Rio Tinto does not still control Bougainville Copper Ltd.
In a statement refuting recent claims against the firm, a company spokesperson said: “Rio Tinto fully exited BCL on the 30th June 2016 by transferring its 53.8 percent shareholding to an independent trustee for distribution to the ABG and the Independent State of Papua New Guinea.
“The PNG Government and the ABG drew down their shareholding on the 30th June 2016 and 19th August 2016 respectively.”
The firm says Computershare Registry Services records confirm that both the ABG and state of PNG have both taken up these shares, with each holding a 36.45 percent share in BCL.
“The remaining shares in the company are owned by public shareholders.
“Further, Rio Tinto’s management services agreement with BCL was also terminated on 12th September 2016.
“As a result, BCL became an independently managed PNG company.”
Rio Tinto further states BCL’s offices are in Port Moresby and Buka and in accordance with ASX requirements, BCL has an Australian agent based in Brisbane.
The company was responding to statements by the Special Mining Lease Osikaiyang Landowners Association (SMLOLA).
(Picture: Geology for Investors)