Make Kitco Your Homepage

Bougainville to revive overhaul of mining laws after independence referendum

Kitco News

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 , 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.

(Reporting by Jonathan Barrett in Sydney; Editing by Christian Schmollinger)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News