Rio Tinto considers future of Papua New Guinea copper project
Mining group Rio Tinto said it will decide on the future of its majority stake in a long-dormant copper mine in Papua New Guinea.
Bougainville Copper Limited (BCL), in which Rio owns a 58.83% interest, had been producing copper and gold from its Panguna project until mining stopped in 1989.
New legislation passed by the Autonomous Bougainville Government (ABG) last week now means that BCL has lost the right to mine at Panguna, with its mining licence being converted to an exploration lease.
Rio said it is "now an appropriate time to review all options" for its stake in BCL.
"For some time, BCL has been involved in discussions with the government of Papua New Guinea, the ABG and landowners about whether it would participate in a future potential return to mining at Panguna," the mining group said.
BC