BOC puts out the same sad announcement every quarter.
https://**promotion blocked**/wp-content/uploads/2022/02/Untitled-12.jpg
But things could be moving in the right direction. The Bougainville Government has reached an agreement with landowners to reopen BOC’s monstrous copper-gold mine, according to this news source. Here’s the background, which is interesting.
Gold and copper were discovered in Bougainville’s central hinterland in the 1960s by BOC, then a subsidiary of Rio Tinto (ASX:RIO).
‘Panguna’ was established in 1972 as the world’s largest open cut mine.
In the 17 years to 1988, Rio extracted a total of 3 million tonnes of copper, along with associated silver and gold.
It is still one of the world’s richest. Today, Panguna still holds an estimated 5.3 million tonnes of copper and 19.3 million ounces of gold – a veritable treasure trove.
But production stopped in 1989 after conflict between the Bougainville Revolutionary Army and Papua New Guinea Defence Force escalated into a decade-long civil war.
In 2014 the company was stripped of its mining licence and handed a two-year exploration licence instead, which is under review.
Attempts to renew the licence have so far been unsuccessful, but the BOC remains hopeful. The company says it maintains an active local presence through the work of its engagement team.
$209m market cap BOC is currently in a pause pending a further announcement.
BOC Price at posting:
53.0¢ Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)