Trading Bougainville Copper (ADRs) 867948
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Ausdrucken, zurücklehnen und gemütlich einen Tee dazu genießen....
Miners hope to restart Bougainville gold and copper mine
TALKS are under way on reopening one of the world's biggest copper and gold mines -- on Australia's doorstep.
TALKS are under way on reopening one of the world's biggest copper and gold mines, on Australia's doorstep -- the Bougainville mine that last produced ore 22 years ago and was widely believed to have closed forever.
The seemingly unstoppable China-driven commodities boom has pushed up prices, so the reserves in the Bougainville pit are now worth about $50 billion.
Its port, its access road up 30km of rugged terrain and its 200 million tonnes of pre-stripped ore are ready and waiting.
Crucially, leaders on Bougainville -- including former combatants and elected politicians -- are all calling for the mine to reopen, although they have yet to agree on the conditions they require.
"The key to the door," Bougainville Copper chairman and managing director Peter Taylor said, "is the landowners."
Nothing could happen "until they say to BCL, as a united group, 'We want the mine and we want you to run it' ".
"Then I'll focus on the process that would follow."
Veteran politician and former Catholic priest John Momis, the recently elected President of Bougainville -- an autonomous region of Papua New Guinea -- said: "We are keen to reopen the mine and we are holding talks with the landowners."
BCL's share price has doubled since August and trebled since May, as canny investors have watched vital and promising talks begin.
Bougainville Copper, which is 53.58 per cent-owned by Rio, 19.06 per cent by the Papua New Guinea government and 27.36 per cent by other shareholders, estimates it will cost about $3bn to reopen the mine, whose production was suspended on May 15, 1989.
The trucks and the electricity pylons may have been blown up, rusted or cannibalised, but the resources in the mine have not been damaged or diminished over the past 21 years. It contains 3.5 million tonnes of copper, today worth about $32.4bn, and 12.7 million ounces of gold, worth today about $17.8bn.
There are more reserves beyond the pit but still in the mine lease area.
The mine as presently configured is capable of producing up to 170,000 tonnes of copper and 500,000 ounces of gold annually.
The copper price has quadrupled since the mine closed, the gold price seven times.
The values of the two metals have usually run counter-cyclically, but this year they have peaked together.
But the cost of capital is also high, and is likely to come at a premium given the tumultuous history of the mine.
Former Australian prime minister Bob Hawke, who has close Chinese commercial connections, in late November visited Port Moresby, where he talked with Prime Minister Michael Somare and Mr Momis.
The discussions included plans to reopen the Bougainville mine.
After leading a Bougainville delegation of 34 on a visit to China, where he was once the PNG ambassador, Mr Momis said: "The Chinese have expressed an interest in the mine, but we are keeping all our options open."
The overwhelming focus of 40 years ago on the mine as a national economy maker or breaker is no longer present.
It would remain the crucial income earner for Bougainville itself, but for PNG the spotlight has shifted to the $16.5bn ExxonMobil-led venture piping gas from the Southern Highlands to Port Moresby, where it will be liquefied for export to Asia. This is by far the biggest project ever conceived in the Pacific islands.
In this context, Port Moresby might more readily contemplate transferring its 19 per cent ownership of Bougainville Copper to the island itself -- where preliminary discussions have contemplated the autonomous government retaining 60 per cent, and the landowners taking 40 per cent.
On a pro rata basis, the owners of PNG's 19 per cent share would have to raise $570 million towards the mine's reopening.
It is possible Chinese entities, eager to obtain reliable sources of resources, may be prepared to help fund it, either in return for equity, or for future copper output.
Nochmal ausdrucken, zurücklehnen und gemütlich einen Tee dazu genießen....und wer glaubt noch nicht genügend zu besitzen.....die Börse hat noch offen ;-)))
Rising prices boost Bougainville mine hopes
PENT-UP demand for development and spiralling prices are creating pressure for the reopening of Bougainville copper and gold mine.
A prospect that has been unthinkable for decades.
Peter Taylor, who has been chairman of Bougainville Copper (BCL) since 2003 and managing director since 2000 and who worked on Bougainville as company secretary from 1985 to 1987, is a mining industry veteran whose priorities are all about people.
He says his focus is not on the hardware or the engineering or on raising the $3 billion that the reopening is expected to cost.
He says: "We must ensure the landowners retain number one importance. And the Bougainville government's support is also critical. All the signs are that the leaders on Bougainville want the mine open, and as soon as possible, rather than just some day. And the national government agrees."
