APNGBC NEWS : 31st Aug 2016

Tensions rise between PNG Government and ABG over BCL

APNGBC follows the ongoing developments in the distribution of Bougainville Copper Limited shares.

— By Various

30th AugustBougainville Copper Ltd has "minimal value" (Radio NZ)

The Bougainville Government says, as it stands, the once powerful mining company Bougainville Copper Ltd (BCL), now has just minimal value.

 

30th August - Panguna dispute: Bougainville govt accuses PM O'Neill of undermining independence push (Pacific Beat)

Bougainville's Mining Minister says moves by PNG Prime Minister Peter O' Neill to donate shares in the Panguna copper mine to landowners is designed to weaken the island's campaign for independence.

 

18th August - Bougainville President, John Momis has expressed fury at the Prime Minister’s announcement (Bougainville News)

That 17.4% BCL equity recently transferred to PNG by Rio Tinto will be given to landowners and Bougainville’s people. The PM said he deliberately decided that way so that the ‘ABG does not control the shares’.

The President said he was angry because it’s the ABG that speaks for the people of Bougainville, and cannot be excluded by the PM. Further, the transfer of 17.4% the landowners is worth little. The ABG Mining Law gives them full decision-making involvement and a good revenue share if mining resumes.

“The future of Panguna is Bougainville’s most sensitive issue. I have explained to the PM several times why it is vital the ABG holds the Rio shares in BCL. He has rejected my advice. He is interfering in Bougainville. He acts in the same high-handed manner as the colonial administration and BCL when the mine began. That caused the Bougainville crisis.

 

17th August - 69 million BCL shares to go to people and Govt of Bougainville (Loop PNG)

The Government will be transferring 69 million Bougainville Copper Ltd (BCL), shares, which is 17.4 percent to the landowners and the people of Bougainville.

Announcing the transfer today in Parliament, Prime Minister Peter O’Neill said the Government is acutely aware of the torment and pain that the people of Bougainville have endured and the transfer of shares is the right thing to do.

"My concern is the health, wellbeing and prosperity of the people of Bougainville," said O'Neill. With this transfer, the people of Bougainville will now own a combined shareholding of 53.8 percent of BCL

The Bougainville Government says, as it stands, the once powerful mining company Bougainville Copper Ltd (BCL), now has just minimal value.

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