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Panguna still valuable
By GORETHY KENNETH
BOUGAINVILLE Copper Limited made a loss of K4.8 million last year compared with a profit of K3.6 million the previous year, company secretary Paul Coleman said yesterday.
-Nach einem Gewinn von 3.6 Mio Kina in 07,jetzt ein Verlust von 4.8 Mio in 08,verursacht durch die "due to mine redevelopment planning" Für die Kosten von umgerechnet 1 Million € ist zu erwarten dass die Hatch Studie detaillierte Pläne für die Wiedereröffnung geliefert hat ;-))))))))))
And an expert study, based on accumulated drill-core data re-interpreted by modern computer-aided scoping, revealed this week the the massive Panguna deposit contained more valuable ore than has already been mined out.The company said in a statement yesterday that an order of magnitude study, based on the mining operations at the site before it was closed by a civil war in 1989, had shown there was sufficient potential for a viable operation, allowing the reporting of a mineral resource statement.
Based on geological, mine planning and production data archived in 1989, Bougainville Copper Ltd said Panguna had an indicated and inferred resource of 1.06 billion metric tons of ore with copper at grades of 0.33 per cent and gold at 0.37 grams a tonne. Bougainville Copper Ltd, which is 53.6 per cent owned by Rio Tinto Ltd. (RTP), has been in talks with the Papua New Guinea Government and the Autonomous Bougainville Government over the mine’s future and has said consensus among stakeholders will be required before any restart to mining
“The Panguna mine has a mineral resource of a billion tonnes of ore. The order of magnitude study, reported by BCL to the Australian Stock Exchange, says there is an evaluated one billion tonnes of payable ore still within the existing mining lease,” Mr Coleman said.
-Eine Expertenstudie (JORC) kommt zu dem Schluss dass Reserven von über 1 Milliarde Tonnen Erz mit 0,33% Kupfer u.0,33 Gramm Gold ein profitables Mining in der Pangunamine erlauben.
This does not include the further upside of copper and gold potentially contained in a further seven unexplored mining tenements adjacent to the Panguna pit.
-Dabei ist das zukünftige Potential der 7 weiteren Lizenzen,welche an die Pangunamine anschliessen noch nicht mitberücksichtigt.
Industry sources yesterday confirmed that the Panguna deposit, among the world’s five largest copper-gold mines at the time of its forced closure, was likely to be still one of the most valuable mining operations in the world if-restarted.In 1988, the last full year of mining operations, Panguna produced and sold 166,000 tonnes of copper and 445,000 ounces of gold, an output comparable to Ok Tedi in its best years.
-Industriekreise bestätigten gestern dass die Pangunaablagerungen,bei Schliessung unter den 5-grössten weltweit,bei Wiedereröffnung EINE DER PROFITABELSTEN WELTWEIT SEIN WIRD.In 1988,dem letzten vollen Produktionsjahr produzierte Panguna 166000 Tonnen Kupfer und 445000 Unzen Gold,vergleichbar der OK Tedi Mine IN IHREN BESTEN JAHREN.
But while the Western Province project was declining and facing closure within a few years, Panguna might have a mine life extending a further 20 years, if re-started three or four years from now.
Doch während das Western Provinzprojekt in einigen Jahren schliessen wird,hat Panguna noch eine Lebensdauer von weiteren 20 Jahren,wenn sie IN 3 ODER 4 JAHREN GESTARTET WIRD
Commenting on the first outcome of the order of magnitude study delivered yesterday, officials said the study was part of the company’s on-going stewardship of the resource, a duty the company accepted as its responsibility to shareholders and to the people of Bougainville.
Die OoM Studie kommentierend bekräftigten Offizielle gestern das Erstellen dieser Studie sei Teil ihrer Verantwortung gegenüber ihren Aktionären sowie der Bevölkerung von Bougainville.
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führt sehr wohl auf die Homepage der ESBC,der Zutritt ist allerdings nur den registrierten Mitgliedern gestattet. Wer einen Mitgliedsbeitrag von min. 60 €/Jahr überweist um unsere Korespondenten vor Ort zu finanzieren hat wohl auch das Anrecht auf einen kleinen Wissensvorsprung.
