26 Jul 2005

BCL's share price up nearly 40 percent since death of Francis Ona.

8:22 pm on 26 July 2005

The death of Bougainville rebel leader Francis Ona is not likely to lead to a re-opening of the giant Panguna mine.

Panguna had provided a large slice of foreign earnings for Papu New Guinea before the militant activities of Mr Ona forced its closure in 1989.

The chairman of Bougainville Copper Ltd, Peter Taylor, says he doubts that the death of Mr Ona would make any immediate difference to the prospects of restarting mining.

Mr Taylor said there were many other issues over the mine to be dealt with other than the problems Mr Ona had presented.

He says BCL had yet to talk to Bougainville's new autonomous government, the PNG government and local landowners.

Mr Taylor says these things won't happen overnight.

On Monday, BCL's share price jumped 17 per cent to 82 cents, and another another 19 per cent today to reach 97.5 five Australian cents.