Trading Bougainville Copper (ADRs) 867948

https://bougainvillenews.com/2017/11/
 

https://postcourier.com.pg/...oposed-changes-bougainville-mining-act/

 

6 FEBRUARY 2019 AT 01:41
Papua New Guinea Mine Watch  /  ramunickel

Radio New Zealand | February 5, 2019

Landowners near the Panguna mine in Papua New Guinea’s Bougainville region have voiced outrage at the local government’s new mining plan.

The autonomous government of Bougainville is planning to re-open the long shut Panguna copper mine and operate it with a company majority owned by Bougainville.

It is expected to pass amendments to the Mining Act to accommodate the Australian investor who will jointly own Bougainville Advance Mining.

The plan comes after squabbling over who should get the licence for the Panguna mine, followed by a government moratorium on any Panguna development because it could undermine the referendum on independence from Papua New Guinea, planned for June of this year.

Describing the deal as the best for landowners, Bougainville President John Momis said existing companies already mining in Bougainville doing were “not affected by this new deal”.

He explained that with PNG’s central government failing to fund Bougainville ahead of the referendum, the government decided to take urgent action to find money.

Caballus Mining, owned by West Australian businessman Jeff McGlinn, has no public profile in the industry.

This is of concern to the Osikaiyang Landowners Association, whose chairman, Philip Miriori, raised questions over the viability of finance for Caballus’ plans.

“Caballus has no assets, and yet is demanding a monopoly on all major large scale mining projects in Bougainville.

“McGlinn is demanding an initial 40% percent interest, which will increase further over time, without any upfront cash and only a shallow promise of future money if he is granted those rights first.

“This is just a con job,” Mr Miriori said, adding that Mr McGlinn’s track record with indigenous people, and stand on customary rights, made him ill-equipped to gain a social license for his Bougainville plans.

Public disapproval

The new plan has thrown a cat amongst the pigeons in Bougainville public discourse in this important year.

A public forum to discuss the issue washeld in Arawa on Sunday highlighted general community outrage over a move to change Bougainville’s laws in order to expedite the new mining development.

The Bougainville Advance Mining Holdings Trust Authorisation Bill, the Bougainville Advance Mining Holdings Limited Authorisation Bill, and a Bill to amend the Bougainville Mining Act 2015, have all gone through first reading.

At the forum, the Chairman of the Bougainville Hardliners Group which is opposed to any form of large scale mining, called on the Bougainville government and general public to fund the referendum from their own pockets by donating twenty kina each meet referendum expenses.

“Lets show Papua New Guinea that we are independent by funding our referendum”, he said.

At the end of the meeting a resolution was passed to lobby to block the bills from being finally passed in by the government.

Former mine operator worried

In a statement, Bougainville Copper Limited said the new developments raised “very legitimate legal, constitutional and ethical questions”.

“Not only by BCL and its shareholders, but also by landowners in Bougainville and others in the community. More widely these bills could also be interpreted as both anti-competitive and anti-investment which is the last thing Bougainville needs.”

BCL ran Panguna until the outbreak of civil war in 1989 in which grievances caused by the mine were central to the 10 year conflict that cost over 20,000 lives

Mr Momis had placed an indefinite moratorium on mining at Panguna after landowners opposed the return of BCL.

The landowners said BCL would not take responsibility for the environmental and social impacts of its previous operation.

However BCL said the Bougainville Mining Act 2015 did not need to be modified.

“Bougainville introduced good laws and regulations in 2015 designed to rebalance Bougainville’s mineral rights after a long period of consultation with all stakeholders. Now those rights are being undermined in haste by these proposed changes. Any genuine investor worth its mettle should be able to work within the existing laws.”

The bills are to be further read by the local parliament on 12 February.  

Bougainville Copper faces yet another fight to reopen a big PNG mine
6 FEBRUARY 2019 AT 01:05
Papua New Guinea Mine Watch  /  ramunickel

Angela East | Stockhead | February 5, 2019

Bougainville Copper’s efforts to bring the past-producing Panguna mine back online is again in jeopardy over hasty moves by the Autonomous Bougainville government to make changes to the mining laws.

Last week three new bills were introduced to Parliament, including one that would allow a newly formed company to bypass current red tape and go straight to mining any land that is not subject to an existing exploration licence or mining lease.