G.H. von der WB wäre wohl auch nicht sehr erbaut,würde er die Kopie seiner als "confidential" gekennzeichneten Mail über Finanzierungsfragen und Verhandlungsfortschritte plötzlich im Net wiederfinden.
PS:Wie man an den Umsätzen in Fr erkennen kann haben wohl einige Mitglieder die Info zum weiteren Aufstocken genutzt ;-))))))))))))))))
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Händler optimistisch für Kupfer
Der Preis für Kupfer kann im asiatischen Handel wieder zulegen, nachdem Optimismus aufkam, dass das 585 Mrd. USD schwere Konjunkturpaket zur Stimulierung der chinesischen Wirtschaft greifen könnte. Eine Umfrage unter 14 Ökonomen ergab, dass die Wirtschaft des Landes mit dem weltweit höchsten Kupferverbrauch im zweiten Quartal um 6,6% wachsen solle.
Im ersten Quartal betrug der Zuwachs nur noch 6,3%, der schwächste Zuwachs seit dem Jahr 1999. Kupfer zur Lieferung im Mai, der meistgehandelte Kontrakt in Shanghai, stieg am Morgen um knapp 1,3% auf 4.207 USD je Tonne.
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Landowners want compo issue settled
THE Panguna landowners are now ready to open up dialogue regarding two vital issues.
The issues include: the compensation for Panguna and its landowners and the future of the Panguna mine and the first step after 20 years of turmoil, Bougainville President James Tanis said.
He said this was a step forward for Bougainville’s reconciliation process.
President Tanis said no pressure would be put on the landowners and no time frame would be set, as long as an understanding had been reached and parties would work towards that.
Mr Tanis said he had lined up programs for reconciliation and the negotiations but would not pressure them to do so, adding that the landowners signed a resolution where they had agreed to reconcile into establishing one Panguna Landowner Association.
This was all revealed in the press conference held last Friday by Mr Tanis and Deputy Prime Minister Dr Puka Temu after the conclusion of the Joint Supervisory Body meeting in Port Moresby.
“Before mining can start reconciliation and weapon disposal must come first,’’ Mr Tanis said.
He said: “The whole conflict started as a dispute among the landowners. You started this conflict.
“I want a plan that you want to end this conflict. We need to bridge gaps, we need to talk and we can never resolve any problem if we bury the agenda under the table and hope we will wake up one morning and say it was just a bad dream.
“I am not a politician, I come from the battle ground which I am not proud of, but it taught me lessons that we have to resolve those issues. ‘‘
Mr Tanis said he didn’t want to see any conflict again that would cost many lives.
Meanwhile, it was revealed that there’s already K6 millio planned to set up the Bougainville Mining department agreed under the 15 stages towards the drawdown of mining powers.
Dr Puka Temu said he would present the resolutions passed between the Bougainville and PNG Government in a Joint Supervisory Body meeting to the National Executive Council meeting in Wabag next week.
Mr Tanis said that on the day the PNG Cabinet would sit in Wabag, the Bougainville Executive Council would also convene a meeting in Buka to deal with the administrators position. These two issues were part of the resolutions which also included:
* RENEWED partnership for peace building;
* PRIORITIES for future transfer;
* TRANSFER of mining, oil and gas functions and powers;
* BOUGAINVILLE Trade Missions;
* SPECIAL chapter on Peace-Building in Bougainville for Medium Term Development Strategy;
* WEAPONS disposal and reconciliation;
* HIGH impact projects;
* GOVERNANCE and Implementation Fund (GIF)and
* JOINT Media Strategy.
The next JSB meeting will be held in June in the Manus Province.
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Mittlerweile wird über die Pangunamine nicht mehr um den heissen Brei herum gequatscht. (sensitive issue ;-))
-BCL vergleicht BOC mit der Produktion der OK Tedi Mine "zu ihren besten Zeiten",spricht von Produktion in 3-4 Jahren und hebt sogar schon ihre 7 weiteren Lizenzen hervor. #2002 " Geologists have long held the view that there is much more valuable mineral ore scattered around the mountains and valleys of the province.
-Die Weltbank arbeitet an Finanzierungsvorschlägen
-Die PLA (Panguna Landowner Association) reden hier schon von der Zukunft einer wiedereröffneten Mine.