Bougainville's new President, John Momis, elected for five years in June, is a former Catholic priest and former deputy prime minister.
While campaigning for the PNG election in 1987, he famously presented a letter to the then BCL managing director, Paul Quodling, that demanded the company give 3 per cent of its gross income to the Bougainville provincial government.
The request received wide support on Bougainville, but Quodling said it was impossible to meet, adding to tensions that soon exploded on the ground.
During the civil war, a leading rebel attempted to shoot Momis at close range from behind, but the pistol jammed.
Momis now says: "We are keen to reopen the Panguna mine, and we are holding talks with the landowners. Of course, Bougainville needs the mine to be reopened under a new regime. All parties should learn lessons from the crisis, and collaborate to build a better future."
Momis recently led a group of 34 -- including former combatants -- to China, where he recently served as PNG ambassador. China is likely to play a role in the rebuilt mine as leading customer, equity partner, or both.
Bougainville is an autonomous region within PNG, and under a peace accord with PNG, it has the right to administer its own mining and land laws. The World Bank has been funding a program to help Bougainville define its own mining regime.
Taylor hopes that this will complement the PNG mining legislation, which has helped facilitate a boom in foreign investment there.
Besides the $16.5bn ExxonMobil LNG project, there are promising gas finds in Western Province, and an onshore project in Gulf Province led by InterOil. The Frieda River copper-gold project led by Xstrata is due to move soon to full feasibility mode, and the Wafi project -- also copper-gold -- is not far behind. These are each likely to become $4bn-$5bn ventures.
The latter is owned by Newcrest and Harmony, which are commissioning the Hidden Valley gold-silver project.
Marengo Mining is proceeding with a feasibility study at Yandera, a copper-gold deposit not far from the $1.4bn Ramu Nickel project being developed by China's Metallurgical Construction Corp.
Since BCL suspended the mine, many groups have tried to control the promising mining zone.
"The Bougainvilleans have seen them come to the island, and haven't liked them," Taylor says.
So they have come back to BCL -- the devil they know -- despite all their past disagreements. The rogues have done BCL and its ultimate parent, Rio Tinto, a favour.
The 10-year civil war on Bougainville had many complex causes, and was a nightmare for many Rio executives.
The conflict led to big changes in how miners relate to host communities worldwide. So the reopening of the Bougainville mine would be redemptive for many groups, including Rio.
There is no timetable. Once an agreement is reached with the landowners, a feasibility study is approved and finance is in place, it will take a further two to three years to get mining under way again. The lengthiest part of that process would be the lead-time needed to order the huge trucks and other equipment to operate the mine.
Taylor says BCL will facilitate landowners' meetings and help ensure the reconciliation process goes ahead, "but we're mindful that we should not be seen to influence the proceedings.
"Everything needs to be worked out as the agreement is renegotiated -- including environmental issues such as tailings disposal, revenue sharing, ownership. And the landowners need to be resourced to participate effectively."
This is in marked contrast with the first incarnation of the mine, when the company was not permitted by the Australian government to negotiate directly with landowners.
"The situation is quite the reverse this time," Taylor says. "The landowners are setting the agenda, although everyone will put their wish-lists on the table."
He wants to see the landowners obtain equity in the project because it makes them "part of your business" and gives them a share of the income stream.
"The balance needs to change in favour of those who are giving up the most, and they are the landowners. To make the project successful and saleable, they have to be part of the company."
Raising the $3bn will be a relatively minor challenge.
Three big selling points of the project are that it already has a port at Loloho, an access road winding up 30km of rugged terrain, and has pre-stripped ore ready to extract, with 200 million tonnes available immediately.
"They give us a big leg-up," Taylor says.
Technology has improved since the mine was suspended, he says, and tailings can be safely stored even in an earthquake-prone area. "The landowners have to say which method they prefer," Taylor says. Previously, they were disposed of in the Jaba River, a cause of controversy.
They will also discuss whether workers fly in and fly out to the island or are based there, as they were before in the largely destroyed town of Arawa. Taylor says that the more local workers can be recruited, the better. "We have received numerous inquiries from ex-employees asking when we are re-opening."
The Ok Tedi mine would be an obvious source of skilled staff as it starts to scale down as the resource declines.
The other big factor exciting interest in the reopening of the Panguna pit is the likelihood that it will lead to the end of the moratorium on exploration that began in 1971.
