21 Jul 2008

Bougainville MPs strongly favour development plans involving Canadian company, Invincible Resources

7:58 pm on 21 July 2008

The parliament in the autonomous Papua New Guinea province of Bougainville has firmly backed an investment arrangement with the Canadian company, Invincible Resources.

Invincible has been given a 70 percent shareholding in the agency set up to advance the province's economic development, Bogenvil Resource Development Corporation.

The Post Courier reports that last Friday 29 MPs voted in favour of the Government's plans for economic development, with just five opposing the relationship with Invincible.

The acting President of the ABG, John Tabinaman, says they now have to develop the legislation and regulatory instruments needed to fully realise the BRDC model.

The relationship with Invincible had earlier been strongly criticised but the government blamed the opposition on foreign companies whose overtures had been ignored.