective financial and economic viability.

The new office will play a key role in assessing remediation issues, as well as ''community development programs, social mapping, asset revaluation and de-risking''.

Major studies such as pre-feasibility and bankable feasibility studies will not be launched ''until consultations with governments, landowners and other stakeholders result in broad agreement for redevelopment'', the miner has told shareholders.

Before the suspension of mining, the Panguna site was producing about 180,000 tonnes of contained copper annually, along with a quantity of gold.

Bougainville Copper is 53 per cent owned by Rio Tinto, with the PNG government holding a further 19 per cent.

The Panguna mine was not the only project of Rio's in PNG that ran into difficulties.

The group lost control of the Mount Kare gold deposit 20 years ago, when it was overrun by local miners who have tapped the alluvial reserves overlaying this deposit.

A smaller company, Indochine Mining, is now finalising an agreement with the landowners so mining can begin.