Seven exploration licences covering 20 per cent of the island are held by BCL, and the potential to find new orebodies near the existing pit are considerable.
No one else holds any other exploration permits, even though a German-funded aeromagnetic survey 25 years ago revealed many highly prospective zones.
Through the past 21 years, the principal owner, Rio Tinto, did not close down BCL -- it has remained listed, playing a low-key role, waiting for the climate to change.
Its share price has soared as the likelihood of a reopening dawned on investors. They were rallied by Axel Sturm, the energetic German president of the European shareholders of Bougainville Copper. The company has even made a profit most years, from placing its remaining cash in Australian listed investment companies.
Taylor says that since the mine closed, the BCL Foundation has continued to fund 100 scholarships a year.
In a US court case, Bougainvilleans have claimed damages from Rio over the operation of the mine. This has become a test case for the extent of American jurisdiction, but no decision is likely until after the mine has reopened.
Former Bougainville Revolutionary Army "general" Ishmael Toroama insists that all the demands made by Bougainvilleans during the fighting must be met: "Panguna -- after the war -- now belongs to all Bougainvilleans," he says, insisting that the original claims for environmental compensation remain extant.
But the recently elected Bougainville government, and the Panguna Land Owners Association, have begun intense discussions.
No one is publicly discussing timetables yet. But in the minds of most of the stakeholders, the countdown has already begun.
Grüße
Ich denke mit 1,00 Euro Abstauberlimit könnte man heute auch zum Zug kommen (hat in den letzten Wochen zweimalmit je 5.009 Stück geklappt).
Hoffe nur, dass dies kein Reinfall wird und Australien abschmiert, weil da jemand mehr Infos hat...
Das einzige was in dem Artikel fehlt ist die Erwartung dass mit der BCA Review Ende Feb./ Anfang März begonnen werden soll,aber da darf er den Landeignern ja nicht vorgreifen.
Das ist das beste,offizielle Statement von BOC seit den letzten 10 Monaten,und niemand der sich noch nicht mit BOC beschäftigt hat,kann dies einschätzen.Dieser Artikel ist ein Quantensprung,eigentlich das erste Mal das Taylor öffentlich von einer Wiedereröffnung spricht,und zeigt auch das schon ein gutes Stück des Weges zur Wiedereröffnung gegangen wurde.Bin mal gespannt was die Aussis daraus machen.
Für mich war das heute schon der Start zum BigBongBang. unfassbar das das hier in D kaum einer beachtet hat(bis auf 2,3 Personen)
Bougainville Copper may reopen
Tuesday, 28/12/2010
Booming world commodity prices may see the reopening of one of the world's largest copper and gold mines.
Bougainville Copper's massive pit on the island closed 22 years ago, but current prices mean that its reserves are now worth around $50 billion.
But the mining company must first get the approval of landowners before works could go ahead - at a cost of around $3 billion to open the mine.
"The key to the door," Bougainville Copper chairman and managing director Peter Taylor said, "is the landowners."
Nothing could happen "until they say to BCL, as a united group, 'We want the mine and we want you to run it'."
Former Australian prime minister Bob Hawke contacted PNG Prime Minister Sir Michael Somare and Bougainville President John Momis in Port Moresby in November.
Mr Hawke's commercial connections in China could be crucial in seeing the mine reopened.
World copper prices has increased fourfold since the mine closed, and the gold price seven times.
Auch Bloomberg gibt es mittlerweile eigene Artikel!!!
Source: Papua New Guinea Blogs
A weekly news blog reflecting issues and challenges facing Papua New Guinea.
PNG Forum
§
Tuesday, December 28, 2010
An opportunity to kickstart PNG economy
Rowan Callick The Australian
THE Bougainville mine's development was fast-tracked by the Australian government.
This occured when pressure built at the UN for Canberra to grant early independence to Papua New Guinea.
The mine was intended to provide the new nation with solid income in addition to aid.
In the 17 years from 1972 to 1989, it contributed about 44 per cent of PNG's exports, about 17 per cent of the government's revenue, and 10 per cent of PNG's gross domestic product. It employed 2800 people.
The mine had been built by Rio Tinto in the face of landowner opposition. Women -- through whom land in much of Bougainville is inherited -- lay down in front of bulldozers.
It took until 1980 for the original compensation package to be signed with 600 families.
PNG's decentralisation to 20 provincial governments resulted from Bougainville's threat to pull of PNG in 1976, a fortnight before Australia was due to declare it independent -- threatening to rob the new state of its main income earner.
