Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Bougainville to revive overhaul of mining laws after independence referendum

Published 28/11/2019, 12:45 pm
Bougainville to revive overhaul of mining laws after independence referendum

By Jonathan Barrett

SYDNEY, Nov 28 (Reuters) - Bougainville Vice President Raymond Masono says he will revive a plan to overhaul the region's mining laws after the independence referendum, which could strip the former operator of the Panguna gold and copper project of its interests.

Under the proposed mining law amendments, Bougainville would take a 60% share in all projects and retain all mining licences, leaving a 40% share investors can bid for, Masono told Reuters.

Companies like the former Panguna operator, Bougainville Copper Ltd BOC.AX , which counts the PNG government as a major shareholder and claims the exploration rights at Panguna, would not get "special treatment", Masono said.

A Bougainville parliamentary committee has previously criticised the proposal, and it is likely to face opposition, according to landowners.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.