By MALUM NALU
Bougainville Copper Ltd (BCL)
remains committed to reopening of the controversial Bougainville copper mine,
according to chairman Peter Taylor, The National reports.
He
reaffirmed at BCL’s annual general meeting in Port Moresby on Tuesday that the
vision to return to active exploration and profitable mining remained, with
active support of local stakeholders.
“We face
the coming year with enthusiasm for the tasks ahead, and anticipate good
progress toward the vision of reopening the mine,” Taylor said.
“We have
many initiatives in place, we believe we are ready to go, we are engaged with
the Autonomous Bougainville Government (ABG) and the landowners, and we
recognise that to a large extent, the time table rests in their good hands.
Taylor
said prime minister Peter O’Neill had confirmed in parliament that BCL had, by
right of the Bougainville Copper Agreement (BCA), permits to operate at Panguna
for a further 21 years from 2011.
“There
are also encouraging indications that funding for Bougainville and the drawing
down of powers to the ABG including the power to license and regulate mining
will be invigorated under his government,” he said.
Taylor said several
new developments had occurred which should help facilitate the re-negotiation
of the BCA.
“To
make things clear, the BCA is an act of the PNG national parliament, and as
such can only be modified or repealed by the parliament,” he said.
“However,
it is recognised by all stakeholders including BCL that the agreement was drawn
up in times and circumstances that differ from those prevailing today, and that
significant changes need to be made to accommodate the views, rights and
aspirations of all stakeholders including the landowners and the people of
Bougainville.
“There
is widespread agreement today that Bougainville’s economic future needs mining
if it is to be able to fund services for the people from its own resources, as
well as address future opportunities for economic and social development.
“A
re-commencement of mining at Panguna cannot take place unless all parties: the
landowners, the ABG, the national government of PNG, and BCL, are acting in
close accord, now and into the future.
“Funding
and sovereign risk assurance for the project will require a united effort.
“There
will need to be a fair and stable regulatory regime that gives investors the
confidence needed to commit to a project that will cost in excess of US$3
billion
“It
is pleasing to note that Landowners and others in nine areas most closely
affected by the mine’s operations, including Panguna, the tailings areas,
Arawa, and the road and port leases, have all but completed the formation of
legally-based associations capable of providing genuine representation to the process
of reviewing the BCA.
“The
process of incorporation, which involves both legal and customary commitments,
is most welcome, and should bring us closer to the capacity required to review
the BCA to the benefit of all stakeholders.
“It
is a process conducted by the landowners themselves with the support of the ABG
and president (John) Momis, and without the participation of BCL.”
