69 million BCL shares to go to people and Govt of Bougainville

The Government will be transferring 69 million Bougainville Copper Ltd (BCL), shares, which is 17.4 percent to the landowners and the people of Bougainville.

Announcing the transfer today in Parliament, Prime Minister Peter O’Neill said the Government is acutely aware of the torment and pain that the people of Bougainville have endured and the transfer of shares is the right thing to do.

"My concern is the health, wellbeing and prosperity of the people of Bougainville," said O'Neill. With this transfer, the people of Bougainville will now own a combined shareholding of 53.8 percent of BCL.

O'Neill added that this transfer will also ensure that for the first time in history of BCL, the landowners will be given a direct say and direct participation in the operation of the BCL mine.

"By transferring these BCL shares to the people, we are further strengthening the confidence of Bougainvilleans in the peace process.

"We are reassuring the people that we are serious about empowering communities on Bougainville."

O'Neill said the government will now hold discussions with landowners, the ABG and communities on how the shares will be distributed and managed.

Author: 
Freddy Mou