Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

National Grid ADR repsg 5 Ord Shs V.NGG


Primary Symbol: NGG Alternate Symbol(s):  NGGTF

National Grid plc is a United Kingdom-based energy company. The Company's principal activities involve the transmission and distribution of electricity in Great Britain and of electricity and gas in the northeastern United States. Its segments include UK Electricity Transmission, UK Electricity Distribution, New England, New York and National Grid Ventures. The UK Electricity Transmission segment includes the high-voltage electricity transmission networks in England and Wales. The UK Electricity Distribution segment includes the electricity distribution networks of NGED in the East Midlands, West Midlands and Southwest of England and South Wales. The New England segment is engaged in gas distribution networks, electricity distribution networks, and high-voltage electricity transmission networks in New England. The New York segment is engaged in gas distribution networks, electricity distribution networks, and high-voltage electricity transmission networks in New York.


NYSE:NGG - Post by User

Post by grumpymonkey007on Mar 26, 2009 8:32am
516 Views
Post# 15872078

Sinivit stop work in effect

Sinivit stop work in effect

Locals stop mining

March 26, 2009

By JOHN PANGKATANA

BAINING landowners have forced the temporary closure of mining activities at the Sinivit (Wild Dog) gold mine in the East New Britain Province. Around 7pm on Tuesday, the Nakama Enterprise Limited landowners led by their chairman Kivung Alois, walked into the mine site and tied gorgor (plant) as a sign of protest to close down operations peacefully. The developer of the mine is Australian-based New Guinea Gold Mine Limited.

The group which represents the principal landowners of the mine site requested a round-table discussion for the developer to hear their demands. The Nakama landowners had earlier advised the East New Britain administration, Governor’s Office, police, councillors in the Sinivit LLG and the mine site manager of their intention to march in peacefully. Up to 12 landowners and directors of the Nakama landowner group walked in and tied gorgors at the administration office and operational site where the heavy machinery and cyanide were kept. They advised that the plant site where the generator, service station, mess and security staff would be allowed to continue to operate.

Yesterday, a meeting was held at the Sinivit LLG administration. With that came a list of demands under two conditions. The developer, New Guinea Gold Limited (NGGL), was plastered with a compensation bill of K1.5 billion for 21 years of operation. This is primarily for royalties for the landowners, damage to forest and unauthorised land use for mining operations. The same condition includes proper infrastructure development for housing, road-sealing, bridges, schools, churches, proper power supply and subsidies for school fees.

The second condition is a calling for a proper investigation into the people who had allegedly misappropriated the spin-off funds of the mine for their personal gain and not for the Rieit community as a whole. They also indicated changes to the 1996 memorandum of agreement (MOA) if necessary to be conducive to the benefit of the people as a whole.

The MOA was signed with the Uramot landowner company. There is also another landowner company allegedly involved with links to a former government minister. The list of demands stated that if the developer wanted to remain, then they must meet the conditions. Yesterday, mine liaison officer Paul Pora accepted the list of demands and said the company would look into them and make a decision at a later date.

He reminded them that the Uramot company was the only recognised landowner group, under the 1996 MOA. He then requested the landowners to remove the gorgor so that the mine operations could continue. That was met with a stern no. Mr Pora told landowners the mine operations could close down if there wasn’t any activity for four to five days. The landowners maintained their stand and suggested that if they didn’t meet their demands they would engage a developer. Yesterday’s meeting was witnessed by ENB deputy governor Boniface Setavo, deputy provincial administrator Clement Irasua, mine site manager Eric Namaliu, provincial police commander Anton Billie, visiting MRA representatives, Sinivit LLG representatives and Makama land owners.

Police are on stand-by at the mine site to keep an eye on the activity. Today, there is expected to be more talks with the provincial administration to solve the issue

https://www.nnnforum.org/forums/showthread.php?t=151860
Bullboard Posts