Australia's largest stock trading and investment forum Australia's #1 stock forum

BOC

7.61%

49.5¢ bougainville copper limited

BCL crying foul over new Bougainville Mining Laws, page-2

First 2 Last

Share
Profile

Follow
Andesite

614 Posts.

11

05/02/19

15:26

Post #: 37337159
Share

Originally posted by downunderminer: ↑

PROPOSED MINING LAWS RAISE SERIOUS CONCERNS
Bougainville Copper Limited | February 4, 2019
Bougainville Copper Limited (BCL) has serious concerns over proposed new mining laws that some members of the Autonomous Bougainville Government (ABG) seem keen to rush through parliament.
The three bills that were introduced to parliament last Wednesday, with insufficient stakeholder consultation, are proving divisive at a time when unity is required in the lead-up to the referendum.
If passed, one of the bills seeks to amend the Bougainville Mining Act 2015 to allow a new company, Bougainville Advance Mining Limited, to be issued with a special mining licence granting “large-scale mining leases over all land in Bougainville available for reconnaissance, exploration and mining that is not subject to an existing exploration licence or mining lease”. Leases of up to 100 years could be granted.
These bills mirror proposals put forward by an Australian opportunist Jeffery McGlinn, whose apparent primary business appears to be horse breeding. In presentations to MPs and others he has proposed a 40 per cent stake in Bougainville Advance Mining for his own newly formed company Caballus Mining with other unknown foreign investors and sovereign states.
These developments raise very legitimate legal, constitutional and ethical questions, not only by BCL and its shareholders, but also by landowners in Bougainville and others in the community. More widely these bills could also be interpreted as both anti-competitive and anti-investment which is the last thing Bougainville needs.
Bougainville introduced good laws and regulations in 2015 designed to rebalance Bougainville’s mineral rights after a long period of consultation with all stakeholders. Now those rights are being undermined in haste by these proposed changes. Any genuine investor worth its mettle should be able to work within the existing laws. The Bougainville Mining Act 2015 therefore does not need to be changed.
BCL urges ABG leaders to think very seriously about the unnecessary divisions being created by these proposed amendments to the Mining Act and instead re-focus on the important work of unifying landowners and Bougainvilleans at this critical time for Bougainville, as they prepare for the referendum.
From the company’s own perspective, these legislative moves also ignore current court proceedings and BCL’s rights to natural justice and they are also at odds with the ABG’s decision to place a moratorium over the Panguna project area. The ABG has maintained there should be no discussions regarding mining activities in Panguna until after the referendum.
In early 2018, the ABG advised of a decision not to grant BCL an extension of its exploration licence (EL1) over the Panguna project area.
BCL maintains that the application process was both legally and procedurally flawed and was also undermined by other parties with competing commercial interests in Panguna mineral rights.
To protect the interests of all those with a significant stake in our company, including the people of Bougainville, BCL commenced legal proceedings in the PNG National Court seeking a Judicial Review of the decision. We were subsequently granted leave by the court to seek the review.
Since being invited back to Bougainville in 2012 by the ABG to reengage about the prospect of redeveloping Panguna, BCL has always conducted itself in an ethical and respectful manner and we continue to support worthwhile community projects.
The ABG and PNG National Government remain major shareholders in the company and we retain strong support among customary landowners in the project area and others in the community. BCL also possesses valuable local knowledge, project IP and mining expertise.
We have a highly-regarded local board led by respected Bougainvillean Sir Melchior Togolo as well as strong connections within the global mining and investment communities where there are potential project partners.
For all these reasons BCL remains a viable option for future mineral development in Bougainville and in the best interests of all Bougainvilleans, we would urge all members of the ABG parliament to seriously consider this before the bills are further read on 12 February.
Community leaders, landowners and others who are concerned by these proposals also have an opportunity to ensure their voices are heard by decision-makers before these laws are passed.
https://ramumine.wordpress.com/2019/02/05/bcl-crying-foul-over-new-bougainville-mining-laws/

Expand

https://www.radionz.co.nz/international/pacific-news/381669/new-mining-company-the-best-deal-for-bougainvilleans-momis

BOC Price at posting: 15.0¢ Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 39 Wrap: What HotCopper’s watching; China’s new stimmy moves boost metals; Oz CPI drop

DEG

HotCopper users muse on De Grey's denial of Agnico Eagle takeover bid – but who are Agnico?

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

The winners & losers on market if negative gearing were gone

There are more pages in this discussion • 1 more message in this thread...

First 2 Last

Add BOC (ASX) to my watchlist

(20min delay)
Last 49.5¢		Change 0.035(7.61%)		Mkt cap ! $200.5M

Open	High	Low	Value	Volume
49.0¢	51.5¢	47.0¢	$45.95K	92.33K

Buyers (Bids)

No.	Vol.	Price($)
1	10050	46.5¢

Sellers (Offers)

Price($)	Vol.	No.
50.5¢	15000	1

View Market Depth

No.	Vol.	Price($)
1	4072	0.495
1	10050	0.465
1	8905	0.460
2	6168	0.440
1	10000	0.435

Price($)	Vol.	No.
0.505	15000	1
0.515	20000	1
0.520	250	1
0.525	900	1
0.530	10481	1

Last trade - 15.48pm 27/09/2024 (20 minute delay)

BOC (ASX) Chart

BCL crying foul over new Bougainville Mining Laws, page-2

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 39 Wrap: What HotCopper’s watching; China’s new stimmy moves boost metals; Oz CPI drop

HotCopper users muse on De Grey's denial of Agnico Eagle takeover bid – but who are Agnico?

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

The winners & losers on market if negative gearing were gone

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

BCL crying foul over new Bougainville Mining Laws, page-2

Top Stories

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 39 Wrap: What HotCopper’s watching; China’s new stimmy moves boost metals; Oz CPI drop

HotCopper users muse on De Grey's denial of Agnico Eagle takeover bid – but who are Agnico?

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

The winners & losers on market if negative gearing were gone

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News