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BOC Bougainville Copper Limited

0.565
0.02 (3.67%)
14 Jun 2024 - Closed
Delayed by 20 minutes
Share Name Share Symbol Market Type
Bougainville Copper Limited ASX:BOC Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.02 3.67% 0.565 0.54 0.60 0.565 0.54 0.54 6,642 07:14:02

Rio Tinto Reviews Options for Bougainville Copper Stake

18/08/2014 1:33am

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Bougainville Copper (ASX:BOC)
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   By Rhiannon Hoyle 
 

SYDNEY--Rio Tinto PLC (RIO) said it's reviewing its options for a copper business in Bougainville, Papua New Guinea in which it holds a controlling stake, after the local government passed new mining laws that stripped the company of the lease on its mothballed mine.

"In light of recent developments in Papua New Guinea, including the new mining legislation passed earlier this month by the Autonomous Bougainville Government, Rio Tinto has decided now is an appropriate time to review all options for its 54% stake in Bougainville Copper Ltd.," the company said in a statement Monday.

Bougainville Copper (BOC.AU)--in which Papua New Guinea's government holds a 19% interest--produced copper, gold and silver at a mine at Panguna, from 1972 until 1989, when operations were suspended due to militant activity, Rio Tinto's website says. Bougainville Copper had been holding talks "for some time" with the Papua New Guinea government, Autonomous Bougainville Government and local landowners "about whether it would participate in a future potential return to mining at Panguna," Rio Tinto said in Monday's statement.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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