Landowners must be involved
PANGUNA landowners ready to open talks about the future of the crisis-causing copper and gold mine . . . that is real news, and not just for Bougainvilleans.
Newly elected Bougainville President James Tanis says the landowners at the top of Panguna area ready for talks, about compensation for what happened years ago and about the future of a re-opened mine!
This topic has always produced great debate among Bougainvilleans, not only the landowners but many from other parts of the fertile island. Geologists have
long held the view that there is much more valuable mineral ore scattered around the mountains and valleys of the province. But the arrangements for the
first such mine, at Panguna, and the way those arrangements were administered by the Australian Administration and its successor, the Independent State of
Papua New Guinea, resulted in deep-seated resentment.
Now the time has come for a fresh look at the setup for the Panguna mine operated by Rio Tinto, with a view to re-opening it and also looking at new
developments nearby.
In so doing, it should give a chance to strike new ground for the development of such natural resource projects for the rest of Papua New Guinea. A huge
amount has happened since the first geologists trekked up and down the Panguna hillside in the 1960s.
Other parts of PNG have gone through talk and turmoil to establish resource projects in gold, copper, oil and gas and now, nickel.
If however the Panguna issue is reopened, the chances are that the people of Bougainville will create a new blueprint for such things. They have all the
experience in the world, including the frustrating cold shoulder from Waigani-based politicians and bureaucrats in the past, the delay mentality that led to
the agreed seven-year reviews being ignored for decades. Ignoring landowners, in our context, is unwise. A developer may take over the resource site and
erect buildings, but the landowners are always there, looking over their shoulders. The rule of law is fragile, as police and military found on Bougainville.
Governments and resource developers would do well to keep this in the front of their minds. Keep the landowners involved and make sure they are walking with you, whether they are skilled technical and professional people as were many of the Bougainvilleans on the staff of BCL, or whether they are illiterate
farmers of the Southern Highlands or the inland of Madang’s Ramu.
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Mine talk sets a positive deal
THE report on the Panguna landowners now ready to open up dialogue was a positive step forward, Bougainville Copper Limited
(BCL) company secretary Paul Coleman said yesterday.
He was responding to a revelation by Autonomous Bougainville President James Tanis that the landowners were ready to speak on
the compensation for Panguna and the future of the Panguna mine.
Mr Coleman said that they were conscious of the need for reconciliation before any other negotiations or dialogue on the mine
could be held.
He also said that they were very happy with President Tanis as they saw positive signs in his approach towards re-opening
dialogue on the issue.
“It is a positive step forward. We support the process and we are happy with the work of the president,” Mr Coleman said.
Meanwhile Mr Tanis revealed on February 5 that ABG Natural Resources Minister Dr Benedict Pisi accompanied him to meet with the
people of Panguna district and the Ioro Constituency.
The meeting participants comprised Panguna landowners, the Me’ekamui Government of Unity, chiefs, women, youth and Panguna
ex-combatants.
An agreement was signed and called the Panguna meeting resolution. This resolution called for:
* The Panguna landowners reconciliation to proceed as planned with support from ABG and the PNG government;
* In completion of the reconciliation and the establishment of the Panguna Landowners Association, they should call on the ABG
to put in place a process to resolve the issues of compensation and the future of the Panguna mine and other related issues with
Rio-Tinto-Zinc (RTZ) which is the major shareholder of BCL and CRA;
* The Panguna communiqué to include weapons disposal;
* All different landowner organisations in Panguna to be dissolved
* A fresh election to be held to elect new Panguna Landowners association;
* TermS of reference to be drawn down;
* A professional lawyer to be engaged by ABG to assist Panguna landowners;
* Research and investigation into the Road Mining Tailings Lease Trust Fund (RMTL) to be carried out immediately when executives
of the Panguna Landowners Association are elected and
* The landowners to call upon the President to begin necessary preparations for the implementation of the above resolutions.
“It is important that the ABG and the National Government consider those requests carefully as the issues involved will
positively pave way for a robust process to deal with all the issues of Panguna that are important not just for the question of
the future of the Panguna mine but for the future of mining on Bougainville as well,” Mr Tanis said.
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BY PETERSEN TSERAHA
BOUGAINVILLE President James Tanis is statisfied with the outcome of the just completed Joint Supervisory Body meeting in Port
Moresby.
