Trading Bougainville Copper (ADRs) 867948

sollte jeder der in Explorer investiert (ist) mal durchlesen.

http://www.goldseiten.de/content/diverses/...php?storyid=8511&seite=2

PS: BCL ist kein Explorer,auch wenn die Aktie (noch) so bewertet ist.

Auch der Credit Crunch trifft BCL nicht,mit RIO TINTO steht eine starke Mutter im Hintergrund,mit dem komerziellen Arm der Weltbank ist man schon in Kontakt. ;-))))))))))))))  

....einberufenes JSB Meeting (Joint Eupervisory Body) zwischen PNG und ABG statt,(das letzte wurde anlässlich des Todes von Präsident Kabui gecancelt)bei dem zum 1ten Mal auch Lawrence mit einigen seiner Landowners eingeladen sind.Dabei wird auch das gestern zu aktuellen Rohstoffpreisen upgedatete Landowners Proposal diskutiert.

Bei dem letzten JSB Treffen in Manus anfang diesen Jahres kam es zwischen ABG und PNG zu einer Aufteilung des zu erwartenden Steueraufkommens und zu einer Einigung zur Uebertragung der "Mining Power" an Bougainville.

Jetzt könnte eine Einigung zur Uebertragung (eines Teils) der von PNG gehaltenen 20% BCL Shares an Bougainville (uner Aufsicht der Weltbank) anstehen,sowie möglicherweise eine Einladung des ABG an BCL die Pangunamine zu besichtigen,was für die für November zu erwartende Hatch Studie sicherlich von Vorteil wäre.

Kommt es in einigen Punkten zu einer Einigung und zu einer positiven Berichterstattung in den PNG und Australischen Medien so könnte ein Kurssprung anstehen.

Das neue Landowners Proposal kann (nach Registrierung) unter:

http://www.undervalued-shares.com/de/club/...224B4C9CE25&page=18Ā

gedownloaded werden ;-))))))))))))  

http://www.thenational.com.pg/100608/nation31.php

New digital filing system for Lands Dept, says Temu

By SAMSON KENDEMAN

THE National Government will soon introduce a digital filing system for land registrations and titles at the Department of Lands throughout the country.
This was announced by Deputy Prime Minister and Minister for Lands and Physical Planning Dr Puka Temu last Friday at Jackson International Airport in Port Moresby after arriving from the United States.
Dr Temu had led a ministerial delegation to the 63rd United Nations general assembly in New York, held from Sept 22-30.
He said the new system would make it more convenient for Lands Department officials to retrieve old and new files on land registrations, titles, and land acquisitions and management including customary land.
Dr Temu said it would
also help avoid land disputes or lodgment of unnecessary claims when there were new developments taking place, because customary land was very important.
“The officers can easily transfer land titles and to identify who the real landowners are through the digital filing system within three to four days.”
His remarks follow a memorandum of understanding (MoU) signed with the Queensland
Department of Natural Resources and Water (QDNRW), which performs similar functions to the Department of Lands and Physical Planning in terms of administering land.
The MoU provides for:
* A basis for the exchange of technical information on the use, administration and management of land and encouraging
collaboration, exchanges and developments in relevant field of the parties; and
* Establishing a framework promoting research on basic theories applications, laws and policies, and for cooperation in technical assistance and training.
A technical team from Australia will arrive in PNG next month to help implement these programmes.  

Börsenbrief über die Schatzinsel Bougainville u. BCL  ;-))))))))))

https://www.boersenbrief.at/

Einschätzung des Austria Börsenbriefs:

"Langfristig orientierte Anleger sollten bei Bougainville Copper auf dem aktuellen Kursniveau einsteigen. Kaufaufträge sollten jedoch unbedingt limitiert werden, da die Aktie markteng ist."  

http://www.postcourier.com.pg/20081007/tuhome.htm

Plan underway for legal aid in provinces

THE Office of the Public Solicitor (OPS) plans to establish legal aid desks in all the provinces to make their services more accessible.
This was revealed by the Public Solicitor Fraser Pitpit during an awareness exercise staged at Divine Word University (DWU) in Madang last week.
In his address to the students and members of the staff, Mr Fraser said they had offices in only seven of the country’s 20 provinces. He said there was a great disparity as far as accessibility to their services was concerned.
“We have offices in Lae, Madang, Goroka, Mt Hagen, Wabag, Kimbe, and Kokopo and recently in Bougainville,’’ he said. “There is a great disparity and this has been the case since Independence. The services are vital as there are no means by which people can refer and resolve their problems, so they resolve to physical violence.
“We are beginning to take steps to address this inequality,” he said.
Mr Pitpit said the concept had appealed to the Government being less costly and would serve as a link between the people and his office.
He said a legal aid desk would be established in the provinces where the Public Solicitor did not have an established branch.
OPS officer, Dinah Dademo said the desk would be manned by a paralegal officer whose task would be to receive the complaints and stories from clients and have them referred to Port Moresby.
OPS was already liaising with provincial governments to help.  

