BOC - Bougainville Copper

[nekro]

Panguna’s European shareholders upbeat

http://www.bougainville-copper.eu/news-february-2012-1.html

07.02.2012

Source: Post-Courier

Panguna’s European shareholders upbeat

THE European shareholders of the Bougainville copper mine (ESBC) are predicting a high level share price this year despite “volatile markets”.

ESBC head Axel Sturm said yesterday in a statement this is because Bougainville and the PNG Government expect positive developments and good investment strategies all through the year.

“The real value of the Bougainville Copper share price can certainly be assessed in a more realistic way. This means that at the first sign of good news the stock will possibly hit the high levels from last year, or even surpass them,” Mr Sturm said.

“Since January 2011 the share price of Bougainville copper has gone downhill.

“Up until today the stock has lost about 75 percent of its worth and is currently quoted at a level not seen since the discontinuation of the ADR (American Deposit Receipt) programme. Australians were hit particularly hard.

“Europeans, Americans and owners of Singapore Dollars were less affected because of the increasing strength of the Aussie dollar. The so-called euro crisis and the announcement of the huge debt burden of the United States have shaken the financial centers of the world to the bone. Contradictory messages about the future demand of copper in China and home-made political power plays in PNG have added to further volatile markets.

“The 2012 has started with all imaginable negative factors already priced in; however, investors should not forget to include all positive developments of the recent months into their investment strategies.

He said the upcoming joint supervisory board meeting in Buka and the subsequent National Executive Council meeting in Arawa will also help to give additional attention to Bougainville.

ABG President Momis has announced the impending visit to Panguna of a high-level delegation headed by Prime Minister Peter O’Neill.

This also suggests that additional steps towards the reopening of the Panguna mine will be discussed and decided, Mr Sturm said.

“Presumably, in this context, the first official visit of John Momis to Panguna will also take place,” Mr Sturm said. “It can further be assumed that this will also mark the beginning of the review of the Bougainville Copper Agreement, as was announced by ABG Vice President, Patrick Nisira a few weeks ago. After years of deliberations, the Panguna landowners have drafted a ‘new deal’, one that is likely to accelerate the reopening of the mine.

“Thereafter, representatives of Bougainville Copper probably make first visits in order to take stock of Panguna. Consequently, the opening of a Bougainville Copper representative office at Arawa would be on top of the agenda. As a logical conclusion from the above hard facts, the following can be summarised, the real value of the Bougainville share price can certainly be assessed in a more realistic way.

“This means that at the first sign of good news the stock will possibly hit the high levels from last year, or even surpass them.

From today’s perspective (AUD 0.74 on 02.03.2012) it appears that a doubling of the current price is a sure shot and a scenario of tripling or even quadrupling is not unrealistic.”

07.02.2012

Source: Post-Courier


Bougainville hardliners to stand by O’Neill on his trip to Aropa

FORMER BOUGAINVILLE hardliners want Prime Minister Peter O’Neill to be the first PNG leader to land at the Aropa Airport after its closure in 1989.

Mr O’Neill and his full Cabinet are expected in Arawa at the end of this month to convene the Joint Supervisory Body Meeting followed by the Cabinet (NEC) meeting. Solomon Islands Prime Minister Gordon Darcy Lilo is also expected to attend this first time ever high level meeting in Arawa with the PNG counterparts.

Sam Kauona, former renowned rebel commander and now businessman, has assured PNG Government, specifically Mr O’Neill and his deputy Belden Namah that security at the meeting would be 100 percent provided and that more than 100 former commanders of central and south stand ready to receive the Cabinet at the Aropa Airport later this month.

Prime Minister O’Neill yesterday welcomed the announcement by Mr Kauona and thanked the leaders of Bougainville for a possible way forward in the re-opening of the Aropa Airport.

Mr O’Neill yesterday said that Prime Minister of Solomon Islands was also expected to attend the meeting.

