European shareholders of the Bougainville Copper Mine Limited have backed Mining Minister Sam Akoitai’s call to review the mine agreement to include the autonomous government and Panguna land owners. Spokesman Axel Sturn last week congratulated ABG President Joseph Kabui on his decision to re-install law and order in South Bougainville. “The ‘no-go-zone’ must become a ‘welcome-zone’ and we are very glad and very proud of all the brave Bougainvilleans who are fighting for the right way and for a better future in prosperity for all,” Mr Sturn said. The review into the agreement is expected to cover issues such as the National Government’s 19.1 per cent shareholding in BCL and for the shares to be transferred at no cost to the Panguna landowners and the ABG. Prime Minister Sir Michael Somare had offered the Government’s K76.4 shares in BCL to ABG for free — a once in a lifetime opportunity for the Bougainvilleans. This, the European shareholders say, they will endeavour to convince other major shareholders of BCL to support this transfer of shares. On the seven petroleum agreements that BCL has, they say, the agreements had to be addressed with the possibility of having them transferred to the ABG.
BOC Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
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