Broker highly rates Highlands Pacific

AUSTRALIAN investment broker Evans and Partners has given a “positive” rating to Papua New Guinea mining explorer and developer Highlands Pacific, The National reports.

The company is a junior partner in the US$1.4 billion Ramu nickel and cobalt being developed by Chinese giant Ramu NiCo, 18.18% joint venture partner in Xstrata’s Frieda River copper mine in East Sepik and explorer in the Star Mountains of Western’s North Fly electorate.

“Highlands Pacific remains our number one recommendation within the copper space, due largely to the extreme discount to valuation the company is currently trading,” research analyst Cathy Moises said in Evans and Partners’ Australian resource sector report released last week.

She wrote that with a decision on the Ramu NiCo submarine tailing disposal court case expected later next month, a trebling of the exploration focus in the Star Mountains and final definitive feasibility study for Frieda River due in January 2012, the news flow would be significant.

Frieda is the key asset, she said, noting that it was one of the world’s largest undeveloped copper/gold resources.

“Subject to the project continuing to meet its project hurdles, a 12-month feasibility study is due for completion in January 2012, with possible construction commencing in 2012 and production in 2017,” Moises said.

The pre-feasibility study provided for a 60mtpa operation for the first eight years of mine life and 50mtpa average for LOM (when processing harder ore).

 

 

Students urged to repay Tesas loans

By BOSORINA ROBBY

 

RECIPIENTS of the Tertiary Education Study Assistance Scheme (Tesas) loan from 2000 to 2007 are urged to start repaying their loans to the Office of Higher Education through the Department of Finance and Treasury, The National reports.

OHE student support and scholarship assistant director Joseph Morimai said recipients living in the National Capital District should go to the cash office at Vulupindi Haus and make payments to finance revenue vote #106.01.

Recipients in the provinces could visit their district treasury office and make payments to the same vote.

Those employed recipients are asked to provide their employment details to the OHE.

Morimai said copies of the receipt should then be faxed to the OHE for their database and cross-check purposes.

He said the OHE would design and maintain debt recovery database to allow accurate accounting of individual student’s loans and repayments, and to keep all student data.

He said since its inception in 2000, OHE had loaned close to K6 million to more than 3,000 students in Tesas attending nursing, teaching, technical and business colleges and universities.

“So far, only two women have repaid their loans since the Tesas loan scheme started,’’ he said.

“So, by creating this repayment mechanism with the help of the Finance and Treasury Department, we hope to recoup at least 60% of the funds.”

The loans scheme was developed to help students enrolling at universities and non-university institutions pay their tuition fees.

The four scholarship categories were academic excellence scholarship (AES), Higher Education Contribution Assistance Scheme (Hecas) and self-sponsored.

The service was suspended in 2008 to allow OHE to develop ways to get its money back.

Police boss cracks whip

Officers implicated in student killing face suspension

 

By JUNIOR UKAHA

  

POLICE officers implica­ted in the death of a Kokopo Business College student will be suspended pending an investigation, Police Commissioner Tony Wagambie said yesterday, The National reports.

He condemned the actions of a group of policemen who allegedly assaulted a final-year management student who died while in police custody.

Wagambie said if the reports into the alleged beatings and death were correct, “then the policemen responsible will be dealt with accordingly”.

“Nobody is above the law, even if they are police officers,” he said.

“Normal police investigations will follow and none of the officers responsible will walk away free.”

As he made his hard stance known, Acting Deputy Commissioner operations Fred Yakasa announced one policeman had been committed to stand trial and three others were facing charges in relation to the death of a man in custody in Kimbe, West New Britain, early this year leading to a riot in that town (story on page 3).

East New Britain provincial police commander Supt Sylvester Kalaut yesterday maintained, however, that he needed to have “concrete evidence” on the allegation that his officers were involved in the student’s death.

He said it was mere speculation by the community and the school administration to force an internal investigation on his officers.

Wagambie spoke out after a group of policemen from Kokopo, East New Britain, stormed the Kokopo Business College, fired tear gas, raided a male dormitory and assaulted students.

The officers allegedly beat up the final-year student, Stanis Jiki, in his dormitory and hauled him and three others to the police cells where Jiki was said to have died.

Wagambie said police were allowed to “use force”, when carrying out their duties, but the “nature of the situation” must justify the type of force used.

“I have not been formally briefed,” he said.

“But if it is true (killing), then, administrative procedures will apply.

