http://www.postcourier.com.pg/20070719/thhome.htm Kurzfristiges Treffen ABG/BOC geplant.;-)))
Paul Colemans Interview hätte auch gut in den Quarterly Report gepasst,dann wàere die Verbreitung in Au Börsenkreisen wohl etwas groesser gewesen als nach der Publikation im PNG Post courier.BOCs Bekräftigung ihrer Miningrechte ohne wenn u. aber setzt den Punkt auf den I für die geplanten Verhandlungen. ;-)))
THE abandoned Panguna mine owned by Bougainville Copper Limited (BCL) has become less attractive to invest in over the years it had remained inoperative.
BCL company secretary Paul Coleman said yesterday that many international financial institutions would be reluctant to lend up to $US1.5 billion (K4.6 billion), the amount required to restart the mine when among others there was only a 15-year mine life left in the mine.
While this amount would be based on assumptions, BCL would need to visit their mien to calculate the exact amount needed to reopen the mine. The other uncertainty is the unpredictable commodity prices especially for copper and gold, the main mineral that were mined at Panguna.
That is why BCL would like to engage the Autonomous Bougain-ville Government (ABG), the Government of Papua New Guinea and the landowners in a round-table discussion to work out a decision on the future of the mine.
Mr Coleman said while BCL wanted to discuss possibilities that Panguna had for the future the company also wanted to see the safety and environment aspects caused by the closure of the mine and they would like to do this immediately.
He assured all stakeholders including the people of Bougain-ville that everything that BCL did would be open and transparent and they would get this message out to as many people as possible.
Mr Coleman said BCL was not rushing to get Panguna restarted but would continue to hold talks with the ABG, landowners and the Government of PNG which the company believes ?will be the right way to go?.
?To restart the mine, firstly, we have to see if it will be economical to spend a big money and we also have to properly understand the expectations of everyone including the landowners,? Mr Coleman said.
?There has to be a model to determine the viability of mining. The international financial community can see it as a risk for us to borrow money to start an operation of that (Panguna) size.?
He said while mining looked unlikely in the near future, BCL would not just let go off its exploration and special mining leases on Bougainville but the company would consider offloading interests in fair commercial arrangement.
Mr Coleman also said that if the ABG wanted to takeover any mining interests on the island, it would be against some trade treaties PNG had with Australia.
Another meeting is expected between the ABG and BCL soon.