On his return to Buka on Saturday, Mr Tanis told the media the talks were “very fruitful and productive’’.
The drawdown of powers and functions were the main discussion points.
Mr Tanis explained to the people of Bougainville that the draw down of powers would require patience because some powers and
functions needed time and preparation on the part of the Bougainville administration.
“The powers that are required or can be drawn quickly can be drawn down immediately and let the bigger and longer ones go on its
own phase,’’ Mr Tanis said.
He said the Autonomous Bougainville Government with the National Government blessings would soon appoint an administrator.
“In the JSB meeting we were able to sort out disputes between the National Government and us here in the ABG relating to certain
outstanding issues that weren’t sorted out in a proper dialogue,” Mr Tanis said.
The National Government is now clear about Bougainville, its issues and incentives and the goals it wants to reach because in
the past there was no proper consultation with the National Government, the President said.
“I would also like to take this opportunity to thank the national parliamentarians, especially our Regional Member Fidelis
Semoso and the Member for South Bougainville Steven Pirika for standing by us all throughout,” Mr Tanis said. “If we
Bougainvilleans do not stick to working on our goals and aims then we will become the laughing stock of the country.
“The National Government will laugh at us and the international committee will also laugh at us.
“Mind you Bougainvilleans the international community in PNG stands by us, that is what I know because I have visited foreign
diplomatic missions.” Mr Tanis said.
Mr Semoso urged Bougain-villeans to work with the Government on the issue of drawdown of powers.
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Number (s) Time
Last Traded Price Volume Change Value Number
of Trades
12 2:53:30 pm 72 1,400 1 $1,008 1
11 2:41:48 pm 73 4,100 0.5 $2,993 1
10 1:47:30 pm 73.5 141,006 1.5 $103,639 1 crossed
8 - 9 1:46:56 pm 75 1,076 1 $807 2
6 - 7 12:59:22 pm 76 21,000 1 $15,960 2
5 11:54:40 am 75 924 1 $693 1
4 11:54:40 am 76 6,023 0.5 $4,577 1
2 - 3 11:54:40 am 76.5 5,200 3.5 $3,978 2
1 10:00:20 am 80 1,000 $800 1
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Mr Coleman said that they were conscious of the need for reconciliation before any other negotiations or dialogue on the mine could be held. He also said that they were very happy with President Tanis as they saw positive signs in his approach towards re-opening dialogue on the issue.“It is a positive step forward. We support the process and we are happy with the work of the president,” Mr Coleman said.
Coleman ist sich bewusst,dass jedweder Verhandlungsbeginn nur nach den Reconciliations beginnen kann,unterstützt diesen Prozess und ist mit der Arbeit des Präsidenten wie er sagt sehr zufrieden.
Meanwhile Mr Tanis revealed on February 5 that ABG Natural Resources Minister Dr Benedict Pisi accompanied him to meet with the people of Panguna district and the Ioro Constituency.
The meeting participants comprised Panguna landowners, the Me’ekamui Government of Unity, chiefs, women, youth and Panguna ex-combatants.
Nach seinem Treffen mit PM Somare u. BCL in POM reiste er nach Panguna und hat es dort kurzfristig fertiggebracht die 3 oppositionellen Landeignervertretungen,die Meekamuis,Clanchefs,Frauen,Jugendliche und die Panguna Ex-Kombattanten nach 20 Jahren an einem Tisch zu versammeln.
Tanis says the regions crucial reconciliation process has taken a step forward when Panguna landowner factions agreed to work together.
Der nächste Schritt bestand darin die Landeignerfraktionen zu einer Zusammenarbeit zu bewegen.
Now they have signed a resolution in which they have agreed to reconcile and reunite into establishing a Panguna landowner association. Elections will be conducted under an Electoral Commission, so that it is a credible process, Mr Tanis said.
Jetzt haben sie eine Resolution unterschrieben sich zu versöhnen und eine gemeinsame Landeignervertretung zu etablieren.Die Wahl wird unter der Ueberwachung einer Wahlkommision stattfinden so dass es ein glaubwürdiger Prozess ist. (Wenn alles klappt sollte diese Wahl nächste Woche stattfinden ;-)))))))
Once the new executive body of the Panguna landowners association is formed, the resolution calls on the Autonomous Bougainville Government to establish a process to resolve all outstanding issues including compensation payments and the future of the Panguna mine with the major shareholders of the Bougainville Copper Limited (BCL).
