Bougainville Copper hails Momis

BOUGAINVILLE Copper president Peter Taylor has hailed the election of John Momis as president of Bougainville, while estimating the cost of the Panguna mine reopening could run as high as $3 billion.
Bougainville Copper hails Momis Bougainville Copper hails Momis Bougainville Copper hails Momis Bougainville Copper hails Momis Bougainville Copper hails Momis

Momis was elected for a five-year term with an absolute majority, leading Taylor to tell shareholders at the company's annual general meeting in Port Moresby yesterday the election would ensure stability as negotiations between the government, company and landowners continued.

"This is an important development for the company because the next five years is the period in which the mine should be reopened to take advantage of the resurgence in mineral commodity prices and demand," he said.

"The company will need the support of the new president and the cabinet as well as landowners."

He added that although there was much detail to work through, there was common agreement that recommencing operations on Bougainville would lead to positive outcomes both locally and regionally.

Rio Tinto's recent application for exploration licences in the project could be taken as a sign it was willing and able to assist in Papua New Guinea's future mineral development.

Before any mining can happen on the island, the Bougainville Copper Agreement will have to be amended.

The agreement was drawn up in the late 1960s, before Papua New Guinea became independent and Bougainville existed as a separate province.

loader
  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more