....Börsen-Crash erreicht Höhepunkt – Jede Übertreibung nach unten wird die Wucht der Gegenbewegung erhöhen – Die „Gegen-Rally“ kommt ;-))))))))))))

......An Tagen wie heute spielen Bewertungskriterien wie
Kurs-Gewinn-Verhältnis, Kurs-Buchwert-Verhältnis oder
Kurs-Umsatz-Verhältnis keinerlei Rolle. Es werden die Aktien verkauft,
für die es noch Käufer gibt.

.....Der Bogen wird immer weiter überspannt. Aber
eine extreme Bewegung in die eine Richtung führt in der nächsten Phase
zu einer ebenso extremen Bewegung in die andere Richtung.

aber wenn es nach oben geht, dann
wird es sehr schnell gehen. Jeder Panik-Tag bringt uns der Wende etwas
näher. Der zermürbende „Salami-Crash“ wird bald ein Ende haben.

...Sie bekommen echte Perlen in diesen Tagen fast geschenkt.......Ich weiß nicht, wie
die Bilanz in 4 Wochen aussieht, aber in 6 Monaten sind 50% drin und in
2 Jahren eine Verdopplung. Wenn Sie sich die harten Bewertungsfakten
ansehen, werden Sie zu dem gleichen Urteil kommen.

Ha denn ;-))))))))))))))))))))  

BOC Sellers

Price   Quantity
 
0.840  10,655
0.965 10,282
0.970 20,000
0.980 3,300
0.990 20,000
1.000 9,180
1.080 2,000
1.090 8,168
1.100 4,300
1.150 12,920
1.200 17,000
1.240 7,800
1.280 8,994
1.290 10,000
1.350 5,000
1.400 5,000
1.500 546
1.600 5,000
1.630 7,000
1.650 7,500
1.750 25,000
2.000 5,000
2.400 5,000


 

...konnte ich wieder mal nicht wiederstehen ;-))))))))))))))))))))))  

BOC 852652 (Aktie) 0,469 +3,99%

In AU wurde BCL 3:03 Minuten vor Schluss mit dem letzten Trade von 413 St oder 328 AUD (180,72 € ) um 5,4% gedrückt.Wer sich davon ins Bo (c) x-horn jagen lässt hätte wohl besser Siemens gekauft. (heute morgen schon über -10% ;-))))))))))))


Trade No. Time Price Volume Value

1 18 3:56:57 pm 79.5 413 $328  
2 17 3:08:24 pm 84 7,972 $6,696  
3 16 3:08:24 pm 83.5 1,012 $845  
4 15 3:08:24 pm 83.5 1,016 $848  
5 14 2:33:58 pm 79.5 673 $535  
6 13 2:29:56 pm 79 1,283 $1,014  
7 12 1:57:33 pm 79 810 $640  
8 11 1:26:38 pm 79 1,332 $1,052  
9 10 1:11:08 pm 79 17 $13  
10 9 1:09:46 pm 80 133 $106  

 

.......in POM geht es um das Bougainville Copper Agreement review.

Das dort vorgelegte und letzte Woche upgedatete "Landowners Proposal", welches die Grundlage zum BCA review darstellt kann unter http://www.undervalued-shares.com/de/club/...224B4C9CE25&page=18ā nach Registrierung gedownloaded werden. (#256)

Jeder BCL Investierte weiss dass in PNG "die Uhren anders gehen", und Entscheidungen oft sehr lange auf sich warten lassen ;-((((((((((

Dass es jedoch auch ganz anders gehen kann ( Eigenwerbung: PNG,the Land of the Unexpected) hat das letzte JSB Meeting eindrucksvoll bewiesen. Dort wurden binnen eines Tages folgende Agreements erreicht.

http://solomonstarnews.com/...=com_content&task=view&id=843&Itemid=26

PNG transfer mining power to Autonomous Bougainville Government  
Tuesday, 01 April 2008  

Autonomous Bougainville Government  (ABG) president Joseph Kabui said last night that his government is very happy with the outcome of the one-day joint supervisory board (JSB) meeting in Alotau, Milne Bay province, reports The National.

Mr Kabui said both the National Government and ABG signed an understanding on the transfer of mining, oil and gas functions to the ABG last night at the Masurina Lodge.

Mr Kabui said it has been three years since the Bougainville Peace Agreement was signed, however, progress has been slow.

He said the issue of ownership of the resources was the most contentious at the Alotau meeting where the Government had sidelined the issue until Bougainville holds a referendum. The ABG side has been pushing for ownership of resources since the last meeting.

Mr Kabui said the signing now means that the ownership issue will be kept alive in constant discussions and not deferred.

“The MOU will bind the National Government and ABG to cooperate and implement the Bougainville agreement,” Mr Kabui said.

In relation to the National Government’s concern on the weapons disposal programme, Mr Kabui said an action plan is in place which was proposed by the ABG.

“The signing of the MOU is a significant way forward.  “Often the ABG has argued on the slowness of the implementation process of the Bougainville agreement,” Mr Kabui said.

The JSB, however, said it will continue to develop a mutually acceptable agreement based on the careful identification and assessment of all relevant implications in the ownership of minerals, oil and gas and distribution of benefits derived from these resources.

The two parties - the National Government led by Deputy Prime Minister Dr Puka Temu and ABG led by Mr Kabui - also agreed that ABG will follow the Government’s proposal in appointing a chief administrator for Bougainville.

