Category Archives: Mine construction

BCL Working Closely With ABG

Bougainville Copper Limited (BCL) Has Been Engaged In Planning And Implementing Agreed-Upon Activities In Bougainville Since 2012, BCL Chairman Rob Burns Said This Week.

Post Courier | May 12, 2017

Bougainville Copper Limited (BCL) has been engaged in planning and implementing agreed-upon activities in Bougainville since 2012, BCL chairman Rob Burns said this week.

Mr Burns said in a statement this had been at the invitation of the Autonomous Bougainville Government and the nine landowner associations involved in discussions on the future of the Panguna resource.

“BCL meets routinely with the ABG and the landowning associations to review these plans and agree on further activities,” he said.

He reiterated his statement at the recent annual general meeting on April 27, outlining some of the progress regarding the Panguna project that had been achieved with the support of Panguna landowners and other stakeholders.

Mr Burns said this in relation to an article in Post-Courier on May 3 in which a landowner group claimed that BCL wanted to get easy access to the Panguna mine.

“BCL is now a predominately locally owned company with landowners at the core of its operations,” he said, adding that the Panguna project had the support of Prime Minister Peter O’Neill and Bougainville president John Momis.

Mr Burns noted that one interest group from the Panguna area recently petitioned the ABG to cancel BCL’s exploration rights.

“This group purports to represent all Panguna landowners, and questions the ABG and national government support for BCL.

“As noted by president Momis in his interview with Radio New Zealand last week, the group has a separate commitment to an Australian resource company, which is in pursuit of mineral rights at Panguna, of which BCL has been granted tenure.”

Much of the public discourse in the media regarding resource development at Panguna must be viewed in terms of competing commercial interest in Panguna’s mineral rights.

He said that differing views on the future of the Panguna project, especially from the customary landowners, should be respected.

However, when those views do not reflect the broad support from landowners, these views are being driven by personal ambition at the expense of customary landowners and the economic security of Bougainville.

“There is still much work to do to strengthen alignment between stakeholders on the range of issues affecting project progress.

“BCL will continue to engage with the landowning groups at Panguna who have continuously provided support in finding a pathway through the many issues that confront us  all.”

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Nautilus still short of funds to start experimental seabed mining

Nautilus Minerals still does not have enough money to start its seabed mining experiment in Papua New Guinea – despite receiving $113 million from PNG taxpayers!

Nautilus Minerals Announces Financial Results for Q1 2017

Junior Mining Network | 10 May 2017

Nautilus Minerals Inc. announces the release of its unaudited consolidated Financial Statements for the first quarter ended March 31, 2017, together with Management’s Discussion and Analysis.

2017 Significant Events to date

  • Received US$4 million through the US$20 million bridge financing facility provided by the Company’s two largest shareholders.
  • Announced the arrival of the Seafloor Production Tools (SPTs) in PNG.
  • Announced the arrival of the LARS and ancillary equipment to the Mawei shipyard in China.
  • US$19.5 million in cash and cash equivalents as at March 31, 2017.

Mike Johnston, Nautilus’ CEO, commented, “It was very pleasing to see the SPTs arrive in PNG where they will undergo submerged trials in the coming months. We now remain focused on the build of the Production Support Vessel and the integration of the rest of the equipment on it. Subject to further financing, we remain on schedule to develop the world’s first commercial high grade seafloor copper-gold mine at the Solwara 1 project site in Q1 2019*.”

*subject to further financing

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Solomons landowners discuss concerns on reopening gold mine

The over-full tailings dam facility at the Gold Ridge Gold Mine on Guadalcanal in Solomon Islands in January 2015. Photo: copyright Dr Matthew Allen – ANU

Landowners on Guadalcanal in Solomon Islands have been consulted about the proposed reopening of the Gold Ridge gold mine.

The mine was closed in 2014 after massive floods and its ownership was then transferred from the Australian owner St Barbara to a local land-owning company Guadalcanal Community Investments Ltd.

Guadalcanal Community Investments Ltd is now working with Chinese-owned Australian property developer AXF Group which plans to have the mine operational by the end of 2018.

Bringing the gold mine back to life is also a major policy objective of the government which says it wants to do it right.

Members of landowning communities discussed a range of issues with government officials and company representatives relating to royalties, security, environmental impact, revenue sharing and the relocation of people.

They were assured by both the government and the company that their concerns would be taken onboard and addressed to ensure a smooth reopening.

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Momis: Bougainville cannot be held back by one group

Radio New Zealand | 3 May 2017

The government in the autonomous Papua New Guinea region of Bougainville says it will consider a petition from a landowning group opposed to Bougainville Copper Ltd returning to the long closed Panguna mine.

