Rio Tinto’s Subsidiary Stripped of Significant Rights, Papua New Guinea

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.

Click here to read the full Mining.com article.