“The officials will meet to resolve the question of what authority has the power to make the appointment and must meet next month,” the resolution read.

The parties have further resolved that it is not appropriate to change the distribution of GST from the National Government to ABG from 30 per cent to 60 per cent without considering broader financial arrangements.

It resolved that all references to value added tax in relevant legislation and the Bougainville Peace Agreement are to be read as goods and services tax (GST).
In relation to Government grants to the ABG, the requirements of the Organic Law on peace building in Bougainville, which reflect the terms of the Bougainville Peace Agreement, have been fully implemented by the National Government.

Furthermore, the JSB had agreed that officials will continue to develop a joint media and awareness strategy with the aim of ensuring the coordination and consistency of communication in relation to the work of the JSB and the agreed arrangements for the drawdown of functions and powers.

The two parties have also resolved that officials will meet to identify ways in which the two governments will cooperate to support the Bougainville weapons disposal action plan. The next JSB meeting will be held in June in Manus…..PNS (ENDS)

PORT MORESBY (Pacnews)

Bei dem jetzt stattfindenden JSB Meeting könnte es also durchaus zu sehr positiven Ueberraschungen kommen,zumal das Manus Meeting wegen Kabuis Tod ausgefallen ist und der Zeitdruck immer grösser wird.

Auch sind jetzt zum 1 Mal die Landeigner mit dabei und machen ordentlich Druck  ;-)))))))))))))))))))  

.........Unternehmen etwas anderes suggerieren, die Rohstofftitel sind nicht am Ende. Nur die Bewertungen rutschen ab und können später wieder aufgeholt werden.

...die derzeitige Unfähigkeit der Anleger,klare Gedanken zu fassen, zu sprechen kommen. Natürlich gehört dieser aktuelle Panikmodus zur Börse dazu, allerdings historisch bertachtet, immer nur für relativ kurze Zeit, obwohl aktuell vermutlich verstärkt gedacht wird, dass diese Schwäche „ewig“ andauern wird.

Natürlich ist XXX auf dieser Kursbasis inzwischen ein Ultraschnäppchen, doch vielleicht geht der Kurs
ja noch weiter in den Keller? Ändert das aber etwas an der Werthaltigkeit der Aktie? Wohl kaum!

Aus einem BB ;-)))))))))))))))))))  

http://community.investopedia.com/news/IA/2008/...spx?partner=YahooSA

October 06, 2008 | By Eugene BukoveczkyIt seems to have taken longer than a month of Sundays, but it now finally looks like we're approaching the endgame in the protracted takeover battle for Australian mining giant Rio Tinto (NYSE:RTP). The process started out last November when rival Aussie miner BHP Billition (NYSE:BHP) first approached Rio to talk up the mutual benefits of combining forces.

Rio Shareholders Continue to Reject Offer
The big prize from such a combination would be the setup of duoploy that would effectively corner the world's supply of iron ore. Right now, BHP, Rio and Brazilian mining company Companhia Vale do Rio Doce (NYSE:RIO) together control 75% of the global trade in iron ore. Combined, BHP and Rio would have a 38% share.

Despite the obvious advantages of such a setup, Rio shareholders didn't warm to the idea. That prompted a followup from BHP in the form of an all-out hostile takeover bid in February 2008. The deal offers 3.4 BHP shares for each Rio share with the condition that at least 50% of the outstanding Rio shares be tendered. Despite the fact that this represented a 45% premium over the price Rio shares had been trading at before the offer was made, Rio shareholders continue to give the deal the cold shoulder, arguing that it still significantly undervalues the company. (For more reading on the subject of hostile takeovers check out Corporate Takeover Defense: A Shareholder's Perspective.)

Underlying that notion is the conviction that Chinese economy will somehow manage to dodge the bullet of a global economic slowdown, resulting in firm demand for industrial metals like iron ore and thus leading to higher prices in 2009. However, if the global slump turns out to be deep and protracted, Chinese metal demand would evaporate and a metals price crash would be inevitable. Under such circumstances, Rio shareholders might well be inclined to take up the BHP offer.

Despite Progress, Regulatory Hurdles Remain
Aside from Rio shareholder reluctance, there are number of other hurdles that the offer has to successfully vault before it can be called a done deal. For starters, BHP still has to negotiate its way through a picket line of regulatory authorities around the world who need to vet the competition aspects of such a combination. While U.S. competition authorities partially approved the deal back in July, and recently the Australian Competition and Consumer Commission agreed not oppose the bid, European, Canadian and South African regulators have yet to pass judgment. The European verdict is expect on January 15.

Funding In Place
While funding the $120 billion price tag for the deal would now be extremely challenging, given the current credit market disarray, BHP has managed to secure a $55 billion commitment from a European banking syndicate that includes the likes of Barclays Capital (NYSE:BCS), BNP Paribas, Citibank (NYSE:C), Goldman Sachs (NYSE:GS), HSBC (NYSE:HBC), Santander and UBS (NYSE:UBS). The deal is the largest loan syndication in European history. Lack of funding recently defeated the planned $10 billion takeover of Lonmin by rival Aussie miner Xstrata.

