By HENZY YAKHAM A KEY Bougainville businessman has urged the people of Bougainville and its leaders to take advantage of the current high prices in gold and copper and reconsider opening the abandoned Panguna mine. Businessman Napi Kandaso made the call in support of comments from Bougainville Copper Ltd (BCL) company secretary, Paul Coleman, who said the time was right to assess the future of the Panguna mine, but the onus was on Bougainvilleans to decide. “Given the highs currently enjoyed by both copper and gold, BCL is re-assessing the possibility of revitalising the closed Panguna mine,” he said, after announcing BCL’s net profit of over K114 million for last year recently. “I urge the president of the Autonomous Bou-gainville Government Joseph Kabui and all Bougainvilleans to consider seriously this option for the good of all,” Mr Kandaso said. He said revenue from cash crops was insufficient to restore and maintain vital infrastructure and basic services including telecommunication, health and education. “Copra and cocoa plantations alone cannot sustain the government and people of Bougainville,” said Mr Kandaso, who is a former employee of BCL. He said the Bougainville crisis was a result of neglect and incompetence on the part of successive PNG governments, which failed to renegotiate the BCL agreement every seven years and this was compounded by unresolved landowner grievances and environmental issues.
BOC Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)