KMHL APPROVES TRANSFER OF BCL SHARES TO ABG
KUMUL Minerals Holdings Limited (KMHL) has formally approved the transfer of its subsidiary Eda Minerals Limited’s 17.4% shareholding to the Autonomous Government of Bougainville, concluding long anticipated process that began in 2016.
The transfer of equity from Eda Minerals Limited follows a recent endorsement by the National Executive Council that also approved of the transfer of the State’s 19.06% shareholding in Bougainville Copper Limited to the ABG government.
These transfers will place 36.46% of BCL directly under Bougainville ownership, marking a transformative step in the region’s journey towards greater control of its mineral resources.
Kumul Minerals Holding Limited Board Chairman Dr Ila Temu stated KMHL looks forward to observing the progress of this important transition and remain open to contributing where their support may add value.
KMHL Board emphasized that this decision is the result of nearly a decade of careful planning, consultation and intergovernmental cooperation and it reflects the longstanding commitment to the state and Kumul Minerals to support the economic empowerment of the Bougainville people.
Governor General His Excellency Sir Bob Dadae executed the NEC decision with the formal signing ceremony at the Government House between Kumul Minerals Holding Limited and its subsidiary Eda Minerals Limited, for and on behalf of the people of PNG and the ABG government
Prime Minister James Marape in congratulating the ABG President Ishmael Toroama, stated that this is an auspices occasion, the country has witnessed an historic and milestone moment in the shared relationship between PNG Government and Bougainville in the handing over of shares.
He thanks President Toroama for his leadership whilst adding this transfer is a complimentary effort backing the economic independence of the Autonomous region of Bougainville.
