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Rio Tinto’s Subsidiary Stripped of Significant Rights, Papua New Guinea
Aug. 15, 2014 09:07AM PST
Base Metals Investing
Mining.com reported today that Bougainville Copper Limited (ASX:BOC), a subsidiary of Rio Tinto (LSE:RIO, ASX:RIO) operating in the autonomous region of Bougainville within Papua New Guinea, has seen many of its rights stripped after the passing of a new bill in the region on Friday morning.
Mining.com reported today that Bougainville Copper Limited (ASX:BOC), a subsidiary of Rio Tinto (LSE:RIO, ASX:RIO) operating in the autonomous region of Bougainville within Papua New Guinea, has seen many of its rights stripped after the passing of a new bill in the region on Friday morning.
As quoted in the publication:
The ruling formalizes the province’s control of its own resources, which means the national PNG mining law no longer applies and that the agreement under which Bougainville Copper ran the Panguna open cut copper and gold mine for 20 years has been eliminated.