18 Aug 2014

Rio Tinto considering options over Bougainville Copper

4:58 pm on 18 August 2014

The mining company Rio Tinto says it will review all options for its majority stake in Bougainville Copper Ltd.

This comes after a new mining law for the autonomous Papua New Guinea province stripped the group of its exploration and mining licences.

The newspaper, The Australian, reports Rio Tinto is considering options for its nearly 54 percent stake in BCL after the Autonomous Bougainville Government passed new mining legislation earlier this month.

Rio Tinto says BCL has been involved in discussions with the ABG, the PNG government and landowners for some time about whether it would return to mining at Panguna.

The company lost seven exploration licences and a special mining lease under the new legislation but retains first right of refusal in discussions on re-opening the mine.