The dormant Bougainville Copper Limited share value has more than doubled overnight on the Australian Stock Exchange following a resolution to reopen the rich but controversial Panguna copper mine.

Landowners from the mine area and the Autonomous Bougainville Government (ABG) signed a joint resolution last Friday to reopen the mine, causing the leap in its share price.

The ABG’s current 36.4 percent (146,175,449 shares) shareholding was worth K146.2 million (NZ$63 million) when the shares were worth 40 cents each on Thursday.

• READ MORE: Panguna mine at centre of bloody Bougainville conflict set to reopen after 30 years

On Friday afternoon, however, the share value was worth K325.2 million (NZ$152 million) when they increased and closed at 89 cents, a jump of 122.5 per cent.

That is an increase of K179 million (NZ$89 million).

It shows what a little bit of good news and perhaps a demonstration of confidence in Bougainville can do.

ABG President Ishmael Toroama acknowledged and congratulated the five clans and their respective leadership for taking the bold stand to reopen the mine.

Facilitate reopening process
Toroama said that following the signing of the joint resolutions, the ABG through the Department of Mineral and Energy Resources and other relevant departments, would now work together with the landowner groups to facilitate the process towards the reopening.

The ABG government is confident that the mine reopening would be a major boost for Bougainville’s economic future and at the same time guarantee Bougainville’s political independence.

“Today marks the ending and the beginning of a new chapter, a chapter to realize Bougainville’s independence,” Toroama said.

BCL general manager and secretary Mark Hitchcock said the significant increase in the volume of BOC’s securities traded from 10 February 2022 to 11 February 2022 and the article published on the Autonomous Bougainville Government website entitled “Panguna Landowners and ABG agree to reopen Panguna Mine” dated 11 February 2022 contributed to the latter.

“We understand the article published relates to resolutions passed during a Panguna landowner summit that was supported by the ABG,” he said.

“The landowners appear to have agreed to work co-operatively with the ABG to reopen the Panguna Mine.

“According to the article the resolutions were endorsed by the chiefs of the five major Panguna clans and the ABG will now work with landowners to facilitate a process towards reopening.

Fair representation of events
“If the article is a fair representation of the events, then this would appear to demonstrate unity amongst the landowners and, would also boost confidence in the Autonomous Region of Bougainville as it pursues economic independence.

“Bougainville Copper Limited is engaged in investment activities.

The company’s assets include the Panguna mine and associated facilities on Bougainville, and equities listed on the Australian Securities Exchange.

“There is no change in the status of the shareholdings of the Autonomous Bougainville Government (ABG) and PNG shareholdings in BOC.

The PNG government’s commitment to transfer their shares to the ABG remains pending and both governments continue to hold 36.4 percent each of the shares in BOC.

“The judicial review of the ABG’s decision not to renew the exploration licence over Panguna remains in process and we anticipate proceedings to commence in the first quarter of 2022.”

The ABG has a 36.4 percent ownership stake in BCL, which is set to become a 72.8 percent majority share with the PNG national government committed to transferring over its 36.4 percent share.

Active presence on the ground
Hitchcock said BCL had long had an active presence on the ground in Bougainville with a locally engaged team.

It had continued supporting community projects and other initiatives.

Bougainville Copper’s board has strong levels of local representation with four prominent Bougainvillean directors – Sir Mel Togolo, David Osikore, James Rutana and Kearnneth Nanei.

Other board members are Sir Rabbie Namaliu, Sir Moi Avei, Dame Carol Kidu and Peter Graham.

“Over time, BCL has transformed into a truly local company,” Hitchcock said.

Decade-long civil war
Panguna mine was at the centre of a decade-long civil war between rebels in Bougainville and Papua New Guinea security forces, reports The Guardian.

It was once one of the world’s largest and most profitable copper and goldmines and still contains an estimated 5.3 mllion tonnes of copper and 19.3m ounces of gold, which would make the reserves worth about $60 billion at today’s prices.

In 1989, amid rising community anger at the environmental damage and the inequitable division of the mine’s profits, locals forced closure of the mine, blowing up Panguna’s power lines and sabotaging operations.

The PNG government sent in troops against its own citizens to restart the foreign-owned mine, sparking a bloody, decade-long civil war. A peace settlement was brokered by New Zealand in 2001.

Gorethy Kenneth is a senior PNG Post-Courier journalist. This article is republished with permission.