The problem for Bougainville Copper (ASX:BOC) is that it has been fighting the government to get its exploration licence (EL) over the 1.5 billion tonne Panguna mine renewed.

The Autonomous Bougainville government previously rejected Bougainville Copper’s renewal application, but a court overturned the decision.

“That left us with an EL application still in process over Panguna, and that’s where we assert our rights that we still have an EL over Panguna,” company secretary Mark Hitchcock told Stockhead.

“For them to now be putting the bills forward for reading that purport to actually mining all over Bougainville certainly could have some impact on our rights at Panguna.”

Under the new laws, the newly formed Bougainville Advance Mining Limited would be granted a special mining licence without the company even having to seek landowner approval.

Consent from the traditional landowners is required for the issue of any exploration licence on their customary land, a process which has historically escalated to wide-scale political unrest on the island.

The region has long been known for its copper and gold prospects, but disputes between regional residents and explorers such as Bougainville Copper have marred production since the early 1970s.

Conflict between the Bougainville Revolutionary Army and Papua New Guinea Defence Force escalated to a civil war in 1988 and took almost 10 years to cease.

Now, the Autonomous Regional of Bougainville is seeking independence for its population of 250,000, with a target date of June 15, 2019 set for a referendum on the topic.

Locals don’t agree

Mr Hitchcock said there is strong public opinion against the government’s move to change the 2015 Mining Act.

“From what I’m reading, Bougainvilleans are becoming a bit distressed about just what it means and why [the government] spent so much time getting a really robust Mining Act put together and then in a very short time have some amendments come through that could strip away a lot of powers of the landowners and the people that actually own the resources,” he said.

It has been a long fight for Panguna for Bougainville Copper.

Back in 2014 the company was stripped of its mining licence and handed a two-year exploration licence instead.

Attempts to renew the licence after two years were delayed and Bougainville Copper came up against claims from fellow ASX-listed explorer RTG Mining (ASX:RTG) that it had the support of the landowners to start work on the Panguna mine.

“There is still a tussle going on there,” Mr Hitchcock said.

“RTG executives have bans on them from travelling to Bougainville. ABG has imposed them through the national government.

“It has been causing division and there are definitely different factions down there that are supporting them, but we believe we’ve got strong support from the landowners.”

The three new bills are due to be returned to Parliament on February 12 for further discussion.  

Miriori Fires Broadside At Mining Company

7 FEBRUARI 2019 OM 23:43
Papua New Guinea Mine Watch / ramunickel

Post koerier | 7 februari 2019

Een zeer controversieel voorstel van een onbekend en nieuw geregistreerd bedrijf, Caballus Mining probeert een volledig monopolie te krijgen over alle grootschalige mijnen in Bougainville.

Er wordt beweerd dat het plan Caballus het grondbeginsel van de mijnbouwwet van Bougainville - het eigenaarschap van de eigenlijke eigendom van de mineralen in Bougainville - moet opheffen en eigenaar moet worden van een entiteit van McGlinn, Bougainville Advance Mining (BAM).

"Zijn Caballus de volgende bedrieger die probeert te profiteren van ons, de gebruikelijke eigenaren en onze mineralen te stelen?", Vroeg de heer Philip Miriori, voorzitter van de vereniging van eigenaren van de Speciale Mijnbouw Osikaiyang, de Vereniging van Landeigenaren (SMLOLA).

De heer Miriori voerde verder aan dat Caballus geen enkele relevante mijnontwikkelingservaring heeft.

"Caballus heeft geen troeven en eist toch een monopolie op alle grote grootschalige mijnbouwprojecten in Bougainville.

"Ze eisen een eerste 40% -belang, dat in de loop van de tijd verder zal stijgen, zonder vooraf geld en slechts een geringe belofte van toekomstig geld als hij die rechten eerst krijgt."

De heer Miriori zei dat toen Caballus eerder vorig jaar werd voorgesteld aan vertegenwoordigers van SMLOLA, deze officieel schriftelijk werden afgewezen.

"Dit is waar het verwarrend wordt omdat ondanks die duidelijke positie van de eigenaren van de mineralen in Panguna, Caballus nu eist dat het meest fundamentele principe van de Bougainville Mining Act (BMA) - het gebruikelijke eigendom nu van de BMA zal worden ontdaan."

