Search results for "Bougainville"

Rio Tinto to quit Bougainville’s Panguna mine

After many years of majority ownership of the Bougainville's Panguna mine, Rio Tinto has announced the sale of its majority stake in Bougainville Copper Ltd (BCL) to an Australian equity investment company. It would then be shared between the country's Autonomous Government (ABG) and that of Papua New Guinea. If one or other doesn't take up the "offer" BCL could then be sold to a third party.
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The Presidential leak, PNG’s bid for Bougainville Copper and the policy challenge ahead

Over the holiday period, reports emerged suggesting that the Papua New Guinea government intended to purchase Rio Tinto’s 53.83% equity stake in Bougainville Copper Limited (BCL). This proposal earned strong condemnation from the Autonomous Bougainville Government (ABG). With good reason, the Papua New Guinea state deployed brutal violence during the 1990s in an effort to keep Bougainville’s Panguna copper mine open (operated then by BCL), which at the time was a key revenue source for the Namaliu government.
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Rio Tinto subsidiary BCL forces its colonial arrogance relentlessly on the people of Bougainville

Colonial arrogance has an ugly face. It stings and stinks. Every year since the 1989 closure of the Panguna Mine, BCL has not relented in forcing its return to re-open the Panguna mine in Central Bougainville. Each time there is talk about its return to Bougainville, it evokes horrific memories of the war people continue to live with to this day. It continues to conjure fears of their experiences of the recent civil war and the possibility of another one, and to their minds, it will be far more devastating than the first one. Everyone feels that, says it, thinks it and believes it!
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Bougainville: Former War-Torn Territory Still Wary of Mining

Operated by Bougainville Copper Limited, a subsidiary of Conzinc Rio Tinto of Australia, the Panguna mine generated about two billion dollars in revenues from 1972-1989. But the majority owners, Rio Tinto (53.58 percent) and the Papua New Guinea government (19.06 percent), received the bulk of the profits, while indigenous landowners were denied any substantive rights under the mining agreement.
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