Not special: ASX-listed Bougainville Copper slides as mining hopes dashed

Bougainville Copper

28/11/2019 03:48

** Shares of Bougainville Copper Ltd  BOC.AX  slide 25%
after Bougainville vice president says co would not get "special
treatment" to mine in the region  urn:newsml:reuters.com:*:nL4N2880MX
    ** BOC is the former operator of giant Panguna gold and
copper mine in Bougainville, and counts the Papua New Guinea
govt as its second-biggest shareholder 
    ** Vice President Raymond Masono says he will revive a plan
to overhaul the region's mining laws after the ongoing
independence referendum, potentially stripping BOC of its
interest in the Panguna project 
    ** Under the proposed amendments, Bougainville would take
60% share in all projects, retain all mining licences, leaving
40% for others 
    ** The referendum in Bougainville has reignited interest in
copper mining in the South Pacific island
    ** Shares touch session low of A$0.265; by Wednesday's
close, BOC shares had more than tripled in value since the start
of last week
    ** Nearly 452,000 shares change hands vs. 30-day avg of
186,100

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))