Wenn diese Executive etabliert ist,sollen mit Hilfe des ABG alle offenen Fragen und mit den Hauptaktionären
die Zukunft der Pangunamine geklärt werden. (Hier geht es wohl um die Klärung mit dem 2 grössten Aktionär PNG wie dessen 20% Anteil zwischen PNG und ABG vorerst aufgeteilt werden soll.)
The ABG has agreed to support in implementing the resolution. The National Government has been formally asked by the ABG to also help in implementing the Panguna resolution.
Das ABG hat schon zugesagt die Panguna Resolution zu unterstützen u. das nationale PNG Government wurde formell zur Unterstützung aufgefordert.(Das dürfte nur eine Formsache sein,schliesslich geht es hier um eine zentrale Forderung sowohl von PNG als auch von BCL)
On his return to Buka on Saturday, Mr Tanis told the media the talks were “very fruitful and productive’’.
The drawdown of powers and functions were the main discussion points.
Mr Tanis explained to the people of Bougainville that the draw down of powers would require patience because some powers and functions needed time and preparation on the part of the Bougainville administration.
“The powers that are required or can be drawn quickly can be drawn down immediately and let the bigger and longer ones go on its own phase,’’ Mr Tanis said
Bei seiner Ankunft in Buka am Samstag nach dem JSB Meeting gab Tanis bekannt dass die Gespräche sehr fruchtbar und produktiv verlaufen seien.Die Uebertragung der " Powers" und Funktionen ans ABG seien die Hauptgesprächspunkte gewesen.Mr Tanis erklärte der Bevölkerung dass die Uebertragung Zeit braucht weil sie Vorbereitung durch die B'viller Administration benötigen. (Hier ist wohl vor allem die Weltbank und ihre Ueberweisung der zugesagten 6 Mio Kina für das B'viller Miningministerium gefordert)
Mr Semoso urged Bougainvilleans to work with the Government on the issue of drawdown of powers.
Daraufhin forderte Mr Semoso die B'viller auf mit dem ABG zusammenzuarbeiten um die Uebertragung der "Powers" zu erleichtern.(Was sich wohl auf das Abgeben der noch vorhandenen Waffen bezieht)
Ein nächstes JSB Meeting ist für Juni in Manus geplant.
Alles in allem geht es also seit der Wahl von Tanis mit Riesenschritten in Richtung Wiedereröffnung,der Wunsch danach wird mittlerweile auch von allen Gruppierungen als der einzig mögliche Weg für B'ville bekräftigt.Dieser Prozess wird sich wohl auch nicht mehr umkehren lassen,die einzige Frage ist jetzt lediglich wie schnell er ungesetzt werden kann???
M.M. nach wird nach der Landeignerwahl die No-Go-Zone aufgehoben,danach kommt es zu einem BCL-ABG Meeting in Buka und anschliessend werden die ersten Experten von BCL/RT nach 20 Jahren Stillstand wieder die Pangunamine besuchen.
Wer allerdings dann noch auf einen billig(er)en Einstieg hofft könnte enttäuscht werden ;-))))))))))))))))
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Gruß
Donn
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Im Moment machen mir ein paar ct mehr oder weniger bei dieser Perspektive nun wirklich nichts aus.
Was mich allerdings stutzig macht, ist dass bei dem "grossen" VOL in AU meine DAB Order Unconfirmed 16.02.2009 Kauf PG0008526520 852652 BOUGAINVILLE KI 1 BLOOM Anzahl 30.000,0000 0,000 EUR AUD 0,000 Limit Gültig bis 17.02.2009 -- Variabel - 0,780
nicht ausgeführt,bzw. überhaupt nicht an der Börse aufgetaucht ist?????
Die Recherchen dazu dauern noch an ;-))))
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Die Uebertragung von "ALL POWERS" von PNG ans ABG haben nun nach dem JSB Meeting begonnen.
