Rio Tinto's Bougainville holds out hope for project
PERTH (miningweekly.com) – Rio Tinto subsidiary Bougainville Copper on Friday said that it would continue its dialogue with the Bougainville government after its mining licences in that country were revoked earlier this week.
Bougainville’s Parliament passed a new Mining Act, which devolved power to regulate the mining industry from the government of Papua New Guinea to Bougainville’s autonomous government.
Bougainville Copper chairperson Peter Taylor said on Friday that the company had received a notice from President Chief John Momis, stating that with the passing of the new Mining Act, the company’s mining licences would be converted into an exploration licence.
The exploration licence would give Bougainville Copper the right to apply for a mining lease under the new Mining Act, depending on the outcome of negotiations with the Bougainville Mineral Resource Forum.
“I have made Bougainville Copper’s concerns about the potential adverse impact the new Act may have on the company’s asset base known to the National and Bougainville governments,” said Taylor.
Bougainville Copper produced copper concentrate from its Panguna mine between 1972 and 1989, at which point operations were suspended owing to military activity.
The company, which is 53.58% held by Rio, has been maintaining readiness to restart the mining operation since 1999.
“Dialogue will continue with both governments and landowners in an effort to reach an agreement on providing the company with the assurance it needs to go forward with community and study programmes that are required to further assess the viability of reopening the mine,” Taylor added.
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