Wednesday, April 25, 2018

Bougainville Copper on course to renew Panguna licence

Mining company Bougainville Copper Ltd (BCL) has advised the Australian sharemarket the Autonomous Bougainville Government (ABG) decision not to renew its exploration licence at Panguna has been stayed in the National Court of Papua New Guinea.The vast Panguna copper and gold mine once generated nearly half of PNG's annual export revenue.

BCL ran Panguna until the outbreak of civil war in 1989 in which grievances caused by the mine were central to the 10 year conflict that cost over 20,000 lives.

It is one of two companies that have been vying to re-open Panguna and has told the market it will continue to pursue the rights of its shareholders.

BCL company secretary Mark Hitchcock said the company was due back in court next month as it was seeking a judicial review over the non-renewal of the licence.

The ABG placed an indefinite moratorium on mining at Panguna which Mr Hitchcock said BCL would respect.

"We just need to protect the rights of everybody. That includes our shareholders and the majority of the landowners that we see as supporting us. And we are just trying to maintain the status quo at the moment," he said.

"We have always politely gone about our work, and respectfully gone about our work in relation to EL1 (exploration licence) and we will continue to do that."  RNZ

Next:

K15mil fund waiting for PNG LNG landowners to sort issues


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