18.08.2014 06:16:30

Rio Tinto Decides To Review Options In Bougainville Copper

(RTTNews) - Mining giant Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK, RIO.AX) Monday said it has decided to review all options for its 53.83 percent stake in Bougainville Copper Limited or BCL.

For some time, BCL has been involved in discussions with the Government of Papua New Guinea, the Autonomous Bougainville Government and landowners about whether it would take part in a future potential return to mining at Panguna.

The company's decision now comes in the wake of recent developments in Papua New Guinea, including the new mining legislation passed earlier this month by the Autonomous Bougainville Government.

The new law converts Bougainville Copper's mining lease into an exploration lease, which can be converted to a mining lease if the government approves.

"...Rio Tinto has decided now is an appropriate time to review all options for its 53.83 per cent stake in Bougainville Copper Limited (BCL)," the firm said in a statement.

Rio Tinto had abandoned its Panguna copper mine in Bougainville about a quarter of a century ago.

RIO.AX is marginally lower currently at A$65.24.

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