BOUGAINVILLE has once again created history by taking ownership of their natural resources.
Five resource owner companies; Isina Resources Holdings, Pakasiapan Resources Ltd, Avaipa Resources Ltd, Baunapa Resources Ltd and Eruupia Resources Ltd have all signed Partnership Agreements with Morumbi Resources of Canada with a 15 percent carried interest.
Vice Chairman of Isina Resources Holdings and former Bougainville Revolutionary Army General Sam Kauona took time to explain how it will work in Bougainville so foreign investors could understand.
"Morumbi Resources of Canada is my partner and they are registered on the Toronto stock Exchange,” he said.
Isina Resources Holdings and the other four Landowner Companies behind Morumbi have to make everything condusive for investors to have faith in Morumbi Resources on the public market on its PNG and Bougainville operations.
“The proceeds of the market will be used for exploration and other social impact projects on the island.”
Once we get our Exploration Licences, each Landowner company will be given additional shares"." Morumbi Resources is our Partner but we become shareholders in our partnership", Mr Kauna said.
He said the Bougainville Government will adopt and honour the current Moratorium on the Island for the best interest of Bougainville people.
“Section 23 of our Constitution gives us the ultimate rights of resources ownership and the resource owner company will be the only company that will apply for exploration licence". Mr Kauona said.
The former BRA General stated that, the landowner owner companies will decide who their foreign partner will be and the moratorium will only be lifted in respective areas where resource owner companies decide to do exploration in their areas.
Isina Resource Holdings limited have already registered its exploration activity with the Autonomous Bougainville Governnment (ABG) two months ago,and are waiting for their exploration license. There will be a paradaa, (lifting of local moratorium) at the end of this month in Isina area and exploration will start.
Three other resource owner companies are working on their exploration registration papers and will submit to the Bougainville Mining Department by the end of this month. They too will lift their moratorium on their time and call. The ABG has to have it's tax policies and legislation in place.
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