President John Momis and his Australian advisors have made very clear the only future they see for Bougainville is one centered around the re-opening of the Panguna mine. They have refused to even consider the prospect of alternative routes to economic self-sufficiency for an independent Bougainville.
Bougainville has been forced to marry the mining industry.
But what happens if one groom gets cold feet? Because of the one-track economic policy pursued by Momis Inc there is no way out, another suitor from the mining industry will have to be found.
So the big question on everyone’s lips is, now that Rio Tinto is publicly stating it is reviewing whether it wants to retain its interest in the project, is there anything to stop a Chinese takeover and what would that mean for Bougainville?
China is notorious for exporting its prisoners to build projects overseas
Momis of course already has very strong links to the Chinese and was Papua New Guinea’s Ambassador to China before challenging for the Presidency. In 2010 the ABG signed no less than seven MOUs with Chinese companies during a visit to China led by President Momis himself.
Peter Barter, recently appointed to head the Panguna Trust Fund Board, is another ex PNG Government Minister with strong links to China.
Barter is credited with facilitating the deal under which the Somare government sold the rights to the Ramu nickel deposit to Chinese state owned corporation, MCC. MCC, a company branded fraudulent and corrupt by the World Bank constructed the Ramu mine using conscripted Chinese convicts and persuaded the PNG government to not only give them a 10-year tax holiday but to also allow the dumping of toxic mine tailings into the pristine Madang Bay.
Just a few weeks ago the Ramu mine was shut down by villagers angered by MCC’s mis-management of the mine. MCC says the villages caused millions of kina worth of damage to vital mine equipment and infrastructure…
Is this the future Momis has created for Panguna?
BOC Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
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