landowner proposal

Shares in Bougainville Copper (BOC) have a potential intrinsic value greater
than $A10 (present price of 60 cents) if the mine is treated as a going concern.
A huge discount factor prevails because of the history of conflict in Bougainville
during the 1990's. But changes in ground conditions are making the prospects
of mine reopening increasingly likely. The much awaited turning point is now
visible. The Autonomous Bougainville Government (ABG) have received
endorsement from their Parliament to keep an open option on mine reopening
because of the huge economic benefits; they realize this is the only impact
project of a mega scale that Bougainville can have.
There was a disagreement between the two landowner groups in 1989 which
resulted in closure of the mine. These two groups have had an amicable
meeting following the passing away of Francis Ona and both groups are open
to a financially beneficial package emanating from the new Bougainville Copper
Agreement (BCA). The National Government represented by the Mining
Minister is aggressively facilitating new mining projects and have gone on
record to say that they favoured lifting an exploration moratorium on
Bougainville island and re-opening of the Panguna copper mine. It is desirable
that the new BCA be signed at the earliest opportunity; the present high prices
of copper and gold present a once in a lifetime opportunity for financing of this
billion kina project to be secured before these record prices fall. It is important
that the National Government responds decisively and speedily with a spirit of
give and take so the benefits from Panguna are shared by them with the ABG
and the Landowners.