Rio Tinto ends mining involvement in PNG
Rio Tinto said it was ending its involvement with Papua New Guinea by giving up ownership of the Panguna copper mine on Bougainville island.
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The miner said it would transfer its majority 53.8% shareholding in Bougainville Copper to an independent trustee to manage the distribution of the shares to the Autonomous Bougainville Government (ABG) and Papua New Guinea (PNG).
The mine was closed 25 years ago after a secessionist rebellion.
"By distributing our shares in this way we aim to provide landowners, those closest to the mine, and all the people of Bougainville a greater say in the future of Panguna," Rio Tinto said.
The ABG and PNG will both hold an equal share in BCL of 36.4 per cent if the transfers are completed. This ensures both parties are equally involved in any consideration and decision-making around the future of the Panguna mine.