The Osikiang Special Mining Lease landowners handed a petition with about 500 signatures to President John Momis’s office last Friday.

They said, as the owners of the site of Panguna, they would never allow BCL to return, because the company had not done anything about the destruction it had caused.

Mr Momis said they would consider the petition but one group cannot hold up Bougainville’s economic development.

“Well they keep changing their position. One time they want the mine to go ahead and another time they – but we will accept their petition and then see it in the totality of things because, you know, we can’t be held back by just one group of people, although they are the owners of the mine site currently.”

The Osikiang Landowners have a separate commitment with an Australian mining conglomerate, RTG, to develop Panguna.

Bougainville Copper Ltd, or BCL, is now controlled by the Bougainville and Papua New Guinea governments, after its multi national owner worked [sic] away, handing its shares to the two governments.

President Momis has said whether Panguna ever re-opens is up in the air, but his government has now opened up mining explorations in other parts of Bougainville

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Filed under Environmental impact, Exploration, Human rights, Mine construction, Papua New Guinea

Apple’s Commitment to a No-Mining Future Makes Experimental Seabed Mining Unnecessary

Scientists and civil society organisations from around the world welcome Apple’s 2017 Environment Responsibility Report announcing the communication technology giant’s goal to “stop mining the earth altogether”[1].  They call on other companies to match this commitment.

Apple’s goal is at odds with the excitement generated in some circles over proposals to mine the deep sea, and in particular by the world’s first deep sea mine (DSM) to be granted an operating licence in Papua New Guinea[2]. 

The announcement by Apple recognises the strong groundswell building for a circular economy that has eco-design, re-use, repairing, and recycling at its core. This will require other companies to also develop innovative business models and in particular mining companies to move beyond the current crude approach to sourcing minerals.

Professor Richard Steiner of Oasis Earth stated:

“One of the default arguments of DSM proponents is that the world economy will need the Rare Earth Elements and other minerals from the deep ocean for a growing demand for communications technologies.  Apple’s announcement shows this is will not be the case. The days of digging holes for raw materials, using them once or twice, discarding them into landfills, and then digging more holes for more raw materials to waste – are clearly numbered!”

Christina Tony, from the Bismarck Ramu Group in Papua New Guinea said:

“Our coastal communities in the Bismarck Sea are subject to the world’s first deep sea mining experiment – driven by Nautilus Inc. and investors such as Anglo American.  Why are these companies happy to sacrifice our people’s heath, livelihoods, culture, and marine environment.  This primitive and violent approach to mining belongs with the dinosaurs.   Apple is showing us a sophisticated vision of a sustainable future.”

Dr. Helen Rosenbaum, Deep Sea Mining campaign stated:

“Deep Sea Mining is risky business as both the environmental impacts and the returns are complete unknowns. Nautilus’ Annual Information Form, lodged with Canadian securities, emphasizes the experimental nature of the Solwara 1 project. In addition, report after report[3] demonstrates the world’s oceans are already on the brink of peril. With our Pacific partners we call for a complete ban on Deep Sea Mining and for  mining companies and electronics manufacturers to instead turn their mind to developing closed loop economies.”

Dr. Catherine Coumans of MiningWatch Canada says:

“Some mining for virgin minerals on  land may still be required in the short term to meet demand not satisfied by recycling, urban mining and reducing consumption[4]. But these alternatives provide win-win solutions for society, the environment and the economy.  The right choice is really a “no-brainer” and we welcome Apple’s foresight in leading the way. There is absolutely no need for deep sea mining [5].”

_______

NOTES

[1] No Mining Required; No more mining says Apple; and Apple will stop relying on mining for minerals ‘one day’.

[2]  See reports: Out of our Depth: Mining the Ocean Floor in Papua New Guinea (November 2011) http://www.deepseaminingoutofourdepth.org/wp-content/uploads/Out-Of-Our-Depth-low-res.pdf  ;  Physical Oceanographic Assessment of the Nautilus Environmental Impact Statement for the Solwara 1 Project – An Independent Review (November 2012) http://www.deepseaminingoutofourdepth.org/wp-content/uploads/EIS-Review-FINAL-low-res.pdf ; Accountability Zero: A Critique of Nautilus Minerals Environmental and Social Benchmarking Analysis of the Solwara 1 project (September 2015) http://www.deepseaminingoutofourdepth.org/wp-content/uploads/accountabilityZERO_web.pdf

[3] Reports include: World Wildlife Fund (WWF) Reviving the Ocean Economy (2015) ; The Living Planet (2016);  International Union for Conservation of Nature (IUCN) State of the Ocean (2013) ; Explaining Ocean Warming (2016); and the United Nation’s World Ocean Assessment 2016 which is a global inventory of the state of the marine environment and problems threatening to degrade the oceans. Recent research from the MIDAS consortium indicates a concrete risk that deep sea mining would lead to serious irreversible harm.