All Powers schliessen wohl die Selbstverwaltung der,oder zumindest eines Teils der B'ville zustehenden Shares an BCL ein,der restliche Teil sollte dann spätestens bei der Independence folgen.Gut möglich dass Tanis auch deswegen so vehement auf ein schnelles Referendum drängt.Bedenkt man dass das Steueraufkommen von BCL in den 70 u. 80ern über 2/3 des gesamten PNG Staatshaushalts alimentierte so wäre B'ville auch mit einem Schlag finanziell unabhängig.
http://www.rnzi.com/pages/news.php?op=read&id=44868
The President of the Autonomous Province of Bougainville in Papua New Guinea, James Tanis, says negotiations for the handing down of all powers from Port Moresby to his Government are now underway following last week’s meeting of the joint supervisory body with the National Government.
Mr Tanis, who was elected President in late December, says in the preceding three years the Government of the late Joseph Kabui had achieved little in taking on responsibilities held by the National Government.
He says progress was stymied by the so far unsuccessful attempt to have the powers to control mining vested in the province, while other powers had been overlooked.
“When there is no progress in the draw down of mining powers it then makes Bougainville not move forward in any other power and function. So the main achievement in the joint supervisory body has been that the process of draw down has now started on all powers and functions that the Government of Papua New Guinea agree to give, and also the preparation for a referendum on possible independence should start now.”
Wenn keine Fortschritte in der Uebertragung der Miningpower erzielt würden,könnte Bougainville nicht vorwärts kommen mit allen anderen Power u. Funktionen.So ist der Haupterfolg des JSB Meetings dass die Uebertragung jetzt gestartet ist und alle Vorbereitungen zu einem Referendum zur Unabhängigkeit jetzt gestartet werden sollen.
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Wednesday, 18 February 2009
MINING issues on Bougainville became a highlight in the panel discussions and workshop at the 16th ACP-EU Joint Parliamentary Session in Port Moresby yesterday. Referendum and the peace process were also highlights, questions of how reconciliation was working in the region, the need for international observers on the island through the referendum, landowner compensation issues, the regional political life, economic activities in Bougainville, social aspect of the region in terms of education and how it is organised were some of the issues raised when Bougainville leaders took the floor at the meeting yesterday.
The Bougainville Constitution was also a highlight, the issue of the ABG parliamentary make-up, especially women and the ex-combatants, also took up time of the workshop.
The issues of weapons disposal, security and the draw down of powers were also discussed.Bougainville Regional MP Fidelis Semoso, Administrator Raymond Masono and other leaders explaining these issues and the European Commission yesterday publicly asked Bougainville how they could help especially in terms of its environmental issues and the aftermath of the crisis and how they could assist in terms of cleaning up on Bougainville.Leaders from the African, Caribbean and Pacific, including the European Union, also asked how other countries like Congo, Sudan, Burundi and other devastated countries could learn from the Bougainville situation.
Compensation for landowners was discussed, the royalties and the major issue also discussed was what the real solution to mining in terms of development was.
Mr Semoso, abreast of the situation on the ground took the forum through to the day the crisis started, through to the peace agreements and eventually the inauguration of the Autonomous Bougainville Government.
ACP Secretary-General Sir John Kaputin, an instrumental Bougainville peace broker, also had a lot to share in the discussion and the workshop as he took fellow world leaders through the situation.
EU executives asked how they could assist Bougainville to that effect, whether it was through the National Government or through ABG direct.
Mr Semoso stressed that if weapons were not destroyed and gotten rid of, the guaranteed referendum would not be achieved
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die Übertragung (eines Teils) der BCL-Shares an das ABG wäre für mich sehr wichtig und würde wohl einen möglichen "Deckel" in der Kursbildung der Aktien auflösen. Das wäre ein großer Meilenstein in der Entwicklung von BCL.
Gruß
Donn
Pressemeldung der ESBC ;-)))))))))))
THE biggest group of international private investors in the Bougainville copper mine has praised the activities of Autonomous Bougainville Government president James Tanis in boosting the image of the mine as a workable investment venture.
The European shareholders of Bougainville copper (ESBC) expressed their appreciation in a statement.
“I am very happy that Mr Tanis does not consider Panguna as a ‘sensitive issue’ as his predecessor, the late president Joseph Kabui did,” ESBC president Axel Sturm in Andorra said.
“The ESBC had always maintained that all parties involved in mining in Bougainville get together and talk to each other.