“The officers implicated will be suspended automatically pending investigation.”

He said a similar case where police brutality had resulted in the death of a local youth in nearby Kimbe, West New Britain, had resulted in three police officers committed to stand trial.

He said another policeman in Port Moresby was last year sentenced to 22 years in jail for discharging a firearm in public and pointing a gun at members of the public even though he did not kill anyone.

Wagambie passed his condolences to the relatives of the deceased and appealed to the students not to take the law into their own hands.

His comments came as four male students from the Kokopo Business College appeared before the Kokopo District Court yesterday on charges of arson and damaging school property.

The students were all from Wosera in East Sepik. They were Winsaslaus Bagamu, a second-year student, Noel Wapikundi, Edward Jiriwahu and Bradley Wambi, all first-year students.

They were charged on Saturday under section 67, subsection 1A of the Criminal Code.

Their cases had been transferred to the Kerevat District Court and were remanded in custody at the Kerevat Correctional Services.

The four were refused police bail and had been ordered by magistrate Samuel Lavutul to file for bail application.

The burning down of the office administration building was in retaliation to the death of Jiki.

Kalaut yesterday said the school administration had complained that police officers had beaten up Jiki.

He confirmed that a post- mortem would be conducted on Jiki this week, once doctors at the Nonga Base Hospital morgue were ready.

It was understood that a protest march was being planned by KBC students and staff for today.

Cop to stand trial over Kimbe killing

A POLICEMAN will stand trial in the National Court over the killing of a man which sparked a riot in Kimbe, West New Britain, early this year, The National reports.

Acting Deputy Police Commissioner and chief of operations Fred Yakasa said in a statement yesterday that three others would be committed to stand trial in  what is known as the ex-offico indictment.

The announcement came as  the dead body of a student was found in a police cell on Saturday morning in neighbouring Kokopo in East New Britain.

Policemen are said to have fired tear gas and stormed into the dormitory on Friday night where they beat up students and dragged off four to the police cells for questioning.

Police Commissioner Tony Wagambie yesterday said any policeman found to have been involved in the death of the student would be dealt with.

Yakasa named the policeman to stand trial over the Kimbe murder as First Const Paul Karl.

Three other policemen who appeared separately for the same offence, but had their cases struck out due to insufficient evidence, were named as Chief Sgt Godfrey Kambania, Const Alex Tokavai and Gabriel Nomu.

All four policemen were charged under section 7 principal offenders of the Criminal Code Act.

Yakasa said section 7 of the Criminal Code Act covered people who were merely present when an offence was committed but did nothing to deter or prevent the offence.

“In this particular case, they are members of the constabulary who have sworn an oath to protect and serve the public.

“By allegedly not doing anything, they are just as guilty of criminal neglect.

“However, in this particular case there was overwhelming evidence proving their involvement in committing the crime.

“We are, therefore, arranging with the state prosecutor’s office to commit the other three to stand trial through the ex-officio indictment,” Yakasa said.

In the meantime, their serious disciplinary offences report had been submitted to internal affairs directorate for speedy adjudication.

Yakasa said the police hierarchy was serious in ensuring members of the constabulary were held accountable.

“Let me make it very clear again that the Wagambie administration will not tolerate undisciplined, abusive, corrupt and unprofessional policemen.

“We will hold all members accountable for their actions or inactions,” Yakasa said.

HPL, Marengo rated highly in copper scene

By SINCLAIRE SOLOMON

 

INVESTMENT broker Evans and Partners has described Highlands Pacific and Marengo Mining as among exciting “new kids on the block” in the copper sector of the Australian market, The National reports.

Looking beyond the three major pure copper producers in Australia, the broker highlighted opportunities among the junior producers, namely Highlands Pacific, Marengo, Intrepid Mines and Sandfire.

However, it said Indonesia was not as pro-mining as neighbouring Papua New Guinea where the Highlands Pacific and Marengo had large scale porphyry copper projects while Intrepid Mines had its projects in Indonesia.

Sandfire has a higher grade copper project in DeGrussa, Australia, it noted.

“As expected given the long term and capital intensive nature of development, the porphyries are trading at a greater discount to valuation,” Evans and Partners said in a report released last week.

It said that while Highlands Pacific remained its preferred copper producer among the junior sector, Intrepid Mine also featured as an interesting producer, “with a large discount to valuation and strong exploration upside, but with a higher risk profile due to location within a protected forestry region in Indonesia”.

