The problem that the ABG and PNG have is that BOC would realistically have to have a partner to redevelop the mine, because otherwise BOC would have to have a capital raising (as its funds have disappeared over 25+ years with PNG taxing BOC as if the mine was an operating asset). PNG has said that it will give its 36.4% stake to the landholders. Can you imagine the reaction by them, if the landholders were asked to contribute to a capital raising to maintain their shareholding. If the ABG want to have the mine providing an income to the government within 5 years or so, dare I suggest that the partner would have to be a big resource company like BHP, RIO or Vale. Small companies like RTG do not have the capability.
BOC Price at posting:
22.0¢ Sentiment: Hold Disclosure: Held
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