31 May 2006

PNG's Kabui off to Canada to seek miner's promised funds

3:55 pm on 31 May 2006

The president of the Autonomous Bougainville Government in Papua New Guinea has left for Canada in pursuit of funds promised by a Canadian company, Invincible Resources.

Joseph Kabui says under a deal reached five weeks ago, Invincible still owes the province more than six million US dollars.

The company was trying to convince the autonomous government to allow it to develop Bougainville's gold resources and struck the assistance deal with Mr Kabui's government as a sign of good faith on its part.

The arrangement was for the delivery of initial 700,000 dollars within seven days after the signing while the rest of the assistance was to be paid 60 days later.

Invincible Resources said that the money came with no strings attached.