A Basic Analysis of Financial Structures Effecting Asset Development in PNG and Autonomous Bougainville
Coordinated by Mr. Lawrence Daveona and other landowners in Bougainville, a six week stakeholder awareness program has completed with a final gathering of concerned citizens at the Gateway Hotel in Port Moresby on Thursday night, May 31, 2012.
This program was established to educate members of the public of the global financial and business consequences of resource development in Papua New Guinea and the Autonomous Region of Bougainville. Recognizing the urgency of creating an informed dialogue for the consideration of the Bougainville Copper and related lease areas, an international collaboration between Bougainville stakeholders and M.CAM - a finance corporation based in the U.S. with operations throughout the world - created a presentation entitled "Global Financial Literacy: A Basic Analysis of Financial Structures Effecting Asset Development in PNG and Autonomous Bougainville (AB)".
On Friday, May 25, 2012 the final information sessions began at the Panguna mine site with several local landowners in attendance. During this information session, M.CAM Chairman, Dr. David Martin, provided detailed information with respect to the corporate structure of Bougainville Copper Limited and a review of the supra-constitutional nature of the Bougainville Copper Agreement drafted during Australian administration prior to independence. Showing the complex corporate structure designed to enrich foreign investors while providing minimal economic or social value to the country and the region, this presentation highlighted the need for landowners to be fully aware of all economics of resource development including financing corporations, asset holding and leasing corporations, and other developer-related companies. Many of these Operator-affiliated companies shield financial and physical assets from legal liabilities and damages within Papua New Guinea.
On Saturday, May 26, 2012, a large community session was coordinated at the Sharps Memorial Youth Center in Arawa. Approximately 60 landowners and interested community members came for a three hour information session which included a thorough review of the Bougainville Copper Limited operating history and the anomalous benefits afforded BCL under the BCA. This session was led by Mr. Lawrence Daveona and as followed by Dr. Martin's detailed legal and financial analysis of the complex legal and financial structures which allow international investors to benefit in over 1,100% of the GDP of all of Papua New Guinea with no domestic benefit in these financial instruments.
On Sunday, May 27, 2012, the delegation met with Mr. Chris Uma, leader of the Mekamui Defense Force. During this meeting, the delegation discussed the material facts regarding the BCL and BCA which have not been disclosed by the Company or the government with respect the nature of agreements, operations, and economic and social benefit. In the evening, Dr. Martin was escorted to Buka where an evening session in Haku village was attended by approximately 40 stakeholders, youth and women.
The gathering Thursday evening was the concluding event in this extensive initial community awareness project and was attended by approximately 40 students from University of Papua New Guinea and numerous other interested parties. An entire curriculum package with supporting legal and financial data has been provided to members of the government and stakeholders. The organizers are currently working on establishing an expanded awareness program for deployment throughout all of Bougainville and to stakeholders throughout the country.ShareThis