The Final Word
Right now, there is still about a 17% risk arbitrage premium to the deal reflected in the fact that Rio shares trade below the implicit offer value relative to BHP shares. The notion that China can avoid taking a body blow from a global slowdown is about as absurd as the once unchallenged belief that house prices could never come down. As economic conditions continue to deteriorate globally, the odds that Rio shareholders will rush to accept BHP's offer will only increase.

For additional reading about arbitrage, check out Trade Takeover Stocks With Merger Arbitrage.
By Eugene Bukoveczky  

.......zumindest für die "Altaktionäre",welche beim Erscheinen von Swen's "Weihnachtsrätsel" am 22.12.2004 sofort den richtigen Riecher hatten und mit Erstpositionen von 0,20-0,22 € investiert sind ;-))))))))))))


 

http://www.postcourier.com.pg/20081008/wehome.htm

What is provincial autonomy?

Provincial autonomy, the greater devolution of powers to provinces, is seen as the way forward for national development by some leaders. However, autonomy in Papua New Guinea (PNG) has different meanings for different people.
Some question its long-term effect on national unity, while others argue that it will preserve PNG’s diversity. Two issues of concern are:
* how are negotiations for autonomy in PNG different from the experiences of other countries with established autonomous arrangements; and
* how will autonomous arrangements be managed.
Separating the complex political implications from the politically emotive concept of autonomy is the first step in understanding the governance system in which citizens will participate.

Defining autonomy

Greater autonomy occurs when powers under autonomous governments are used to accommodate marginalised sections of the community in the political processes and institutions of a country. This happens in countries where there are significant differences in territorial, demographic, linguistic, cultural, or religious identity.
The preferential accommodation of provinces (or states), which have deepseated relationships with the central government or other provinces (or states) is the basis for autonomy. Autonomous arrangements have also been used in post-conflict processes as seen in the Balkans in Eastern Europe, Aceh Province in Indonesia, and closer to home, in Bougainville. However, there is significant diversity in these models of autonomous arrangements.
For example, the level of power sharing differs from the extreme “sovereign-like” status that Quebec enjoys in the Canadian federation, to the “historical nationalities” of the Basque region within the Spanish de-facto federation. Also, although Malaysia has been described as having a highly centralised government system, its Constitution gives the states of Sabah and Sarawak powers that normally rest with the central government.
The Constitution gives Sabah and Sarawak greater autonomy than the 11 other states of Malaysia, in areas such as taxation (particularly customs and excise), immigration and citizenship, trade, transportation, communication, fisheries, and several social affairs sectors. The initial aim of this differentiation of powers is to protect the distinctive characteristics of the two states and their interests.

Autonomy in PNG

The Papua New Guinean Constitution recognises the central values of multiculturalism. Although representative governments continue to serve the interests of all Papua New Guineans, sections of the PNG community cannot necessarily adopt autonomy as a preferred way of accommodating their own perceived marginalised status.
For example, the recent call to incorporate matrilineal tradition in the New Ireland autonomy agenda is the province’s leaders’ affirmation of its cultural identity. Provinces may use cultural differentiation markers to redefine the cultural diversity, which the broader PNG political processes should acknowledge because they believe that, through autonomous arrangements, the unique traditions and sources of provincial identity can be preserved or enhanced at that level.
Almost all autonomous arrangements are accommodated in some federal Constitution or de-facto federal arrangements. If a framework for autonomy is designed to accommodate those provinces seeking greater autonomy, it will be reflected in an Organic Law, or the Constitutions of the autonomous provinces, and will include the powers which autonomous provinces will have that others will not necessarily enjoy. Those provinces will have greater leverage outside of the “one-size-fits-all” framework, which exists under the present Organic Law on Provincial Governments and Local-level Governments.

The extent of autonomy

PNG has a quasi-federal system of government, which means that the national government has overriding powers through the constitutional supremacy of the national law-making legislature. Some academics use the term “unitary state” to describe the powers that the national government possesses (through the National Executive Council). These powers were used when provincial governments were suspended by the national government or had their functions, powers, or finances withdrawn. With greater autonomy, what would be the possible arrangement? In regard to legislative composition, the Organic Law on Provincial Governments (OLPG) comes to mind. The structure under the OLPG resembled a two-tier system of legislature found in established federal systems. Provinces had provincial assemblies in which their political representatives enacted provincial laws. The Open electorates and Provincial electorates have ensured that representatives from the provinces served as Members of Parliament at the national level. PNG would have gone full circle, back to where it began, in terms of political representation and legislative-making responsibilities at the provincial level. What would be the likely roles of the national-level representatives? Would they participate in political affairs in the province, or be symbolic provincial identities at the national level? Understanding the administrative and fiscal powers under autonomy is quite complex. Scholars who have reviewed the arrangement under the OLPG have used the term “co-operative federalism” to describe the consultation process between the national government and provincial governments. The issues in relation to co-operative federalism are:
* provinces may not possess the necessary capacity to operate “autonomously”, hence ongoing national-level co-operation would be needed in the process of provincial development; and
* the “co-operative federalism” model suggests that some form of national standard should be maintained through constant consultation and dialogue between the different levels of government.
Ultimately, the national government will be responsible for national security (defence) issues, conducting foreign relations and macroeconomic management. The State, through its instrumentalities at the national level, owns a legal standing in the international community and may seek to justify its intervention in matters of national interest on this basis. For example, in early 2005, the National Fisheries Authority (NFA) had a running legal debate with the Milne Bay Provincial Government concerning the right to issue fishing licences. The Minister for Fisheries invoked the recognition of the State sovereignty in the UN convention on the Law of the Sea, and national interest as the basis for fisheries management by the national government. The then governor of the province was equally adamant that the NFA had failed to follow procedures or consult respective provincial governments in considering licence applications.
Another example is the recent signing of the new administrative structure for the East New Britain provincial administration after a series of consultations between the provincial administration and national government agencies. East New Britain has shown that it has been successful in exercising the powers and responsibilities within its jurisdiction. Also, the policy on public sector reform is a concurrent national-provincial initiative. Due recognition was given by the Department of Personnel Management in the designing and implementing of the province’s provincial administrative structure. Comparative lessons show that minority or marginalised justifications may not be the universal rule which applies to provinces negotiating with the national government for autonomy.
Practical issues of governance, political accountability and natural resource rights will be used as justification for greater provincial autonomy.

