bougainville mining (transitional arrangements

Bougainville Mining (Transitional Arrangements) Bill 2013 has been tabled before the Bougainville Parliament.

The Bill extinguishes all prior mining rights, including BOC's, and transfers ownership of the mineral rights to the customary landowners, the Meekamui people.

I do not understand why BCL has not announced this to the market.

Division 3 of the Bill provides

"Division 3 – Ownership of minerals and customary rights

9. MINERALS CEASE TO BE PROPERTY OF THE STATE OF PAPUA NEW GUINEA
All minerals existing on, in or below the surface of land in the Autonomous Region of Bougainville cease to be the property of the State of Papua New Guinea.

10. CUSTOMARY LAND - PROPERTY IN MINERALS
All minerals existing on, in or below the surface of any customary land in the Autonomous Region of Bougainville are the property of the owners of the customary land.

11. NON-CUSTOMARY LAND - PROPERTY IN MINERALS
(1) All minerals existing on, in or below the surface of any land in the Autonomous Region of Bougainville that is not customary land are the property of the Autonomous Bougainville Government.
(2) Nothing in subsection (1) is to be construed as an acquisition of property by the Autonomous Bougainville Government in relation to section 53 of the Papua New Guinea Constitution.

12. RIGHTS PROVIDED FOR BY THIS ACT TO OWNERS OF CUSTOMARY LAND
Without limiting the customary rights over minerals of the owners of customary land, the following rights are provided for by this Act:
(a) to be consulted about the grant of an exploration licence under section 45 over the land and to withhold consent to any such grant;
(b) in the case of an application for a mining lease, a lease for mining purposes or a mining easement over the land:
(i) to be consulted at a Bougainville Mineral Resources Forum in accordance with section 23; and
(ii) to participate in a mediation (if any) in accordance with section 25;
(c) to be consulted about the grant of a small-scale extraction lease under section 68 over the land and to withhold consent to any such grant;
(d) to share in any revenue generated by mining development on the land;
(e) to participate in employment, training, business and other opportunities arising from mining development on the land;
(f) to receive rent in accordance with section 167 and compensation for the impact of mining development on the land in accordance with Part 8, being compensation which reflects the nature and extent of such impact.

13. DETERMINING CUSTOMARY RIGHTS OVER MINERALS.
The regulations may in relation to the customary rights over minerals of the owners of customary land prescribe procedures and other matters for determining:
(a) whether an individual or a group of individuals is the holder of all or some of those customary rights; and
(b) the nature of any customary rights so held.

14. RESOLVING DISPUTES BY CONSENSUS.
So far as practicable, disputes about minerals involving the owners of customary land are to be resolved by consensus.