He said that preparations for the meeting was already underway and the Government was ready to travel to Bougainville to further show his government’s commitment for the region.

Mr O’Neill said that despite the country now going through disasters Bougainville still stands as one of the major agendas for his government.

ABG president John Momis could not be reached for comment as he is in Lae.

 

[nekro]

Re: BOC +22,5%

JSB & NEC Meetings about the reopening of the Panguna mine set
probably the 23-25 March in Arawa

 

[nekro]

There is a JSB meeting and NEC meeting scheduled about March 23-25 for the first time in 22 years in Arawa

The focus in the next three weeks needs to be to make the JSB and NEC meeting in Arawa a historic meeting which will go down in history as something in which Mr Momis and Mr Peter O'Neill were able to build the road map to prosperity for Bougainville. This fact needs to be communicated by as many people as possible to both the leaders [bottom up approach of communicating to leadership]. Let them seize that opportunity and do everything possible in the next 3 weeks to make that vision a reality.

 

[nekro]

http://www.buysellsignals.net/bcllandowners/Newsletter.do

 

[nekro]

ESBC Press Release

http://www.bougainville-copper.eu/news-february-2012-2.html

 

[nekro]

Re: BOC - Bougainvilleans take rights over resources

07.05.2012

Source: Post-Courier


Bougainvilleans take rights over resources

By PETERSON TSERAHA


BOUGAINVILLE has once again created history by taking ownership of their natural resources.

Five resource owner companies; Isina Resources Holdings, Pakasiapan Resources Ltd, Avaipa Resources Ltd, Baunapa Resources Ltd and Eruupia Resources Ltd have all signed Partnership Agreements with Morumbi Resources of Canada with a 15 percent carried interest.

Vice Chairman of Isina Resources Holdings and former Bougainville Revolutionary Army General Sam Kauona took time to explain how it will work in Bougainville so foreign investors could understand.

"Morumbi Resources of Canada is my partner and they are registered on the Toronto stock Exchange,” he said.

Isina Resources Holdings and the other four Landowner Companies behind Morumbi have to make everything condusive for investors to have faith in Morumbi Resources on the public market on its PNG and Bougainville operations.

“The proceeds of the market will be used for exploration and other social impact projects on the island.”

Once we get our Exploration Licences, each Landowner company will be given additional shares"." Morumbi Resources is our Partner but we become shareholders in our partnership", Mr Kauna said.

He said the Bougainville Government will adopt and honour the current Moratorium on the Island for the best interest of Bougainville people.

“Section 23 of our Constitution gives us the ultimate rights of resources ownership and the resource owner company will be the only company that will apply for exploration licence". Mr Kauona said.

The former BRA General stated that, the landowner owner companies will decide who their foreign partner will be and the moratorium will only be lifted in respective areas where resource owner companies decide to do exploration in their areas.

Isina Resource Holdings limited have already registered its exploration activity with the Autonomous Bougainville Governnment (ABG) two months ago,and are waiting for their exploration license. There will be a paradaa, (lifting of local moratorium) at the end of this month in Isina area and exploration will start.

Three other resource owner companies are working on their exploration registration papers and will submit to the Bougainville Mining Department by the end of this month. They too will lift their moratorium on their time and call. The ABG has to have it's tax policies and legislation in place.

Link Provided: www.bougainville-copper.eu/news-may-2012-2.html

 

[nekro]

RIO-BOC

A big opportunity for First-Moovers -)))

july 23, 2012 · 12:55 pm

Bougainville Landowners speak out on latest moves with Rio Tinto mine

http://ramumine.wordpress.com/2012/...peak-out-on-latest-moves-with-rio-tinto-mine/

 

[nekro]

http://www.businessday.com.au/business/miners-tap-resources-the-melanesian-way-20120817-24dry.html

August 18, 2012

Brian Robins

Exploiting PNG's mineral wealth takes long negotiation and the full co-operation of the local landowners, writes Brian Robins.

