European Shareholders of Bougainville Copper (ESBC) holding more than 10 million shares of Bougainville Copper Limited requested Sir Michael Somare?s support in a letter to the Prime Minister this week. In his letter ESBC President Mr. Axel G. Sturm expressed his strong wish that the re-opening process of the Panguna mine should be speeded up in the interest of people of Bougainville and Papua New Guinea. Furthermore Mr. Sturm outlines that Panguna holds the key position for future economic recovery on Bougainville. Therefore he asked the Prime Minister to exercise his personal influence and to encourage the people on the ground to take the next step which is the review and the signature of the new Bougainville Copper Agreement (BCA). ?Bougainville and Bougainville Copper are the same in the perception from those outside PNG. One goes with the other. As long as there is no satisfying progress in the re-opening of the Panguna mine, there won?t be any substantial investment from abroad in Bougainville,? says Mr. Sturm. The ESBC president?s letter arrives just in time: At the end of this week a huge Panguna conference is fixed to take place in Buka/Bougainville. The National Ministers Peter O?Neill, Paul Tiensten, Arthur Somare and Fidelis Semoso will also attend the conference as almost 40 Panguna Landowner representatives. The meeting is hosted by ABG President John Momis, Vice President Patrick Nisira and others. It is supposed to be the biggest gathering of major stakeholders ever.
BOC Price at posting:
$1.30 Sentiment: ST Buy Disclosure: Held
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