KEITH JACKSON IN its half yearly report to the Australian Securities Exchange (ASX), Bougainville Copper Ltd has said it remains focused on returning to active exploration and progressing studies to support profitable and sustainable mining in the autonomous province.
The company said that the first six months of the year saw continuing engagement with stakeholders, including Papua New Guinea and Bougainville governments, aimed at securing priority for the company should the re-commencement of mining at Panguna prove viable.
mce-anchor In August 2014, Rio Tinto had announced a review of the options for its 53.83% interest in BCL and the review is continuing.
The company said it has completed social impact desktop studies, but mine redevelopment studies and the scoping of baseline social, economic and environment studies – which were being arranged through the Joint Panguna Negotiation Coordination Committee - have been suspended.
BCL representatives continue to engage with the Bel Kol Organising Committee at regular meetings in Bougainville. Bel Kol (a ceremony to agree to move forward in a spirit of mutual agreement) is now expected to take place in the near future.
Discussions also continue with Landowner Associations in mine-affected areas to pay outstanding compensation relating to the 1986 Supplementary Compensation Agreement.
A mediated resolution to the long outstanding dispute with the PNG Internal Revenue Commission was achieved in April with the company receiving a refund of K39.7 million.
BCL said its board and management are focused on returning to active exploration and progressing studies to support profitable and sustainable mining, and are acting in close accord with local stakeholders.
BOC Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
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