For long-time expat Australian Lindsay Semple, who has been kicking around Bougainville for a few years now, it was the deal of a lifetime.

Semple had allegedly paid 20 million kina ($9 million) to the Autonomous Bougainville President, Joseph Kabui, to win exploration access to 70 per cent of Bougainville, but Kabui's death in 2008 derailed this.

Recently, Semple claims he cut another deal with the Autonomous Bougainville government, which he has backed into a Canadian-listed minnow, Morumbi Resources, where he has been appointed the executive. But the Bougainville government says otherwise.

Welcome to the world of doing business in Papua New Guinea, where fact and fiction can sometimes seem to merge.

Notwithstanding Semple's manoeuvring on Bougainville, Bougainville Copper has been making solid, if quiet, progress to resurrect its long-idled Panguna copper mine, while across the country work is moving ahead on the Mount Kare gold deposit.

Ring a bell? It was found by CRA, a Rio Tinto forerunner, in the late 1980s when the then exploration manager discovered a gold nugget while digging the toilet for an exploration camp in the highlands. That find triggered a gold rush by the local villagers in early 1988, which ultimately forced CRA to abandon the area as the locals ran riot.

Exploration work has proceeded in fits and starts since and, while there is little doubt about the economics of the gold deposit, the key is winning - and sustaining - the support of warring local villagers for a mine.

There is an unusual symbiosis between Mount Kare and the Bougainville copper mine, since it was also in 1988 that Bougainville Copper, which is also controlled by Rio, suffered the first of a series of explosions that led to the closure of what was then one of the largest copper mines in the world. Those explosions, of the power pylons leading to the mine, were the start of the insurrection that led to the mine closure by mid-1989.

For Stephen Promnitz, formerly with Kingsgate Consolidated and who now runs Indochine Mining, which is trying to develop the Mount Kare deposit, PNG presents few new challenges since he cut his teeth as a geologist at Mount Kare. ''With the newly elected government, PNG is in a de-risking phase,'' Promnitz said of the political risk in the country, after the recent changes in Port Moresby.

Indochine is finalising its pre-feasibility study for a prospective $120 to $150 million mine project and has hired a Melanesian Fijian, George Niumataiwalu, to help win over local landowners. He is credited with taking the Hidden Valley resource to a completed project for its owners, Harmony and Newcrest Mining.

At Mount Kare, a 1.8 million ounce resource grading an average 1.9 grams of gold a tonne, including a 700,000 high grade zone at 3.7 grams a tonne, developing a modest-sized mine producing 100,000 to 150,000 ounces a year over an initial seven- to eight-year mine life would appear straightforward. With any luck, it will be the first step in a larger operation.

As Niumataiwalu has put it when talking to the Mount Kare landowners of the present gold resource: ''We don't know if we have the ear, the leg or the hindquarters, but we are looking for a big pig.''

Niumataiwalu is keen to pursue the ''Melanesian way'' with any development of the Mount Kare resource - working with local villagers to ensure they are supportive as the mine plans proceed - to try and avoid any last minute surprises that could derail the project and stall it for another 25 years.

The Melanesian way is also getting a workout with Semple for his plans on Bougainville where, for Rio Tinto, a resumption of mining may not be simple, since opposition remains deeply entrenched in some quarters.

Last month, senior managers at Bougainville Copper met landowner groups with a stake in the Panguna mine area for a further round of meetings, and they remain optimistic of winning and maintaining broad support for a resumption of operations.

At the same time, the Bougainville government is trying to corral all the landowner groups to sit at the table to cut a deal with Bougainville Copper, although it is far from clear what the position of Rio, with its dominant 70 per cent stake in the copper company, will be to any proposal to resume mining.

Work to redefine the size of the ore body as a precursor to any mine development work is under way, and last month the head of Rio's copper division, Jean-Sebastien Jacques, joined the Bougainville Copper board. But with an estimated $3 billion price tag, any progress in resuming mining will be slow and will need more than just the backing of the central government to get off the ground.

