Source: ABC - Australian Broadcasting Corporation
$US4 billion to reopen Panguna mine, says Somare
Prime Minister Sir Michael Somare presides over an unprecedented boom in Papua New Guinea mining. [AFP].
Papua New Guinea's Prime Minister, Sir Michael Somare, says he hopes the Bougainville copper mine can be reopened within two years.
He was speaking at the opening of the PNG Mining and Petroleum Investment conference, in Sydney, Australia.
The prime minister said reopening the Bougainville mine would cost about $US4 billion.
The Panguna mine was closed 20 years ago amid secessionist violence.
Pressure
But with demand for copper increasing, there is growing pressure to reopen the mine to exploit one of the world's largest deposits.
A record 1,100 delegates registered to attend the investment conference, with commodity prices high and PNG in the grip of a mining and gas boom.
The three-day event will see Sir Michael joined on the podium by all his key economic and resources ministers, as well as landowners and landowner companies.
Investors will hear updates on projects ranging from the $15 billion ExxonMobil-led PNG liquefied natural gas project and Xstata Copper's $5.3 billion Frieda River development.
Also to be covered were the Chinese-owned Ramu Nickel mine and well-advanced plans for the world's first seafloor mining.
06.12.2010
Source: REUTERS
PNG looking at re-starting Bougainville copper mine
By Bruce Hextall
SYDNEY, Dec 6 (Reuters) - Papua New Guinea Prime Minister Michael Somare said on Monday efforts could be underway within two years to reopen the Bougainville copper mine as the country looks to boost exports of copper.
"We could see the reopening of Bougainville at a cost of about $4 billion," Somare told an Australian investment conference on mining in Papua New Guinea.
The Panguna copper mine on Bougainville island was closed 20 years ago following secessionist violence, preventing further exploitation of one of the world's largest deposits.
The mine was previously operated by Bougainville Copper, 53.58 percent owned by Rio Tinto .
"PNG is in the throws of becoming a major world supplier of copper," said Somare.
The mine has the potential to operate an annual rate of 200,000 tonnes of copper and 400,000 ounces of gold, making it larger than BHP's Olympic Dam mine in Australia.
Sources familiar with the project said Rio Tinto had applied to the PNG government for a 21-year mining lease over Bougainville's Panguna mine.
A Rio Tinto spokeswoman said Bougainville Copper did not have a timetable for re-opening the Panguna mine.
"There is a formal peace process underway and we are participating in that," she said.
Rio Tinto's website states that Bougainville Copper had welcomed the support expressed by local landowners and would continue to work alongside them.
The company also said it was giving practical assistance to the processes of reconciliation and social stability.
Secessionist violence ended a decade ago after a peace treaty gave the island autonomy, but there has been little economic development since then.
Papua New Guinea is rich in resources but has often struggled to exploit them due to endemic corruption, land ownership issues and poor infrastructure.
The country is ranked 154th in the world in Transparency International's annual corruption index on a par with Congo and below Sierra Leone.
(Reporting by James Regan and Bruce Hextall; Editing by Ed Davies)
06.12.2010
Source: Post-Courier
BCL shareholders happy
By GORETHY KENNETH
THE European shareholders of Bougainville Copper (ESBC) welcomed the breakthrough achieved by the Panguna landowners on their conference in Buka (Bougainville) : “We are very satisfied on the meeting’s outcome,” said ESBC president Axel G. Sturm on Sunday evening in Bangkok.
“This gives Bougainville the chance to recover financially from all suffering in the last 20 years.
“I am very grateful to the Minister of Bougainville Affairs, Fidelis Semoso that he finally pushed things cogently forward by organising this conference. We are also glad that the Autonomous Bougainville Government assisted this important act.”
Mr Sturm outlined that he appreciated very much Mr Semoso’s courage to face this sensitive issue without any prejudice or fear. The re-opening of the world class Panguna mine has been scheduled for the end of 2011.
“Next year will already bring giant investment to the island and many people who are jobless now will soon find work,” said Mr Sturm, “this makes me very happy especially for the young generation on Bougainville who will take benefit of the decisions on this historical weekend.”
Quelle:www.bougainville-copper.eu