Bougainville still waiting for BCL share transfer

The remnants of a building at the long-abandoned Panguna mine in Bougainville. Rio Tinot recently ditched its commitments to Bougainville Copper Ltd, which hopes to re-start the mine. Photo: RNZ

Issues with the shareholding in Bougainville Copper Ltd are still causing frustrations for the Bougainville Government.

Two years ago multinational Rio Tinto, which was the majority owner of BCL, ditched its commitments and gave its shares to the Papua New Government and the landowners of Bougainville.

The autonomous Bougainville Government deemed the landowners shares go to it, giving it 36.4 percent of the company, according to the BCL website.

But at a BCL board meeting last month the ABG was not permitted to vote in accordance with its shareholding.

An ABG cabinet minister, Albert Punghau, says the share transfer from the PNG government has apparently not been completed.

“The Prime Minister he said he would be giving it back to the Panguna landowners, through the ABG,” said Mr Panghau.

“That has not been done as yet so that issues needs to be rectified and at the JSB [meeting later this month between both governments] so that we can finally put the matter to rest.”

The meeting in Arawa on June 14 is expected to also consider the PNG government’s failure to meet its earlier commitment to pay 20 million kina to Bougainville to help the Referendum Commission prepare for the vote on possible independence.

The vote is scheduled for June 15, 2019.

PNG is also yet to appoint two officials to join two Bougainville officials and former Irish prime minister Bertie Ahern, who is to head the body.

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