Panguna 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.