SMLOLA speciaal adviseur Lawrence Daveona zei door het vermijden van alle bescherming die hen wordt geboden onder de BMA, die fundamenteel is voor het hele vredesakkoord en hun grondwet, in feite de eigenlijke toekenning van autonomie ... het zal hen van hun rechten beroven.

"De centrale huurder van onze Vredesovereenkomst is goed bestuur.

"We zullen dit tot het einde bestrijden en hopen dat onze ABG als eerste zal instappen en alle gebruikelijke eigenaars in Bougainville zal beschermen."

De heer Miriori zei dat sommige mensen proberen te profiteren van een ernstige financieringscrisis waarmee hun regering wordt geconfronteerd in de aanloop naar het referendum over Bougainville, dus zijn ze veelbelovend, maar alleen als ze eerst de sleutels krijgen van elke grote mijn in Bougainville zonder voorinvesteringen ... is ongelofelijk.

"Wie het geld opslaat, heeft uiteindelijk controle over BAM en alle mijnen van Bougainville."  

Rights group trying to stop large scale mining on Bougainville

7 FEBRUARY 2019 AT 23:03
Papua New Guinea Mine Watch  /  ramunickel

Radio New Zealand | February 8, 2019

The chairman of a rights group in Bougainville is trying to stop amendments to the island’s Mining Act which would give a foreign company exclusive rights to large scale local mining.

James Onartoo, who chairs the Bougainville Hardliners Group, said the island’s civil war was caused by foreign control of large scale mining on the island.

Mr Onartoo said his group is opposed to any further large scale mining in the autonomous Papua New Guinea region.

His comments come as the region’s government plans to re-open the long shut Panguna copper mine.

It is seeking to change the Mining Act to accommodate an Australian investor with whom they plan to start a new company called Bougainville Advance Mining.

Their plan is for Bougainvilleans to be the majority owners of the company.

But Mr Onartoo says this is in breach of sections 23 and 24 of Bougainville’s constitution as well as the Mining Act which provide protection from a repeat of what he called “the ownership of minerals on the island by colonisers.”

Mr Onartoo said Bougainville’s 350,000 people don’t need large scale mining which only stands to benefit foreign entities.

He said the focus should be on sustainable alluvial mining which can be more easily regulated by the autonomous region’s government.  

wisst ihr noch, diese doofe  Ereigniskarte...  "Gehe zurück auf LOS"
was für den armen Schlucker immer hieß, "fang doch einfach nochmal von vorne an, aber eben ohne Rundengeld zu erhalten".

Naja, das Gute in all dem Dilemma ist, viel können die freien BOU-Aktionäre nicht mehr verlieren. Gewinnen aber schon, wenn das aktuell auch eher unwahrscheinlich scheint. Die einzige Konstante in all den Richtungs-Streitigkeiten bleibt die Dauer der Konsensfindung auf dieser Südsee-Insel, die wird wohl unverändert „noch Jahre dauern“.

und für die Ewig-Optimisten unter uns gilt...  ja, verdünnen geht bei den Kursen immer  

https://postcourier.com.pg/public-outcry-bvill-mining-bills/

In dem Punkt herrscht zumindest Einigkeit :-)
The proposed Amendment of the Bougainville Mining Act (“BMA”) was rejected outright by the Panguna landowners, ex-combatants, no mining groups, core team, the eight Association Chairmen of the mining affected areas including the Special Mining Lease Osikaiyang Landowner Association (“SMLOLA”) members

