THE Bougainville government has set up a team to re-negotiate the Bougainville Copper Agreement which covers all operations of the mining activities at the Panguna mine. Bougainville President John Momis said after meetings with the Panguna management consultative committee, both parties had agreed to re-negotiate the BCA with the Bougainville Copper Ltd, the national government and any other interested developer. The decision to re-negotiate the BCA was reached on the consensus that mining would be allowed at Panguna and the BCA must not be reviewed but re-negotiated because the agreement was drawn up by parties which were no longer present at the negotiation table. He said the Autonomous Bougainville Government had undertaken considerable work in consultation with landowners and the national government in preparation for the BCA re-negotiation. Momis commended Prime Minister Peter O’Neill on his decision not to approve the renewal of the Panguna Special Mining Lease (SML) held by the Bougainville Copper Ltd for the past 42 years. “My understanding of this undertaking is that the national government will not exercise powers in relation to any mining related issues, including powers and functions that relate to the BCA and obviously the re-negotiation of this agreement,” Momis said.
BOC Price at posting:
78.0¢ Sentiment: ST Buy Disclosure: Held
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