I have been holding back on putting up posts which are mostly...

I have been holding back on putting up posts which are mostly “chatter” since it really doesn’t help to move us forward, but perhaps helping to keep things in perspective is worthwhile.

Dubspec, I did accuse you of down-ramping because you have such negative views, but I concede that you are articulate and knowledgeable about Bougainville so perhaps your negativity is justified, certainly at the present time.

I spent time in Bougainville as an Engineer, and I recall being in the Pink Palace approx. 1980 when a crowd of locals smashed and looted the Panguna supermarket. My cousin lived in Kieta as a manager of one of the Bougainville Development corporation enterprises.
As I recall, the mine as it was then, for all the injustice of it, was not the only reason for discontent. Racial hatred between locals and highlanders was a big negative.

Positives were the broad based developments across the island. I recall staying at the Devara Hotel where young locals were being schooled in various hospitality industry jobs, and the Development Corporation had established several support businesses broadening the local economy. To just assume that the local landowners around the mine would suddenly become happy if they were given bigger money is too simplistic.
Anyway, the way things are now, after 5 years as a shareholder, I have become despondent and would prefer to take my money elsewhere where I am not regarded as being somehow evil.

Recent developments in the last 3 months include:---
• I watched the Rio Tinto copper presentation in London on 4th Dec via webcast, where Oyu Tolgoi phase 2 and Kennecott were discussed along with Escondida and Grasberg. Greenfield options were described as La Granja and Resolution. Bougainville not mentioned. The implication is that BCL is not desperately needed within Rio therefore “not active” is likely outcome of review. “We don’t sell the family jewels” is a famous quote from a few years back by Rio Tinto which I guess means that BCL will be made dormant. Not good for small shareholders.
• A spokesperson for one of our larger shareholders making statements to a local stakeholder group (PM O’Neill to Meekamui) about future arrangements without consulting the ABG or President Momis or BCL for that matter I find to be disturbing.
• Australia’s Foreign Minister, Julie Bishop, at the start of her recent visit to PNG & Bougainville stated clearly on a Sky TV interview that the Australian Government does not regard Bougainville as anywhere near able to be independent at the present time. Therefore the conclusion is that the urgency to open the mine is lessened.
• Pretty much all the various local stakeholder groups are vocal in their view that BCL is somehow evil and not to be trusted. Conclusion is that BCL can sell out to one of several possible buyers who would then, in the eyes of the locals, be honourable business partners.
• The positive developments talked about in the Chairman’s Address in the 2011 Annual Report which started “The past year has given Bougainville Copper more reason for optimism about the future of the company than any year out of the previous twenty.” Seems to have reversed to being negative.

I have lost hope that in the short term there will be any progress, and unfortunately, in the long term I will be dead. If by selling BCL out to Glencore or Chinalco or Vale or whatever for a reasonable price (no Dubspec, not $0.11 per share) then the locals can have an easier time (in their eyes) dealing with the newcomer. Forget about all the scholarships and financial sponsorships over the years … that doesn’t seem to mean much.