Patrick Kaiku is a project research officer in the social and environment studies division at the National Research Institute.

 

http://www.radioaustralia.net.au/news/stories/...5844.htm?tab=pacific

Papua New Guinea's autonomous region of Bougainville will go to the polls at the end of November.

A by-election is needed in the province after the death of Joseph Kabui in June this year.

At least 10 candidates look set to contest the presidential by-election and Bougainville's acting electoral commissioner, Mathias Pihei, told Radio Australia's Pacific Beat program their aim is to encourage voter participation.

"Our preparation is geared up to ensure that this election is free and fair," he said.

"We'll ensure that the electoral roll is update and as much as possible everyone who wants to vote or register will vote.""  

SUMMARY OF SALIENT POINTS FOR SUPPLEMENTAL BCA AGREEMENT

                                                             October 4, 2008





Gold USD 833 per troy ounce, Copper USD 2.69 per pound; K1=USD 0.41;  K1=AUD 0.52; AUD1= 0.78 USD. Interest rate 10%

Three streams of ongoing sustainable cashflow from BCL and their proposed beneficiaries:

Taxes: Approx K 666 million per annum split 50:50 between ABG and National Govt about K 333 million per annum to each.
Dividends on 76.4 Million shares: Beneficiaries to be split 50:50 between 50% for all adult Bougainvilleans, and the remaining 50% for Landowners. Quarterly dividend payments to them to be managed jointly by the National Govt and ABG. The ownership of shares to be held in trust by the ABG and BCL. The dividend stream is K 198 million per annum or K 99 million to all adult Bougainvilleans and K 99 million to Landowners.
Royalties: 3.5% of revenue attributable to mining area to be mapped and paid out to individual title holders on a monthly basis. Annual royalties of K 125 million per annum or K 24,900 per annum; this is about K 2,077 per adult landowner per month. No dividend withholding tax will be applicable on dividends paid on BCL shares.


Non Recurring one-off payment: At the time of signing of the New BCA BCL will pay Landowners payable to them since 1990 of K1.4 million per annum plus interest plus expenses incurred.



THE OPPORTUNITY PRESENTED BY BCL AS A GOING CONCERN

I. Root Cause of the Problem



The root cause of the problem was the unfair distribution of income amongst the three main interest groups viz Landowners, North Solomon Provincial Government and the National Government. During its 17 years of life from 1972 to 1989, 58.4% of benefits received from the mine went to the National Government, and only 4.8% to the Provincial Government with merely 0.2% going to Landowners. The remaining 36.6% went to Non Government shareholders for their risk capital, technology and management; that was quite fair.                                                    



II. 1987 Production and Prices



In 1987 when there was no Additional Profits Tax, when average copper price was US 81 cents per pound and gold price was USD 446.7 per troy ounce, the Earnings per share were 24.83 USc (Earnings of USD 99.55 Million). Total concentrate produced was 585,500 Tonnes grading 30.4% Copper, and 25.1 grams per tonne of gold. This corresponds to 177,992 Tonnes of copper or 392 Million pounds worth USD 318 Million at US 81 c per pound plus 585,500 x 25.8/31.1 = 485,720 troy ounces worth USD 217 Million. Total sales of USD535 million per annum and net profit of about USD100 million per annum.



III. Assumptions

1)      Current price of copper at USD 2.69 per pound and gold at USD 833 per troy ounce.

2)      A capital investment of USD 1,500 Million which will be made wholly via non-recourse loans or non-voting preference shares by BCL at an interest rate of  10% per annum, with loan repayment in about 8 years of  USD 273 Million per annum. In Year 1 the interest cost would be USD150 Million. The loan of USD 1500 Million would be fully repaid in eight years from profits.

3)      No new ordinary voting shares will be issued by BCL. (This will help in maximizing the value of shares as well as Dividends received by the National Government, ABG and Landowners).

4)      To allow for carried forward tax losses to be used fully and to encourage BCL to speedily invest a larger amount of capital (which will help Landowners to earn more royalty and the ABG/National Government to earn more from dividends and taxes) offer BCL a tax free status for first two years of full production viz 2011 and 2012. There shall be no dividend withholding tax.