“Therefore, the European shareholders of Bougainville Copper Ltd (BCL) strongly support Mr Tanis’ approach to politics by encouraging his people to dispose their weapons and to reconcile.
“Bougainvilleans have been living for two decades in pain and Mr Tanis is absolutely right when he says that the conflict has to end where it began: in Panguna. Panguna is not a taboo.”
The praise came after BCL revealed the findings of a multi-million kina order of magnitude study.
The report released to the Australian Stock Exchange said there was an evaluated one billion tonnes of payable ore still within the existing mining lease.
“Panguna would be the source of Bougainville’s economic success in the future. The money that would be earned in Panguna would also encourage young Bougainvilleans who are now living abroad to come back to the island and work on its development,” he said.
Mr Sturm outlined in particular the good work of BCL secretary Paul Coleman.
He said he met Coleman in Port Moresby last May and learnt that he was a very serious and well-informed man who invested all his power in bringing Bougainville forward.
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http://www.bloomberg.com/apps/...d=a4ZjORaxiXY4&refer=commodities
By Claudia Carpenter and Anna Stablum
Feb. 18 (Bloomberg) -- Copper rose from a two-week low in London on speculation that China, the world’s largest consumer of the metal, is accelerating purchases. Aluminum also climbed.
Copper inventories in London Metal Exchange-monitored warehouses declined 1,125 metric tons, the most since Oct. 21. A tripling of stockpiles contributed to copper’s 60 percent slide in the past year. Today’s drop took place as metal was taken from South Korean and Singapore warehouses that are closest to China.
“It’s going to China,’ said Lars Steffensen, managing director of Southend-on-Sea, England-based Ebullio Capital Management LLP, which has 3.6 percent of its $25 million invested in copper futures. “This drop today is probably a good indication that we’re getting to a flattening of the relentless trend of more stock coming in.”
Copper for three-month delivery rose $52, or 1.6 percent, to $3,237 a metric ton at 5:05 p.m. local time on the LME. The contract earlier reached $3,165, the lowest since Feb. 2.
Pricing information from the LME to data distributors was disrupted from 3:14 p.m. to 4:21 p.m., LME spokesman Chris Evans said. No data was lost and trading on the electronic Select system wasn’t affected, he said.
China’s State Reserve Bureau, the government’s stockpiling agency, “is buying and the stock increases on the LME are slowing, putting a floor under prices,” said London-based analyst Max Layton at Macquarie Group Ltd.
He expects copper to trade at an average of $1.55 a pound ($3,417 a ton) this year. The average for the three-month contract so far this year is $3,328.
Open interest in the metal on the LME has increased 2.4 percent this year, signaling investor demand for copper, used in plumbing and electrical wiring.
Risk, Reward
“We’re betting that supply isn’t going to be able to keep up with the growth that we envision in consumption,” Steffensen said, adding that Ebullio has been buying copper since December. While prices may fall a further $1,000, there’s scope for a gain of $6,000, he said, without giving a timeframe.
Aluminum climbed $6, or 0.5 percent, to $1,336 a ton. It earlier fell to $1,314, the lowest since October 2002. U.S. and Canadian demand for the metal fell 16 percent from a year earlier in December and slid 8.1 percent for 2008 as a whole, the Aluminum Association Inc. said.
LME inventories of aluminum, used in the car and construction industries, rose to a record 3.09 million tons, with the majority going into warehouses in the U.S.
The increase suggests production will have to be cut further, said Gayle Berry, an analyst at Barclays Capital in London.
Among other metals for delivery in three months on the LME, zinc gained $10 to $1,120 a ton, tin declined $27 to $10,773 a ton and lead lost $39 to $1,070 a ton.
Nickel dropped $185 to $9,715 a ton. The metal, used in stainless steel, has shed 17 percent this year.
“The nickel market is still pretty dire,” European Nickel Plc Managing Director Simon Purkiss said by phone. “We’ve seen no uptick in demand yet. It all depends on when the stainless steel market comes back.”
To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net and Anna Stablum in London at astablum@bloomberg.net
Last Updated: February 18, 2009 12:18 EST
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A NATION WITHIN YOU.
Submitted by clive on Thu, 2009-02-19 00:51.
After the death of late president Joseph Kabui,the president seat in the Autonomous Bougainville Government was left vacant for couple of months.A election was held and a new president was elected,he is James Tanis a very young leader with vision for the future of Bougainville.
