....I just was wondering where in PNB ;-))))Rio Tinto is closely...

....I just was wondering where in PNB ;-))))

Rio Tinto is closely watching the progress towards
peace and order.

http://www.postcourier.com.pg/20100511/tuhome.htm

PNG a mining tax haven By ERIC TAPAKAU PAPUA

New Guinea is well positioned to host the growing number of Australian miners that are reconsidering their investments down under because of the proposed super profits tax. The new tax proposed by Prime Minister Kevin Rudd has already seen millions of dollars worth of exploration and expansions plans stalled by miners such as Rio Tinto and Xstrata. Xstrata is the majority stakeholder in the world class Frieda River copper exploration program. Rio Tinto is the major stakeholder in Bougainville Copper Limited, the owner and once operator of the lucrative Panguna copper and gold mine in Central Bougainville, Autonomous Region of Bougainville. With new developments going on in Bougainville, Rio Tinto is closely watching the progress towards peace and order. Introduced in 2002, Papua New Guineas taxation regimes in the mining and petroleum sector are said to be more competitive with its neighbours and since then, many companies in both sectors entered this country to take advantage of the new fiscal regimes.

Australian mining magnate Clive Palmer made no secrets about his intention to invest in Papua New Guinea when he told the Courier Mail that his next project would be in Papua New Guinea.