5)      A tax rate of 30% will apply from 2011. (It will take BCL at least 2 years to get into production so this tax concession will be available for only 3 years during which time they would anyway utilize their carried forward tax losses). This tax will be split equally and paid directly by BCL to the ABG and the National Government

6)      Current exchange rate of K1 equals US 41 cents and Aus 52 cents.

7)      Landowners will get royalty at 3.5% of sales per annum. This is higher than the rate of 2% provided in the Mining Act. As a quid pro quo there shall be no dividend withholding tax paid on shares of Bougainville Copper, which will also be beneficial to landowners as shareholders of BOC. The dividend withholding tax rate is currently 10%



III. Valuation of Shares, Taxation & Royalty as a going concern



If we assume the same level of production as in 1987 and the current price of copper at

USD 2.69 per pound and gold at USD 833 per troy ounce the extra sales will be

392 Million pounds x [2.69 -0.81] = USD  737  Million

485,720 x [ 833 – 446.7] = USD 188 Million

Incremental Sales = USD 737  +  188  = USD 925 Million

Total Sales per annum = 535 + 925  = USD 1,460 Million



Royalty

It is proposed to pay a royalty of 3.5% of sales to landowners

This will be USD 51.1 Million or K 125 Million per annum

If we assume there are 5000 adult descendents of the original 510 titleholders, this corresponds to K 24,900 per annum or K 2,077 gross per adult landowner per month.

Royalties must be 3.5% Special Mining Lease Title landowners only; no sharing with ABG who are separately getting generous revenue from taxation (not available to Landowners). These shall be split 70% to individual title holders and 30% to a Future Generation Fund or Non Renewable Resources Fund. Should this split occur monthly payment to individual landowners will be 0.7 x 2077 = K1,454 net per month.

Income Tax

Income Tax in 1987 =  USD 55.7 Million

Interest Cost in Year 1 = USD150 Million ( 10% interest rate on US$1.5 Billion)

Incremental Tax = 0.3 x [925  – 150 - 51 ] = USD 217.2  Million

Tax per annum = 55.7 + 217.2  = USD 272.9  Million = K666 Million



Earnings per share

Incremental Profit After Tax = 0.7 x [925-150-51]= USD 507  Million

Total Profit After Tax = 100 +507  = USD 607 Million

Incremental Eps = USD1.26

Total Earnings per share = USD1.51 per share



Dividends per share

The loan of US$1.5 Billion will be fully repaid in 8 years. Let us assume a dividend payout ratio of 70%

Dividends per share in first 6 years while loan is being repaid = USD 1.06 or $A 1.36 or K 2.59  

Dividends on 76.43 Million shares = K 198 Million per annum



Valuation of shares Copper prices have increased from 81 US cents a pound in 1988 to about US 2.69 cents a pound and if the mine were running at the pre-89 capacity, earnings per share would be about  6 times the then eps of 25 US cents a share. In the late eighties the shares hit a high of $A7.20; on a similar valuation basis the shares could hit a high of $7.20 times 9.6 or $A43.20.

On a more conservative P/E multiple of 12, the shares should be valued at USD 18.12  or AUD 23.23 provided no new shares are issued.  This corresponds to K 44.20  per share

The 76.43 Million shares would be valued at K 3,378  Million.  Hard facts requiring negotiation and distribution predominantly for Bougainvilleans:

Shares with an intrinsic value K 3.4 billion plus Annual Income available to Bougainvilleans of K 666+198+125= 989 Million per annum or about K 2.7 million per day comprising:

- Annual Tax of some K 666 Million; shared equally with PNG Govt

- Annual Dividends worth K 198  Million

- Annual Royalty to landowners worth K 125 Million



If we assume there are 80,000 adult Bougainvilleans and the dividends are distributed equally amongst them , each adult Bougainvillean will receive about  K 1,238  per year. This is apart from the tax of K333 million which the ABG will get as its share of tax.



Kina Values 1988 figures are actual, NEW BCA 2008

If taxes are shared 50:50 between National Govt and ABG/Bougainvilleans

And if dividends from shares are paid equally among all distributed in the ratio of 1/2:1/2 for Bougainvilleans: Landowners



The mine life based on proven reserves is 14 years. But if the moratorium on exploration is lifted, the mine life will extend to about 30 years. Also, that will provide greater benefits of royalty to the new landowners in whose leases those areas exist.



There is a big quantum leap in benefits for Bougainville:

New BCA provides ABG/Bougainville income from dividends and taxation of about K333  Million p.a, from 2011 (and an equal amount of K 333 million p.a. to the National Govt) ; this is a whopping increase from merely K5.5 Million received per annum in the pre 1988 era.
New BCA provides for Landowners to receive about K 125 million per annum from Royalty and K 99  Million per annum from dividends or total of K 224  Million from about 2011 compared with about K0.2 Million p.a. in the pre 1988 era
New BCA provides equity ownership by Bougainvilleans and Landowners each of some K1.7  Billion worth of shares in BCL compared with zero shares earlier.


It is obvious that this will be the biggest step forward for Bougainville in their history and all Bougainvilleans need to be united in the pursuit of this goal. The Supplemental Bougainville Copper Agreement (2008) needs to be agreed by the initiators viz Landowners together with the ABG, the National Govt and BCL. This bottom up approach will help in fast tracking development which will deliver K5 million per day of benefits from the mine.