Bougainville Copper is saying nothing publicly at present as it waits for landowner groups to reach some unity with the Bougainville and central governments on a resumption of mining - a process that could happen quickly, or could be several months away, at best.

But the political risk to any large project on Bougainville cannot be underestimated since the Autonomous Bougainville Government still plans to hold a referendum on secession by 2020 which, if it were to proceed, would scuttle any prospects for a resumption of mining any time this decade, and beyond.

 

[frugal.rock]

So, the above has happened.
Referendum done and dusted.
Bougainville is set to be the newest country in the world.
PNG government will hand over it's share of Panguna mine back to the locals.
I heard reports of 3 billion yesterday to get it up and running again.
Up 100% in one day.
ABC reporting 6 billion tonight.
There's a rumour that there going to change the spelling of the name of the country in memory of the previous miner's to 'Bogandills'
Beware the machetes.
Heads will roll if the locals get poison leachate in their drinking water again. The adults could have known better, children suffered and died.
Irresponsible mining practices really piss me off.

 

[frugal.rock]

Forgot all about this....
Not sure why the price is moving?
5 & 10 year charts.

 

[frugal.rock]

Well hello.
A little past the 1 year anniversary.
Spotted this shortly after it paused trading at around 33% up.

Should've put a bloody alert on it now eh?!

From the please explain.

3. We have answered No to question 1 and provide the following:

We understand the article published relates to resolutions passed during a Panguna landowner summit that was supported by the ABG. The landowners appear to have agreed to work cooperatively with the ABG to reopen the Panguna Mine.
According to the article the resolutions were endorsed by the chiefs of the five major Panguna clans and the ABG will now work with landowners to facilitate a process towards reopening.
If the article is a fair representation of the events, then this would appear to
demonstrate unity amongst the landowners and, would also boost confidence in the Autonomous Region of Bougainville as it pursues economic independence.

BOC was not involved in the landowner summit nor was it referenced in the ABG article.
There is no change in the status of the shareholdings of the Autonomous Bougainville Government (ABG) and Papua New Guinea Government (GovPNG) shareholdings in BOC. The GovPNG’s commitment to transfer their shares to the
ABG remains pending and both Governments continue to hold 36.4% each, of the shares in BOC.

The Judicial Review of the ABG’s decision not to renew the Exploration licence over Panguna remains in process and we anticipate proceedings to commence in the first quarter of 2022.

I guess holders are feeling a little fuzzy wuzzy. ?

3 year chart

 

[divs4ever]

NOT to renew the exploration licence ??

wouldn't that be just a hint of a dark cloud

( i assume there is a limit to the resources currently defined and mined )

 

[greggles]

BOC up 20% today and I have no idea why. Someone is nibbling away and there doesn't seem to be many sellers at these levels.

After reading a few announcements there doesn't seem to be much going on with this company apart from their attempts to get the Bougainville Copper mine in PNG re-opened.

No idea what is going on here. It's more interesting to watch paint dry to be honest.

 

[Garpal Gumnut]

Aren't the chappies in Boganvil in bed with the Chinese cousins.

Perhaps the buying is not such a surprise.

gg

 

[greggles]

Aren't the chappies in Boganvil in bed with the Chinese cousins.

Perhaps the buying is not such a surprise.

gg

China wants all the goodies beneath the surface of Bougainville Island, but the locals aren't having it. I don't blame them. You can't trust authoritarian governments. If they treat their own people like cattle, how do you think they will treat non-Chinese? If they pollute their own country, they will do much worse to yours.

China had invested a lot in Bougainville Island, but the island is shutting its door for it

Many villages on Malaita had developed strong ties with Taipei, and often expressed displeasure with the island’s embracement of China.

tfiglobalnews.com

 

[Dona Ferentes]

.
up 125 per cent today

but we've been here before

.
multiple times