- News : Preliminary figures show 40,000 people already vaccinated [06/12/2019 - Samoa]
- News : Bougainville referendum ballot boxes ready for scrutiny before counting starts [06/12/2019 - Papua New Guinea]
- News : CSO contribution towards regional fisheries vital: FFA [06/12/2019 - Papua New Guinea]
- News : WWF, Pacific-based CSOs outline priority tuna fisheries issues [06/12/2019 - Papua New Guinea]
- News : ‘If you don’t transition from coal, are you really part of the Pacific?’ Ex-Tuvalu PM Sopoaga asks at COP25 [06/12/2019 - Spain]
- Voices : RNZAF brings Chrismas cheer in Guam [06/12/2019 - New Zealand]
- Voices : Give Fijian women and girls the gift of ‘getting back to school’ [06/12/2019 - Fiji]
- Sports News : Israel Folau payout in Rugby Australia stoush reportedly $8 million [06/12/2019 - Australia]
- Sports News : Table tennis tournaments postponed [05/12/2019 - Fiji]
- Sports News : Thrilling start to historic Futsal tournament [05/12/2019 - New Zealand]
- News : Ballot boxes returned safely and securely to Bougainville [05/12/2019 - Papua New Guinea]
- News Feature : Migrant families write songs of home and hope [05/12/2019 - New Zealand]
- Sponsored : Oceania National Olympic Committees (ONOC)
Bougainville Vice President Raymond Masono said he will revive a plan to overhaul the region’s mining laws after its ongoing independence referendum, which could strip the former operator of the Panguna gold and copper project of its interests.
The proposed changes, which have been criticised by Panguna landowners, would also erase an interest in the project held by the Papua New Guinea government, potentially complicating negotiations between the two governments after the referendum.
Under the proposed mining law amendments, Bougainville would take a 60 percent share in all projects and retain all mining licenses, leaving a 40 percent share that investors can bid for.
“Panguna is the most likely project that can bankroll Bougainville’s independence from Papua New Guinea,” Masono, who is also Bougainville’s mining minister, said by telephone from the town of Buka.
“They don’t own the license and the mine. We own it — they come on our terms. The revolution is ongoing.”
He said that companies like former Panguna operator Bougainville Copper Ltd., which counts the PNG government as a major shareholder and claims exploration rights at Panguna, would not get “special treatment.”
“They can only come in through the new framework. If they have money they can invest, as will other investors.”
BCL declined to comment.
The PNG government did not immediately respond to a request for comment.
Masono said he would push for the plan to go through Bougainville’s parliament in December, after it was shelved in the lead-up to the referendum amid a backlash from some landowners and government members.
Once the economic engine room of PNG, Bougainville has fallen to the bottom of almost every financial indicator, despite boasting mineral riches, fertile volcanic soil and stunning geography.
The autonomous region is now grappling over how best to re-establish a mining industry while maintaining peace, 20 years after the last shots were fired in a bloody conflict between Bougainville rebel fighters and PNG forces, killing 20,000 people.
As part of the peace agreement, Bougainville is holding a nonbinding vote on independence that ends 07 December, with the results to go before the PNG parliament and be subject to negotiation.
BCL is one of at least two companies, alongside a group including explorer RTG Mining Inc., that claims the rights to develop Panguna, with the dispute currently being tested in the PNG courts.
BCL shares had been on a bull run since the start of last week, rising almost fivefold to hit 49 Australian cents (33 cents) on Tuesday, underpinned by positive sentiment flowing out of the independence vote.
BCL shares have since retreated to trade just under 30 Australian cents on Thursday.
Another Australian company, Kalia Ltd., is exploring for gold and copper on land located northwest of Panguna.
The mining law amendments, which have previously been backed by Bougainville President John Momis, were put on hold before the referendum amid concerns that landowner rights would be eroded, with control over assets being handed to the Bougainville government.
“It is totally unacceptable to be trying to steal Panguna from the customary owners,” Panguna landowner, Lawrence Daveona, said in a statement in June.
A Bougainville parliamentary committee was also heavily critical of the proposed changes, and noted that there had been a lack of consultation.
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media