Proposed Action Plan:

1. Joint Supervisory Board meeting between ABG and National Govt agrees that the National Govt’s 76.4 million shares will be given to Bougainvilleans and that the tax from mining will be shared equally between ABG and National Govt until such time as the autonomy vote takes place. From the National Govt’s viewpoint they will still get access to this half tax and since the autonomy vote has a deadline the longer they delay it the less the gain for the National Govt. October 2008. It will be a gesture of friendship, sacrifice and acknowledgement. For the JSB this matter should be on the top of the agenda because nothing else can produce greater benefits for Bougainville. The new BCA will take Bougainville forward on the development path by a quantum leap.



2.Landowners to have reconciliation followed by a unanimous representation. All of them to agree on this Supplemental Agreement, endorsed later in a Mining Forum Meeting. Preferred time frame October 2008.



3.Approval from majority of 4 MPs from Bougainville of 36  Members of ABG, preferred time frame end of  October 2008 prior to meeting of ABG with National Govt.



4.Access to mine to be restored : unrestricted and without any fear.

- All Guns to be surrendered: Bougainville to be a GunFree Zone.

Combatants to be paid two rates : one rate for each home made gun surrendered already (the records of this exist already) another rate for automatic guns.

- Negotiations with Meekamui; removal of road blocks so more prosperity can enter. Youth Training Colleges to be established

- Aropa airport to be opened

- Arawa port to be opened

October – December 2008



5.NEC Decision on broad issues:

- equity transfer so 50:50 sharing can take place between Bougainvilleans and Landowners of 76.4 Million shares

- tax 50:50 sharing between National Govt and ABG

- royalties to landowners 3.5% no dividend withholding tax

- fully delegated departmental tasks of Mining (MRA) and Environment

October 2008



6.BCL announces its pre-feasibility study with an Information

Memorandum on what the New BCA will mean for Bougainvilleans and landowners.

November 2008



7. New BCA to be signed as a Supplemental Agreement appended with the Old BCA preferred time frame December 2008.  

So bitter der Kursverfall auch momentan ist, wichtig ist für mich ist, dass es in der Sache vorwärts geht. Den Rest wird die Zeit schon richten. Mal schauen, was bei dem JSB Meeting rauskommt...  

BID war 1,10 AUD

SK 0,935 AUD  

http://www.postcourier.com.pg/20081009/thhome.htm

Hier eine Kurzübersetzung,extra für meine neuen berliner Kumpels ;-))))))

Bei diesem Meeting ging es wohl weniger um BCL/Neues BCA als vielmehr um den Invincible Deal.

Dieser  Bogenvil Resource Development Corporation (BRDC) Deal soll ende des Monats ausführlich im PNG Parlament diskutiert werden sagte der aktuelle PNG Premier Paka Temu gestern.

Dr Temu's Team umfasste Justizminister Dr Allan Marat,Erziehungs-und North Bougainville MP Michael Ogio,sowie alle nationalen B'viller Parlamentsangehörigen.

Es stellte sich heraus dass jedesmal wenn das ABG eine Vertragskopie übergab darin ein paar Seiten fehlten (hehehe)

Higher Education Minister and North Bougainville MP Michael Ogio stellte die Frage warum es so lange dauerte bevor das ABG den Vertrag dem Governement überreichte. (Ogio ist übrigens genau wie Dr Puka Temu Pro BOC)

Jetzt werden sich die Anwälte den MOA (Vorvertrag) vornehmen,inclusive der bis jetzt fehlenden Seiten aus denen wohl die ABG/Inv. Verflechtungen klar hervorgehen.

Wird der Vertrag bei der nächsten Parlamentssitzung ende des Monats erwartungsgemäss gecancelt,so dürften damit auch die Pro Invincible Präsidentschaftskandidaten ausreichend diskreditiert sein. ;-))))))))))))

Leaders to meet

BOUGAINVILLE’S imminent controversial deal, the Bogenvil Resource Development Corporation (BRDC) will be discussed at the cabinet meeting in Wabag at the end of this month, Acting Prime Minister Dr Puka Temu said yesterday.
In Port Moresby this week, Autonomous Bougainville Trade Minister Joseph Watawi led his delegation to a meeting with the National Government Ministerial Committee which was led by Dr Puka Temu to discuss this issue.
Dr Temu’s ministerial team comprised Attorney-General Dr Allan Marat, Minister for Higher Education and North Bougainville MP Michael Ogio and all Bougainville national MPs.
“The National Government raised concerns that there was not enough information or details about this issue (BRDC) and we are happy that yesterday the leaders handed over to us the MOA (memorandum of agreement) so we can now deliberate on it,” Dr Puka Temu said.
“We will now assess this MOA, deliberate on it and from there we can establish the Government’s position on that issue.
“We will deliberate on it at the Wabag NEC meeting at the end of this month. We will meet together with our lawyers to further deliberate on this MOA,” he said.
“The Government’s position will then be made known when NEC sits later in Wabag,” said Dr Temu.
Higher Education Minister and North Bougainville MP Michael Ogio during the meeting raised concerns as to why it took the ABG leaders so long to hand this agreement to the Government.
This also came after Prime Minister Sir Michael Somare requested a copy and more information on this issue earlier this year.
It was also made known that every time a copy was made available for the national government, it was not the full agreement. Some pages were missing therefore the copy would be cancelled.  

verkauf wie bei anderen Papieren. Spricht Bände.  

haben wohl gestern die Mailcopy erhalten.