In his speech at the swearing in ceremony in Arawa,he told the crowd that " today belongs to you,today is Bougainville's day."I know what you know,I desire what you desire.I need what you need.I lack what you lack,because of that I share the wishes and aspiration for Bougainville and for our future and our children's future".
He told the hundreds of people who gathered in Arawa and Nagovis that he sees the Nation within their hearts.A new Island Nation which they been longing for.He further stated that the referendum must be held for the Island's political future.Weapons still in the hands of fellow Bougainvilleans will be look at and dispose them later.
In regard to the hottest issue on mining,he mentioned he will not force mining on people.People will have the say.Bougainville have many cash crops to earn money apart from mining which is very destructive and one of the root cause of the Bougainville conflict.
Meanwhile,in an interviewed with the head of the Meekamui Government General Chris Uma.He told us that they honour the peace and respect the new President.About mining he says that the Chamber of Clans has the answer to mining which is no.The Chamber of Clans makes up of the 6 clans chief from all over Bougainville.
In the ceremony on the 7th of January at Marai in Nagovis,the minister for education Michael Otobere told the crowd there that the new President James Tanis stands for independent Bougainville and those fractions who are still holding on to the weapons fighting for full Independent must support the new President James Tanis.
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By AUGUSTINE KINNA in TONU
U-VISTRACT fast money scheme principal Noah Musingku, promoter of an independent Bougainville and a separate financial system for his followers, says he now wants total peace for the island.
Mr Musingku, declared bankrupt by the Bank of PNG and wanted by police for fraud, came out of hiding on Tuesday to meet a delegation led by Autonomous Region of Bougainville President James Tanis.
Speaking after a four-hour meeting with Mr Tanis at his Tonu camp, Mr Musingku said he would like to see the people of Bougainville united and work together for peace and unity.
He challenged Bougainvilleans to forget about their differences and unite as one people.
Mr Tanis described Mr Musingku, a self-proclaimed “king” of the “kingdom of Papala”, as a leader in his own right, saying a man or woman who has some followers was a leader regardless of the number of followers.
Mr Tanis said his meeting with Mr Musingku was to get to know him, re-establish their relations and build on that relationship.
The president led a delegation of Autonomous Bougainville Government ministers and officials including Public Service Minister Robert Hamal Sawa, Health Minister Thomas Lugabai, Minister for Veterans Affairs Glen Tovirika, Minister for Women Laura Ampa, Minister for Local Level Government Jonathan Ngati and South Bougainville National Government MP Steven Pirika Kama.
The ABG delegation was accorded a warm traditional welcome and a guard of honour by U-Vistract “soldiers”.
In a joint statement, Mr Musingku expressed his “utmost happiness” with the visit by Mr Tanis and his ABG ministers.
“I want total peace in Bougainville but this will take time and commitment.
“Peace will only come if we, all leaders and people, work together in unity,” Mr Musingku said.
“Everything cannot just fall in line as most of us expect, but needed timing.
“There is always time for everything and God alone knows that precious moment.”
Mr Tanis said his first visit to Tonu had opened up the “narrow gate”.
“As I have stated in my inaugural speech, I wanted to bridge the gap between all levels of government, people and factions,” he said.
Mr Tanis was met on arrival by Maloni Namoli, who is Mr Musingku’s international chief of protocol.
Mr Namoli is the only Fijian remaining with Mr Musingku. The other four left last year after failing to land a A$1 million deal that Mr Musingku had promised them.
Mr Tanis said he wanted the National Government to pardon Mr Musingku of his pending charges.
Media reports suggested that the National Executive Council would determine in Wabag next week how to deal with Mr Musingku.
Mr Musingku went into hiding after his U-Vistract pyramid scheme collapsed, leaving thousands of clients broke and demanding that he be arrested and brought to trial.
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DEPUTY Prime Minister Dr Puka Temu has assured the people of Bougainville that the Government will provide support in terms of infrastructural development for the peace process. He also assured Bougainville Regional MP Fidelis Semoso that the National Government would continue to support and respond positively to the future of Bougainville. Dr Temu made the announcement in front of a huge crowd who were present to witness the official launching of the Bougainville impact projects in Buka
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