PM APPRECIATES PANGUNA MINE’S CONTRIBUTION IN THE NATION’S FOUNDATION YEAR
OVER K140 million worth of assets were transferred to ABG yesterday at the Government House through the transfer of Bougainville Copper Limited (BCL) Shares back to the Autonomous Bougainville Government.
In a historic event, attended by the both Prime Minister James Marape and ABG President Ismael Toroama, the official transfer of 17.4% shareholding from Kumul Minerals Holding Limited subsidiary Eda Minerals Limited and 19.06% shares from the state were transferred yesterday in a signing ceremony, executed by the Governor General His Excellency Sir Bob Dadae at the Government House, Konedobu.
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.
Prime Minister James Marape, appreciates and commended ABG President Ishmael Toroama for his leadership and the support from Autonomous Region of Bougainville, regional Member Peter Tsiamalili Jnr for advocating very strongly for the need to empower Bougainville.
The Prime Minister further highlighted that, Bougainville Copper Limited is now trading at 36 cents on the stock exchange, compatible to PNG Kina is over K140 million worth of assets that was transferred yesterday to the people of Bougainville.
PM Marape emphasized that this is a gesture from PNG in appreciation to the people of Bougainville, as in the first 13 years of the country foundation years from 1975 to 1987, when BCL mine was in operation, it supported the country’s revenue.
“In the foundation 13 years of the nation’s life, about 30% of PNG’s internal revenue was sourced from the Panguna Mine and supported the nation, highlighting the other resources came into support in the last 37 years.”
He says it is the foundation year that is important for the nation’s sovereignity and thanks the people of Bougainville and the Autonomous Bougainville Government.
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.
