Bougainville Copper Ltd

LOs disappointed with BCL

In a statement, SMLOLA chairman, Philip Miriori, and his advisor Lawrence Daveona say BCL has shown that they have not changed or learnt any lessons “from the tragic history they put us through”. 

“The Warden’s Hearing could not have been a stronger message from our community – BCL is not welcome at Panguna ever, yet they try and say they have majority landowner support. 

“Respect the call of the people and the Government and leave. 

Rio Tinto does not control BCL: Spokesperson

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.”

NEC to discuss resource ownership: O’Neill

Last month, Rio Tinto Group gave away its 17.4 percent stake of the Bougainville Copper Ltd to the Papua New Guinea Government, which caused disagreements with the Autonomous Bougainville Government.

Also, the PNG Government owns 33.33 percent share in the Ok Tedi mine project in Western Province.  

“We will be making a decision next week. I will be making a major statement after that (proposal) has been deliberated by the NEC,” O’Neill said.  

“But it will not only relate to Bougainville shares but also to LNG shares and Western Province Ok Tedi shares.

Rio Gives Away Stake in PNG Mine With $51 Billion Reserves

The London-based miner has transferred its 54 percent holding in Bougainville Copper Ltd., owner of the Panguna project, to an independent trustee “for no consideration,” Rio said in a statement Thursday. The trustee will manage the distribution of shares to national and local governments.

The divestment comes as the world’s second-biggest miner prepares for a change in leadership, with Jean-Sebastien Jacques to replace Sam Walsh as chief executive officer from July 2.