A meeting of the Bougainville Copper Limited board of directors on Monday 4 July has confirmed some major outcomes relating to the company’s shareholding and management arrangements.
The Independent State of Papua New Guinea (PNG) has taken up its 17.4 percent entitlement to Bougainville Copper Limited shares under the arrangements established by Rio Tinto, which gives PNG a 36.4 percent equity holding in the company.
BCL has also received notification from Rio Tinto terminating the Management Agreement, giving the required six months’ notice. Accordingly, the board is making arrangements to manage that change.
The directors advised that they have met with the President of the Autonomous Bougainville Government, Chief Dr John Momis, and the Acting Prime Minister of Papua New Guinea, Sir Leo Dion, with a view develop an understanding of their position and establish ongoing dialogue during this critical transition period.
For further information please contact the Company Secretary.