Am 14.10. findet das 1 Treffen überhaupt zwischen Landeigner u. der Mining Division des ABG in Panguna statt.

...there will be a meeting of landowners in Panguna [the  first ever of its kind]
with the Mining Division from ABG.

Zwischenzeitlich hat die Bougainviller Mining Division ja schon 6 Monate Training von der Weltbank absolviert. (Das 16 Mio USD Programm)

und weiter.....

They are expected to unanimously endorse the Landowners proposal

Wenn jetzt auch das Miningministerium auf die Linie der Landeigner einschwenkt und deren Proposal befürwortet dürften den BCL Gegnern (=Invincible Deal Befürwortern) so langsam die Argumente ausgehen.

zumal....

I was told Invincible haven't paid their bills at the gold refinery office in Arawa. My assessment is that given the international credit crisis, the likes of Invincible and ORD no longer pose a threat.  

http://www.postcourier.com.pg/20081010/frhome.htm

Gute Idee von Jimmy die United Nations Observer Mission on Bougainville (UNOMB) antanzen zu lassen um die letzten noch auf B' ville verbliebenen Waffen einzusammeln. ;-))))))))))


ABG fails its pledge!

THE Autonomous Bougainville government is accused of failing to implement the weapons disposal and reconciliation programs on the island despite publicly announcing 2008 as the year for these two important activities.
Central Bougainville MP Jimmy Miringtoro lauded the gesture in which ABG leaders eventually handed the blueprint of the controversial Bogenvil Resource Development Corporation (BRDC) to the national government. He is now calling on technocrats and Bougainville leaders to work with the national government for the betterment of Bougainville.
“Weapons disposal has been the major obstacle for the Bougainville government. We must call back United Nations Observer Mission on Bougainville (UNOMB), Noel Sinclair as the neutral person to come and facilitate this program because the Veterans Affairs office, mandated to carry out this task has not been working. Our ministers cannot do it and also because they have subordinates on the ground and that is why UNOMB should come back. In addition, the overall structure of the ABG must be in place. All departmental heads are not very complacent in their work because there is no-one to cross check them and this is a sign of an unhealthy government.
“Kabui declared this year as the year of weapons disposal and reconciliation. This has not been happening. We must now try to maintain the mutual relationship between these two governments (national government and ABG), to see progress on our island.
“From now on, I am calling on all leaders, anything ABG does must be discussed with or involve the national government and their national MPs,” Mr Miringtoro said.  

..........in Bougainville Copper Ltd.) verdient.“
„… Interview mit dem Vize-Chairman der örtlichen Landeigentümer-Gesellschaft. Die Panguna Landeigentümer-Gesellschaft unterstützt die Wiedereröffnung der Mine voll.“
„Wir erwarten Gewinne von 2414 Prozent!“
„Die Weltnachfrage nach Kupfer (insbesondere in China) birgt unerwartete Chancen für die Wiedereröffnung der Panguna-Mine.“

Das war am 24 Juli,(Kurs 1.03 AUD

http://niugini.wordpress.com/page/2/  

www.investorsdaybreak.com

Liebe Leser,

mit der Frage nach dem besten Einstiegszeitpunkt beschäftigen sich Anleger schon seit es die Börse gibt. Leider ohne Erfolg. Denn dieser lässt sich immer erst im Nachhinein feststellen. Statt sich mit dem Timing rumzuplagen bringt es in der Regel mehr, Zeit in die Auswahl richtig guter Aktien zu investieren.

Gut möglich, dass wir in diesen Tagen die Tiefststände an den Börsen erleben. Nach den panikartigen Ausverkaufstagen ist eine Erholung absolut überfällig. Genauso gut kann es in den kommenden Monaten aber noch etwas weiter runter gehen, bevor die Erholung schließlich einsetzt.

Dessen ungeachtet spricht aber ein wichtiger Faktor dafür, dass Sie Ihre Langfristanlagen unbedingt noch in diesem Jahr vornehmen sollten: die Abgeltungssteuer. Bei allen neuen Investments ab dem 1. Januar 2009 greift der Staat dann unbarmherzig mit 25% + Solidaritätszuschlag + Kirchensteuer zu. Selbst wenn Sie Anfang nächsten Jahres die etwas günstigeren Einstiegskurse bekommen, nützt Ihnen das nichts, weil Sie Ihre Gewinne dann mit dem Fiskus teilen müssen.

Wer ohnehin langfristig investieren will, tut daher gut daran, das in den kommenden 80 Tagen zu machen. Ich empfehle Ihnen dabei, Ihre Käufe zeitlich über den Zeitraum von heute bis Ende Dezember zu streuen. Auf diese Weise können Sie das Risiko, kurzfristig einen ungünstigen Einstiegszeitpunkt zu erwischen, erheblich reduzieren.