The Government Communications Security Bureau (GCSB) has issued a warning to all New Zealand businesses to be prepared for cyber attacks, following almost a week of daily attacks on the New Zealand stock exchange (NZX).

The attacks have caused outages, sometimes for hours, of NZX’s public-facing website since Tuesday last week. This week, it continued trading under a new arrangement that allows it to post information to alternative platforms.

The attacks are part of worldwide malicious cyber activity and the government will likely share information via Interpol and government-to-government links, including the intelligence alliance know as Five Eyes.

• READ MORE: Australia is under sustained cyber attack, warns the government. What’s going on, and what should businesses do?

The type of attack is known as a Distributed Denial of Service (DDoS). The attacker infects large numbers, often thousands or even millions, of computers with a virus that allows the attacker to instruct the infected computer – known as a “bot” – to send thousands of requests for data to the target.

In effect, this means millions of attempts to access a website at the same time. The website being attacked cannot respond to each one quickly enough so either it simply stops responding or responds to some but not all data requests.

Some people get the most up-to-date page and others don’t.

This is particularly damaging for financial information sites such as a stock market. They have a legal duty to give equal access to different users. They would normally shut down and stop trading for a while rather than allow some people to get information before others.

These attacks are not designed to steal data or do insider trading. They are generally set up to demand ransom from the victims, usually asking for thousands of dollars paid in bitcoin or another cryptocurrency which is effectively untraceable. Governments, terrorist organisations, political groups and even pranksters have also been known to use these attacks.

DDoS software is available on the dark web but also not very difficult to write. In many cases the people owning the bots will not be aware anything strange is happening.

The current attacks
Multi-day attacks have been rare but are becoming more common. The size of these attacks, including how many bots are used and their capacity to send requests, has been increasing.

Such multi-day attacks are potentially risky for the attackers as the defence team will be analysing the attacks, often using artificial intelligence tools, and should be able to respond more quickly to block illegitimate requests.

The defence against such attacks is based on being able to cope with the large number of requests, either by moving the website to a cloud-based system that can increase capacity quickly, or identifying bot requests and filtering them out by setting up a “whitelist” of legitimate users and excluding others.

This is normally done by firewalls at the level of each attacked entity, the internet service provider or, as in the case of New Zealand, at a country’s electronic border (for example, the Southern Cross trans-Pacific network of communications cables).

If an attack is coming from inside New Zealand, security software on the bot computer can normally remove the infection with up-to-date anti-virus software. Internet service providers can also detect this activity and may warn users or disconnect the infected machine until it is cleaned. But in this case, the attacks are coming from outside New Zealand.

The covid-19 pandemic means millions of people are working from home around the world, outside their normal corporate security, often using the family computer. Some people may be less careful about downloading software, particularly on illegal streaming sites, and may be using free or unsecured wifi networks. This makes infecting computers to turn them into bots much easier.

How to repond
Assuming this is a criminal gang, financial institutes are an attractive target. They rely on availability of service and potentially have money to pay ransoms.

In New Zealand, disaster management and recovery has tended to focus on responses to natural hazards rather than criminal activity. New Zealand does not have local cloud providers and expanding capacity is more difficult.

Even if NZX won’t pay a ransom, this attack is “advertising” for the criminal gangs that may act as “subcontactors” to larger criminal organisations.

The government’s aim will not be to catch the perpetrators in the short term but to share information on how to block the attacks. Normally the response is effective, but it can take some time to analyse details.

At the same time, other attacks (for example phishing to steal data) may use the confusion caused by the DDoS attacks to target potential victims. Organisations should encourage people to update their security software and remain vigilant.

In the future, as the internet of things (IoT) becomes more widespread, many billions of new devices will be connected to the internet. Security standards and forensic capability (storing data to analyse attacks) are not universal and there is a danger that these attacks will become more common and larger in scale.

Defence is possible
But defence is possible and both technical and policy approaches are getting better. Artificial intelligence tools for rapidly analysing attacks are the focus of research.

Support for governments in vulnerable areas is also increasing to enforce international agreements, clarify local law and share information between network providers. For example, Macau recently introduced a much tougher cyber security law which seems to have been very effective.

Dr Dave Parry is head of the Department of Computer Science, Auckland University of Technology. This article is republished from The Conversation under a Creative Commons licence. Read the original article.