But deals were done, royalties were offered, the mine was built, and it contributed substantially towards Bougainville acquiring the highest living standard in PNG. The project trained a generation of tradesmen -- with 1000 completing full trade apprenticeships and 400 graduate and postgraduate studies -- who can still be encountered all over the country, running their own car workshops, working as supervisors on engineering developments, or at other mines including Ok Tedi and Porgera.
However, younger landowners felt cheated by the royalties deal, which compensated only the older generation, and the PNG government failed to seize the option to renegotiate the deal every seven years from the original 1974 agreement.
A new landowners' group emerged, which felt increasingly frustrated at being ignored. Anger spilled over into violence, and the mine was closed on May 15, 1989, after two employees died and 20 were injured. Power supplies to the mine had been cut by the felling of power pylons with explosives. The number killed in the fighting is unknown, but it probably totalled almost 1000.
Many more died as a result of the collapse of infrastructure and of health services.
In 1990 a ceasefire began, which has largely held since. A deal was eventually signed providing for a withdrawal of PNG soldiers, a peace monitoring group, and ultimately greater autonomy, and a referendum on independence between 2015-20.
New governments, responsible for all activities except defence and foreign affairs, have since been elected, which have favoured reopening the mine, with the Bougainville economy struggling.
Before the 10-year civil war, it was not only the mine that was booming.
Large investments were pouring into agriculture, especially cocoa, benefiting from the island's fertile soil.
But the manner of the mine's closure left lingering doubts in the minds of would-be investors.
Reopening the mine would restore confidence to the rest of the economy too, underlining that Bougainville is back and open for business.
John Momis, the new President of Bougainville, says the mine "will kickstart developments
durch die esbc zu unterstützen wahrscheinlich ein richtiger Weg.
Meiner Einschätzung nach müssten wir allerdings hier schon vor der HV aktiv werden
und unseren goodwill zum Ausdruck bringen.
Auch die Geschichte mit den mobiles finde ich Klasse. Vielleicht können wir das poolen den Stimmrechte und die Spenden auf freiwilliger Basis koppeln.
Was haltet Ihr davon?
Gruß, alfred
28 December 2010
Flights to Buin commence
By Tapo Tovilu DWU Journalism Student
National Aviation Services will begin its flights to Buin tomorrow.
General Manager John Imaka says the flight tomorrow will officially commence the company’s operations in the region.
He says the maiden flight was made during the opening of the 3rd ABG games in which they flew with ABG President John Momis to Buin to open the games.
Mr Imaka told New Dawn FM that they weren’t able to fly after the maiden flight as fuel drums from Rabaul did not yet arrive.
He says however the fuel drums were offloaded from Makaia yesterday and the flight tomorrow will commence as scheduled.
The company is working on bringing one more of its planes in from Vanimo and they are aiming at restoring the provision of air services back into Bougainville
Und die Zeit vergeht schnell. Ein Jahr ist schon wieder fast rum.;D)))
"Bin mal gespannt was die Aussis daraus machen."
Nach den "Erfahrungen" der letzten Zeit (bis Jahre) ...
... wahrscheinlich erst einmal wenig ...
Wenn da Umsätze sind, dann wahrscheinlich eher Europäer und "Drücker"
..... aber egal ... "ich bin drin" ...
Zumindest läuft da unten "alles" in die richtige Richtung ... wenn auch manchmal mit angezogener -oder angerosteter- Handbremse.
So
ich wünsche allen noch nächträglich ein schönes Weihnachtsfest gehabt zu haben
und
vorsorglich schon einmal einen guten Rutsch ins neue Jahr
- ohne aus zu rutschen -
in einem Jahr sehen wir "wahrscheinlich" etwas höhere Kurse
in diesem Sinne
Carlchen
Viele Dinge, die in der Zukunft erwartet werden, preist die Börse ein - aber hier stehen noch viele Unsicherheiten auf dem Plan.
Trotz der guten Aussichten bei Bougainville Copper, sind noch viele Stolpersteine aus dem Weg zu räumen. U. a. wird es voraussichtlich zig Millionen kosten, den Minenbetrieb wieder aufzunehmen. Die Gelder müssen ggf. über Kapitalmaßnahmen beschafft werden, die die Aktionäre z. B. im Rahmen einer Kapitalerhöhung mitmachen müssen oder entsprechend den Kurs verwässern. Auch politisch ist Bougainville nicht als stabil einzustufen.