There is a public outcry over the introduction of three controversial mining bills including a bill to make amendments to the current Bougainville Mining Act (BMA) 2015 which ostensibly will strip the landowners of their rights and ownership of the mineral resources, while bypassing safeguards, protections, procedures for the landowners.
In Arawa yesterday the group agreed at the ‘ABG Consultation with Panguna mine affected landowners’ meeting, that they will travel to Buka today to be present and protest to the ABG House when it convenes tomorrow for the Parliament Sitting.
The amendment bill is also said to contravene Sections 23 and 24 of the Bougainville Constitution that protects rights of Bougainvilleans and recognises traditional and customary laws and leadership in the mine affected communities.
The Autonomous Bougainville Government (ABG) President John Momis has been convincedby Jeffery McGlinn a little known Australian businessman whose business appears to be dealing in heavy equipment for the mining industry and breeding exotic horse breeds.
The lack of substantial experience of Mr McGlinn in mining industry has not deterred President Mr Momis from giving his full blessings to a mining proposal by Mr McGlinn’s mining company “Caballus” recently registered in the British Virgin Islands. The proposal which is over simplistic and unrealistic includes the draconian amendments to the BMA and the establishment of a “Special Mining Entity” which has been named “Bougainville Advance Mining” (BAM) and the establishment of “Bougainville Advance Trust Holdings” which will take charge of revenue earned from mining.
Mr O’Neill had already said he would give us directly, the 17.4% in Bougainville Copper Limited that Rio Tinto handed to the National Government – even PNG wants to treat us better.
It has also been suggested that the draft Bill is improved to better compensate Landowners at some point in time – it turns out it is really no different, one company, controlled by our Government (initially only) is given ownership of our minerals, which is unfair  

http://vuir.vu.edu.au/33024/1/...20Industry%20-%20Allan%20Manning.pdf

Eine spannende Arbeit von Allan Manning zu dem komplexen Thema, wie das Unternehmen BCL nach 17 jähriger erfolgreicher Produktion durch die Mahlsteine der politischen Gegebenheiten fast vollständig zerstört wurde.

Der heutige MP Momis war damals als Politiker, der auch Kontakte zur Francis Ona hatte, nicht unbeteiligt, wodurch personenbezogene Zusammenhänge zu den heutigen Vorgängen aktuell und unmittelbar  aus der Vergangenheit erkennbar werden.

 

https://ramumine.files.wordpress.com/2019/02/...eport-august-2017.pdf

Diese Politik der ABG eröffnet einen weiteren Abgrund ?

 

Von FB


https://www.facebook.com/BougainvilleCopper/posts/...ge_post_reaction

.............................The below copy of the Australian Securities Exchange (ASX) Form 3 document confirms that 146,175,449 shares in BCL were transferred to Bougainville Minerals Limited, the government’s holding company, on 16 August, 2016. This represents a 36.4% share that the ABG owns in BCL. On 11 February 2019 BCL shares were trading on the ASX at AUD$16 cents per share which meant the value of ABG shareholding on that day was AU$23.40 million or PGK57.83 million Kina.............................

ABG      PNG      ff          LO

36,4 %    36,4 %    27,2 %     0 %        Stand aktuell

36,4 %    19,1 %    27,2 %   17,3 %    alte Ansage PNG, nicht realisiert

53,7 %    19,1 %    27,2 %     0 %      alte Bestrebung ABG, nicht realisiert

Möglicherweise wird die Verteilungsfrage der BOC-Aktien noch eine Rolle spielen, wenn der monentane Spuk zu ende ist.

 

https://www.youtube.com/watch?v=CBwD47mavrk

 

Das Buch ist übrigens auch sehr lesenswert...  

http://www.mining.com/...r-mine-safe-now-mining-act-changes-rejected/  

Proposed Bougainville mining laws a ‘reckless land grab’, says Jubilee Australia
12 FEBRUARY 2019 AT 23:07
Papua New Guinea Mine Watch  /  ramunickel

Jubilee Australia | February 12, 2019

Over the last two weeks, the Autonomous Bougainville Government (ABG), led by its president the Reverend Dr John Momis, has announced its intention to amend Bougainville mining laws.

The proposed amendments to the 2015 Bougainville Mining Act, along with accompanying legislation, will give the ABG the power to hand over mining leases to all parts of the island not under existing leases to Bougainville Advanced Mining, a new entity created for this purpose. The ABG would have 60% ownership of Bougainville Advanced Mining, while 40% would be owned by a foreign partner.

Statements made by the President last week suggest that Caballus mining, a Perth-based company headed by Jeff McGlinn, will be the foreign partner involved.  

‘These are radical changes and appear to be nothing more than a reckless land grab,’ said Dr Luke Fletcher, Executive Director of Jubilee Australia. ‘First, this would hand over control of the majority of the island to the President and his foreign partner, Mr McGlinn.

