Bougainville to revive overhaul of mining laws after independence referendum

Bougainville Copper

28/11/2019 01:34

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  BOC.AX , 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)
 ((Jonathan.Barrett@thomsonreuters.com;))