[4] For example, California based Blue Oak Resources estimates that every year mining companies spend roughly $12 billion for virgin ore deposits. While tons of cell phones and other electronics are thrown out every year, each ton contains 70 times the amount of gold and silver found in virgin ore. For copper the number is even higher, with the equivalent of roughly one-third of global mining production thrown out in e-waste globally every year; ‘Urban mining’: UBC engineers say e-waste richer than ore pulled from the ground;  Can ‘urban mining’ solve the world’s e-waste problem?

[5] For example, http://www.savethehighseas.org/publicdocs/DSM-RE-Resource-Report_UTS_July2016.pdf

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Anti-deep sea mining campaigner comments irresponsible says PNG Police

Dominic D. Kakas | Chief Superintendent Director Media Unit

Anti-deep sea mining campaigner Helen Rosenbaum’s statement this week on Radio New Zealand that locals in Papua New Guinea were prepared to take up arms if a seabed mining project in PNG goes ahead is not only irresponsible but can be taken as an attempt to incite violence.

Ms Rosenbaum from the Deep Sea Mining Campaign was referring to Canadian company Nautilus Minerals which was given an Environmental Permit by the PNG government in 2009, to develop the Solwara 1 Project.

Ms Rosenbaum said locals in New Ireland Province and the Duke of York Islands were feeling so desperate that they would consider taking up arms against the project.

She was quoted as saying, “They know they can get access to explosives, it’s incredibly easy to get access to arms in a country like Papua New Guinea through the police, through the army”.

Whilst the efforts of activists such as Ms Rosenbaum are appreciated, grandstanding and making wild and reckless allegations do not help her cause. In fact it does more damage to her cause and also to the credibility of the country, the Royal Papua New Guinea Constabulary and the PNG Defence Force.

Despite what Ms Rosenbaum thinks, it is not “incredibly easy” to access arms in PNG either through the police or the Defence Force. And instead of taking up arms people in PNG are prepared to talk things over rather than resorting to violence.

So instead of making such wild and unfounded allegations and inciting violence Ms Rosenbaum should promote her cause more responsibly.

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Lion One Will Be The Next Gold Mine In Fiji

Fabio Herrero | Seeking Alpha | April 27 2017

Lion One is exploring for gold in the Fiji, and the main project is in the financing phase.

Summary

  • The Tuvatu gold project sports an after tax $86.5m NPV5 with an IRR of 52.3% and a payback of 1.5 years. Moreover there is high-grade exploration potential nearby..
  • Management is experienced and is gearing up for construction by adding new capable mine builders.
  • Project construction will be easily financed and the company has cash on hand to pursue both development and exploration.

Lion One Metals Ltd. owns 100% of the fully permitted Tuvatu Gold Project on the island of Viti Levu in the Republic of Fiji. This project is currently in development and the company is in the financing stage. I am convinced that Lion One is undervalued and could rise substantially in a flat or rising gold environment.

This article will be structured as follows: first, a detailed analysis of the Tuvatu Gold Projec, before mentioning current exploration efforts and the other assets in the company portfolio. This is will represent the core part of our valuation. In the second part of the article we will have specific chapters dedicated to management, capital structure and Fiji as a mining jurisdiction in order to help us get the big picture surrounding the company. Finally, a valuation chapter will provide an out-of-the-envelope valuation of Lion One Metals, before the conclusion that will consist of a buy recommendation and a short cautionary statement about the risk of investing in small caps -always a good exercise before deciding to trade.

The Tuvatu Gold Project

Tuvatu Gold Project is located on Viti Levu, the main island of the Republic of Fiji, and is only 17 km from the Nadi International Airport.

The project is in a caldera setting, and it is located along the ring of fire, that stretches from Japan to The Philippines to Fiji. It is along trend with the caldera-situated Vatukoula gold mine, which has produced 7m oz Au in the last 82 years and is owned by Vatukoula Gold Mines. Incidentally, this is also one of the ten largest epithermal gold systems ever discovered according to a 2012 report by WH Ireland Research.

To read the rest of this article: https://seekingalpha.com/article/4065987-lion-one-will-next-gold-mine-fiji

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