Highlands Pacific has a 18.8% interest in Frieda copper project in Ambunti-Dreikikir electorate, East Sepik, being developed by Xstrata as well as interest in Ramu nickel and cobalt project being developed by RamuNiCo in Usino-Bundi electorate, Madang, and exploration in the Star Mountains of North Fly, Western.

Marengo Mining has a 100% stake in the Yandera copper and molybdenum project in Usino-Bundi electorate, Madang.

Evans and Partners said that a positive for the project was that a Chinese off-take partner might take a stake.

It is a three-million tonne  attributable copper resources and has a production timeline from 2015.

The broker also noted that Yandera was a very large scale project, unusual for a junior to retain a majority stake in such a large project.

Research analyst Cathy Moises said: “Looking at key supply/demand metrics, we feel over the next decade supply is likely to exceed demand for copper which may lead to price weakness in later years.”

 

Student dies in police cell

By ELIZABETH VUVU

 

POLICE officers who fired tear gas and stormed into the male dormitory at a boarding educational institution are being questioned over the death of a student, The National reports.

The incident happened last Friday at the Kokopo Business College in East New Britain.

In retaliation, the students later burnt down the administration office building and, among other things, damaged the principal’s residence.

Provincial police commander Sylvester Kalaut said he was aware of the accusation of police brutality levelled against his officers.

He said the officers involved were being questioned.

The final-year management student, who died on Saturday morning, was identified as Stanis Jiki.

Deputy principal of the college John Karis said the police officers went into the school premises last Friday night after receiving a complaint.

He said they fired tear gas, went into the male dormitory and questioned Jiki, a student from East Sepik.

Karis alleged that they also beat him up.

Karis said the officers then took Jiki and three other male students to the Kokopo police station.

Jiki died in the early hours of Saturday morning.

Karis said he broke the news to the campus and then warned the principal to vacate his house be­cause he suspected that the students were likely to retaliate.

Karis said he then fled the campus with his family.

The students later went on a rampage, damaging the principal’s house and setting fire to the administration block comprising 11 rooms.

They also destroyed the school’s internet server and broke into the computer laboratory, taking out computers and throwing them over the school fence.

Two fire trucks arrived at the scene later but could not put out the fire.

On Saturday morning, female students were seen leaving with their belongings to stay with relatives and friends outside the college premises.

Kalaut said 50 students had been taken in for questioning.

He said some would be used as witnesses while others would be charged with arson and causing a riot.

Opposition slams deferral of parliament

By JEFFREY ELAPA

 

THE adjournment of parliament for five weeks is designed to avoid issues affecting the country, Opposition parliamentarians said, The National reports.

When parliament re­sumed last Friday, leader of government business Paul Tiensten moved that it be adjourned until Aug 2.

He said that parliament should not be allowed to continue be­cause no water was supplied to the house when one of the main pipes from the main water supply at Mt Eriama was broken.

He said the air-conditioning units depended on water.

With no water, the units would not function properly, making it un­comfortable for those in the chamber.

The opposition called for a division, but Speaker Jeffery Nape, who had been absent for the past two weeks, ruled in favour of the go­vern­ment.

Led by former deputy Opposition leader and member for Lae Bart Philemon, the MPs ac­cused Nape of taking sides and “hijacking the parliamentary process”.

Nape then told Philemon not to point fingers at him and to respect the chair.

“You do not point at the chair.

“You are discrediting the chair,” Nape said.

Philemon yelled back, telling him that he was not being fair and that he (Nape) was to be blamed for hijacking the parliamentary democratic pro­cess by collaborating with the government as he was a member of the ruling National Alliance party.

Soon after parliament was adjourned, the opposition called a press conference where they accused the government of planning the adjournment “to avoid issues facing the country”.

The issues, they said, included:

*Revelation of the corruption and misuse of public funds at the National Planning office by secretary Joseph Lelang;

* Health status of Prime Minister Sir Michael Somare; and

*Protest march and petition by the public led by NGOs last Thursday.

Deputy Opposition leader Sam Basil said: “The speaker is creating divide and rule tactics.

“It is an absolute hijacking of the process when a division is called.”

Moresby Northwest MP Sir Mereke Morauta said: “This go­vernment is morally corrupt.

“There is no reason why parliament should be adjourned.

“They want to run away from issues.”

Anglimp-South Waghi MP Jamie Maxtone-Graham said: “This go­vernment is run by a mad leader.”