‘Second, the President would have the power to unilaterally distribute leases without any consultation or permission from landowners. As a result, landowners will be cut out of the process. These amendments undermine the principal of Free, Prior and Informed Consent, said Dr Fletcher. ‘Doing so is both anathema to Melanesian culture and vitally important in the Bougainville context.’

‘It is not clear to us that this legislation is even constitutional,’ said Dr Fletcher. ‘It is a startling and dangerous move. Given the disastrous history of the Panguna mine in Bougainville, which has caused irreparable environmental damage to the Jaba river and was the major cause of the Pacific region’s worst ever civil war, forcing through such enormous changes with very little consultation is a reckless and desperate ploy.’

Comments made by the President to Radio New Zealand justified the move based on the need to hold the Bougainville independence referendum: ‘The people of Bougainville are determined to have the referendum and they must find the money to fund the referendum,’ the President said. ‘One way of doing it would be if we started our own company and generated the revenue to enable us to conduct the referendum. We cannot sit on our hands.’

‘As our recent study of the question demonstrates, we are highly dubious that mines like Panguna could ever raise enough revenues to satisfy both foreign investors and the people of Bougainville,’ said Dr Fletcher.

‘It is certainly impossible that the mine will raise any revenues before the independence vote. It will take years for the building/repair of infrastructure, the completion of environmental studies and other importance processes that need to take place before the mine can generate revenue.’

Background—Mining on Bougainville

The Panguna Mine was one of the world’s biggest copper-gold mines until a civil war forced its closure in 1989. The war took up to 20 000 lives and displaced an additional ten thousand people. The Panguna Mine was a leading cause of the war. The communities have not been offered redress for the damage.

Since 2009, there has been a push to re-open the mine, with proponents claiming that Bougainville needs the mine to be economically independent. President Momis has been at the forefront of this fight, under the auspices of former operator Bougainville Copper Limited (BCL), claiming that it would be the best and quickest option to generate revenue.

In December 2017, however, the president announced a moratorium of mining at Panguna and revoked BCL’s  mining license, after a meeting of landowner meetings voted against such an extension.  

Man kanns ja mal versuchen. Hätt ich wahrscheinlcih auch so gemacht.  

https://postcourier.com.pg/loloho-digicel-tower-equipment-torched/

 

Bougainville Referendum Behind Schedule
Thursday, February 14, 2019  Bougainville News, Headlines, PNG News

The Director of the PNG National Research Institute, Doctor Osborne Sanida says the Bougainville Referendum is behind schedule.

Doctor Sanida says the process is behind schedule because of various reasons.

A critical reason is because the electoral rolls for the autonomous region are yet to be completed.

These outstanding issues are compiled in the 6th Research Report on Status and Implementation of Bougainville Peace Agreement and Implications for Referendum, written by Doctor Kylie McKenna, a sociologist at the Institute for Sustainable Futures at the University of Technology in Australia, and launched Thursday (14.02.19).

The report says Bougainvilleans living outside the region do not know how they have to register to vote and what the choices mean.

Doctor Sanida says rushing into a referendum without adequate preparation could compromise the credibility of its outcomes and pose serious implications.

The NRI's Bougainville Referendum Research Project Team Leader, Doctor Thomas Webster highlighted findings of the report, which also says the progress on the Bougainville Peace Agreement has been unsatisfactory, because many people are still not aware of it and its expectations.

The report also points out that funding remains a major constraint in moving preparations forward.

The report however, recommends that instead of focusing on the shortfalls, both the Autonomous Bougainville Government and the National Government can draw insight to continue to strengthen peace in the region regardless of the outcome of the referendum.

The Bipartisan Parliamentary Committee on Bougainville Affairs led by the Southern Highlands governor, William Powi and the Deputy, Joe Lera are planning to travel throughout Bougainville in the coming weeks to table a report for the Parliament sitting in April.  

Proposed Bougainville Mining Act changes go to committee.

15 FEBRUARY 2019 AT 23:59
Papua New Guinea Mine Watch  /  ramunickel

Radio New Zealand | 15 February 2019

Proposed changes to Bougainville’s Mining Act have been referred to a parliamentary committee for further discussion.

The Autonomous Bougainville Government’s proposed the changes which have met with widespread opposition as the region prepares for a referendum on independence from Papua New Guinea.

