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Posts Tagged ‘Bougainville Copper Limited’

Renzie Duncan and Philip Miriori team up in another illegal Bougainville venture 

June 29, 2017 2 comments

Sydney lawyer and mining venture capitalist, Renzie Duncan, is on the prowl again for Bougainville’s mineral wealth, with his old friend Philip Miriori,  the scandal-plagued, self-appointed head of the Me’ekamui Tribal Government.

This time its through Central Me’ekamui Exploration Limited, which is in partnership with Australian mining firm RTG Mining.

Company extracts indicate that Central Me’ekamui Exploration Limited, despite its very local name, is in fact a foreign enterprise.

This assertion is based on the fact it is 50% owned by Australian company, Central Exploration Pty Ltd.

Central Exploration Pty Ltd’s thriving head office is 266 Burns Bay Road, Lane Cove, New South Wales, Australia. This leafy address on Sydney’s north shore, is also the registered home address for Renzie Duncan.

Under the Investment Promotion Act 1992, a company which is 50% owned by a foreign entity is deemed a foreign enterprise and must apply for certification to conduct business in Papua New Guinea.

Section 41 of the Investment Promotion Act 1992 states it is an offence to carry on business without certification, punishable by a K100,000 fine.

There is no record with the Investment Promotion Authority that Central Me’ekamui Exploration Limited has applied for certification, despite the fact it has been clearly conducting business with RTG Mining.

However, this is not the first time Duncan, Miriori and the other Central Exploration Director, Michael Etheridge, have conducted business in Bougainville. 

The last time it was through Transpacific Ventures Limited.

In that case Transpacific Ventures informed investors:

‘In the past 12 months, TPV has negotiated and signed an Agreement (the “Cairns Agreement”) with the Sovereign Me’ekamui Tribal Government on an exclusive basis for 20 years, renewable, to advise customary landowners (the Me’ekamui) in developing their natural resources sector, including potential oil and gas, on the island of Bougainville, PNG and surrounding atolls and marine territories, and to participate with the Me’ekamui in such development and other business opportunities’.

Yes, that’s right, Philip Mioriri and his self-styled tribal government proposed to sign away the natural resources, landed and marine, across Bougainville. Clearly, he had no right to, and Transpacific Ventures had no legal business publishing this information to investors.

Of course the claim by President Momis that RTG mining ‘doesn’t have any money’, is rather ironic given that his preferred operator, BCL, cant even afford permanent staff – and has no means whatsoever to raise the sort of capital to develop Panguna.

But the core point all this squabbling between various minority interests distracts from is this – 98% of the people in and around Panguna oppose mining, under any industrial guise. They have suffered the environment and human loss.

The ordinary people – real landowners – don’t have government support, nor do they have access to the internet or media. Their voice is unheard, except when they protest and resist.

The re-entry of Duncan and Mirori, will be cynically used by the government to label all landowner resistance, simply a plot to bring in an alternative developer by the backdoor. If this is argued, it is a lie.

Landowners throughout the mine area remain opposed, like they have since 1963, when the first rumblings of Panguna began. Journalists will not report this. They don’t leave their offices, much less speak with someone who cant reply in english.

On the rare occasions they do leave their office, they knock on the door of Lawrence Daveona, Philip Mioriori and other individuals, who falsely claiming they somehow speak for all landowners, which they don’t. Of course the colonial powers did this back in the 1960s. Some poor old man, was wielded out to say yes, while the mothers cried no.

History has been a cruel teacher, it is unlikely the mothers of the land will allow the bulldozers through this time.

Is PNG taking over Bougainville via the backdoor?

March 7, 2017 Leave a comment

 

Over the past month, there has been a sudden spike in reporting on Bougainville Copper Limited and the Panguna mine. The reports vary notably. Some suggest an opening date of 2020. Others suggest something closer to 2025.

Curiously no journalist has asked, who is the man being described variously as BCL’s new CEO or CFO, Mr Mark Wallace Hitchcock?

Given that he appears to be a key source for these various bold claims over BCL’s ambitious objectives, it would seem a question worth asking.

BCL’s website is notably sparse. In contrast to most corporate websites, there is no detailed biography available on its head. Does he have mining experience? What are the blue-chip mining concerns he previously managed? Its impossible to know.

Yet given Hitchock is claiming his company will lead Bougainville to the promised land of milk and honey, one would expect details.

We do know, however, through some detective work that Hitchcock is in a close commercial relationship with a tycoon who is close ally of Peter O’Neill.

Company records reveal that Mr Mark Hitchcock is Director of Vane Mata Quarry Limited, a company majority owned by none other than the Australian magnate, ‘Sir’ Theophilus George Constantinou [through his company Monier Limited]. Constantinou is a man who is deeply involved in business relations with Prime Minister, Peter O’Neill.

It must be asked, is this a push by the Port Moresby club to take over Panguna?

Another fact that appears to have been overlooked by media commentators is BCL’s share registry. Despite the considerable passage of time since Rio Tinto ‘gave’ its shares to the PNG and Bougainville governments, there is no record of this on the IPA database – a list of the registered shareholders is included below.

For Bougainvilleans concerned over their sovereignty and independence, this should not come as a surprise. The ABG big men talk the talk about independence and speaking with one voice, in reality many in Cabinet are criminals stealing meagre resources – this is no secret, its on the public record in the national court.

These men trade on peoples’ love for their country and government. They know this goodwill gives them virtual impunity. And with no free press on Bougainville, where would alternative sources of information come from. Who can access blogs like this from the village?

But the ABG are asleep at the wheel. Some may talk nationalism, but their main devotion is to money – a sickness Francis Ona reported on way back in 1988. If that means getting into bed with Port Moresby, at the cost of compatriots, they will do it, if the price is right. They only see the gold, not the blood.

When the referendum returns a yes vote, it will become apparent that the ABG is poorly administered and incapable of managing independence without in effect surrendering its sovereignty to a donor such as Australia, or China, who could fleet in consultants to prop up an ailing structure (whether they will is another question). The Big Men will blame the people of Panguna for resisting the mine. They will not take responsibility for the criminal thefts, and corrupt transactions, that are now well documented within the ABG. They will blame the people. 

Many years ago Francis Ona called out fake nationalists in love with money, one of whom is currently President.

In that spirit we should all be asking, if the ABG is placing the entire country’s chips on BCL reopening Panguna. Who is leading this keystone company? And who is this individual tied to?

BCL Share Registry

Bundle 1

Number of shares 642157

CITICORP NOMINEES PTY LTD

Bundle 2

Number of shares 4931743

JP MORGAN CUSTODIAL NOMINEES LIMITED

Bundle 3

Number of shares 1620157

Thomas John BERESFORD

Bundle 4

Number of shares 57977361

Company Share Register COMPANY SHARE REGISTER 

Bundle 5

Number of shares 214887996

RIO TINTO LIMITED

Bundle 6

Number of shares 76430809

THE INDEPENDENT STATE OF PAPUA NEW GUINEA

Bundle 7

Number of shares 6027187

WESTPAC CUSTODIAN NOMINEES LIMITED

Bundle 8

Number of shares 1657958

NATIONAL NOMINEES LIMITED

Bundle 9

Number of shares 3600000

1-3263 BOUGAINVILLE COPPER FOUNDATION LIMITED

Bundle 10

Number of shares 2561500

PUBLIC OFFICERS SUPERANNUATION FUND BOARD

Bundle 11

Number of shares 30725632

ANZ NOMINEES LIMITED