Ich habe hier aber insbesondere Bedenken, dass Altaktionäre bei einer etwaigen Kapitalerhöhung, die z. B. durch einen goßen Investor getragen wird, ihren Altbestand nur als einen Bruchteil des besherigen Anteils an der Gesellschaft im Depot wiederfinden werden. Dies hat auch direkte Auswirkungen auf zukünfigte Dividendenzahlungen.
Ich werden Bougainville Copper weiter beobachten, in guten Phasen Gewinne mitnehmen und in schlechten Nachkaufen.
Bitte macht nicht den Fehler in Euphorie, wie in Zeiten des Neuen Marktes zu verfallen. BOC hat Chancen - aber auch große Risiken.
Gäbe es keine Risiken, so wäre der Kurs sicher schon in 5-Euro-Bereich, weil dann auch schon institutionelle Anleger, Fonds und auch andere vermögende Börsenprofis zu geschlagen hätten.
Auch bei BOC ist noch ein Totalverlust, bzw. ein Rückgang auf die alten Tiefstkurse zu Zeiten des Dornröschenschlafes möglich.
Drücken wir die Daumen, dass es nicht soweit kommt.
In diesem Sinne: Viel Glück 2011 bis 2015!
Klar kann es einen Totalverlust bei BOC geben,ABER BP wäre letztes Jahr auf fast pleite gegangen,DIESE AUSSAGE KANN JEDEN TREFFEN und hat absolut nichts mit BOC zu tun.Solche Aussagen bringen mich immer an den Rand der Verzweiflung!!!!!
Beschäftige dich bitte anständig mit BOC und dann kann du noch einmal ein Posting schreiben.
UND NOCH EINMAL FÜR ALLE: Die Situation war in den letzten 20(30?) Jahren nie besser als heute!!!!!!
Seit der Wahl Kabuis gab es keine nennenswerten politischen Probleme.
Man kann sogar sagen dass Boug. politisch stabiler ist als PNG.Trotzdem wird mit PNG der historisch grösste (Gas) Deal des gesamten Pazifik gestemmt.
Bei BOC ist m.M. nach das Länderrisiko viel zu hoch eingepreist.Schliesslich wurde schon 20 Jahre hochprofitabel produziert.
Sicher,vieles kann schiefgehen,einiges wird sogar ganz bestimmt schiefgehen,aber am Ende wird Panguna wiedereröffnet.
Die Vorteile einer Inbetriebnahme hat Peter Taylor in seinem Interview aufgezeigt.
Hafen,Zufahrtsstrassen,Stockpile,ist alles vorhanden,qualifiziertes Personal wird demnächst in der "Nachbarmine" OK Tedi frei,ausserdem hat BOC über 30 Jahre jeweils 100 Studenten pro Jahr die Ausbildung finanziert.
Keine Kupfermine dieser Grössenordnung weltweit kann schneller in Betrieb gehen als Panguna.Will man den geplanten Termin des Referendums über die Unabhängigkeit in 2015 einhalten,so müssen jetzt die richtigen Weichen gestellt werden.
Einige der Landownerinnen (es sind die Frauen in PNG, die solche Dinge entscheiden) fühlen sich übergangen, und der Präsident steckt in einer juristschen Angelegenheit.
Zitat nekro:
Bei BOC ist m.M. nach das Länderrisiko viel zu hoch eingepreist.Schliesslich wurde schon 20 Jahre hochprofitabel produziert.
Als CRA dort startete hatte Australien die Finger über PNG. Das war eine politisch unbedenkliche Situation.
Heute müssen allerlei Interessen befriedigt werden. Das Minenabkommen, die Aktien, die momentan Port Morresby zustehen, die Landowner und nicht zuletzt die Umweltzerstörung, die mit dem Kupferabbau unweigerlich einher geht.
Natürlich geht mir das alles viel zu langsam, genau wie euch. Und selbst wenn in 2011 die große Entscheidung fällt dauert es noch bis der Betrieb wieder aufgenommen werden kann. Das aber ist der entscheidende Schritt, der den Kurs sofort ansteigen lassen wird. Und da gehe ich mindestens von einer Verdopplung aus.
Beim lesen das voten nicht vergessen ;-))))))))
Ob das nicht im Zusammenhang mit Axels Anzeige an die ASX zusammenhängt und die jetzt schnell reagieren mussten ...???
Alles Vermutung - kommt mir halt bemerkenswert vor.