The government last month divulged its plans to re-open the long shut Panguna copper mine and operate it with a company majority owned by Bougainville.

It sought to pass amendments to the Mining Act to accommodate an Australian investor who will jointly own Bougainville Advance Mining.

The Bougainville Advance Mining Holdings Trust Authorisation Bill, the Bougainville Advance Mining Holdings Limited Authorisation Bill, and a bill to amend the Bougainville Mining Act 2015, have all gone through first readings.

However, after community concern over the proposed amendments, the bills were referred to the Legislative Review Committee.  

Minenkonzern kämpft um einsame Insel, die auf 50 Milliarden Euro Gold und Kupfer sitzt

https://www.focus.de/finanzen/boerse/...kupfer-sitzt_id_10321592.html  

https://www.facebook.com/...99189143&type=3&theater&ifg=1

Am 15.5.1989 wurde die BCL-Produktion gestoppt.  

All Panguna Mine Landowners United In Opposing BMA

26 FEBRUARY 2019 AT 00:15
Papua New Guinea Mine Watch  /  ramunickel


Post Courier | February 25, 2019

The customary landowners from all mine affected areas in and around Panguna – not just the pit area – are 100% united in opposing the controversial draft Bills to change the Bougainville Mining Act (BMA).

The draft Bills would see their rights been stripped, leaving them to try and negotiate with their own Government many years down the track, after they have given up all their rights and ownership of minerals.

Special Mining Lease Osikaiyang Landowners Association Inc chairman Philip Miriori said: “All we are vaguely promised is some form of compensation once mining activity commences.

“Who would do that, give up everything with no deal to look after our people.

“Can you imagine, at that point it will be like us negotiating with Bougainville Copper Limited (BCL) again. They will have all the power and we will have none.” He added that this is why they are all united against these changes to the BMA and the architect of this fraudulent attempt to steal from us.

A formal Petition has been signed by all nine landowner associations representing all the land that was impacted in the original Rio Tinto – BCL – Panguna Mine, which operated from 1972-1989.

The mine halted production when Rio Tinto and its subsidiary BCL lost the support of the Panguna landowners and the community.

“We all know what that led to. The Autonomous Bougainville Government is contemplating transferring the control of the Panguna Mine to an unknown Australian entrepreneur who claims he will raise $6 billion for Panguna, when he has never built or run a mine ever before,” Mr Miriori said.

The petition draws the attention of the ABG to no fewer than nine what landowners alleged to be materially false claims of the proposal.

Mr Miriori said the most fatal being the claim of a “permanent 60%” interest for the ABG. “It is ludicrous and simply impossible…he wants us to believe investors will put in 100% of the capital.

They say US$6 billion for 40% of the profits, this is impossible, he added.

SMLOLA special adviser Lawrence Daveona said Rio Tinto had to walk away from Panguna because they lost the support of the community.

“This petition confirms every single member of the Panguna Landowner Association opposes the proposal,” Mr Daveona said.

The signed resolution calls for the immediate withdrawal of the Bill to change the BMA and to try and stop further damage being done to their reputation internationally, Mr Daveona added.  

...
SIGNIFICANT EVENTS
EL1 tenure
On 16th January 2018, Bougainville Copper received formal notice from the Autonomous
Bougainville Government (ABG) Mining Registrar of the refusal to grant an extension of the
terms of Exploration Licence EL1 (covering the historic Special Mining Lease 1 at Panguna).
Bougainville Copper commenced legal action in the PNG National Court and was granted
leave on 10th April 2018 for a Judicial Review of the renewal application process. A restraining
order was granted against the ABG, from giving effect to or relying on the decision to refuse
the extension of EL1. Panguna Minerals Limited, a company 50% owned by SMLOLA and
50% by Central Exploration Pty Ltd (a company 70% owned by RTG Mining Inc) was joined
to the proceedings on 22nd August 2018. Bougainville Copper applied for leave to appeal the
joinder decision which was heard on 19th February 2019 with a decision reserved to 13th -18th
March 2019.
Bougainville Copper remains confident of our tenement position and believes the court
proceedings will uphold our rights. ....

https://stocknessmonster.com/announcements/boc.asx-3A512098/  

https://www.radionz.co.nz/international/...dence-referendum-postponed