Header Ads

PNG Govt yet to transfer Bougainville Copper Limited Shares

The Papua New Guinea Government’s shares in the Bougainville Copper Ltd (BCL) is yet to be transferred to the Bougainville Mineral Ltd (BML), according to the Kumul Minerals Holdings Ltd (KMHL). PNG Prime Minister James Marape said, during the Joint Supervisory Body (JSB) meeting in March, that the Government would give all its shares to the BML. BML would manage the shares on behalf of the Autonomous Bougainville Government (ABG) and Panguna landowners. KMHL chairman and acting managing director Peter Graham confirmed yesterday “that neither parcel of shares (KMHL 17.4 per cent and Treasury 19 per cent) has been transferred pending clarification of process”. Marape and ABG President John Momis agreed to the transfer of shares at the JSB meeting in Port Moresby in March. The Government owns 36.4 per cent of the BCL shares since 1975. In 2017, the National Executive Council decided to transfer 17.4 per cent of its shares to the landowners of Panguna. Last December, the Government decided to transfer the remaining 19 per cent of its shares to the ABG. The JSB directed the Treasury Department and KMHL to effect the immediate transfer of the 36.4 per cent shares. According to information on the BCL website, the company is an independently-managed PNG company listed on the Australian Securities Exchange. Its main objective is to work towards resuming active exploration and sustainable copper, gold and silver mining at Panguna, Central Bougainville. Mining ceased in 1989. The National/ PacificMiningWatch Next : Papua New Guinea PM Marape Says Porgera Mine will reopen soon
Powered by Blogger.