Quantcast
Channel: Company Announcements – BCL
Viewing all articles
Browse latest Browse all 12

BOUGAINVILLE COPPER LIMITED SIX MONTH UPDATE

0
0

In its latest six-monthly update to the market, Bougainville Copper Limited (BCL) confirmed it had remained active in Bougainville and remains totally committed to advancing the objective of resuming exploration and profitable and sustainable mining at Panguna. BCL’s PNG general manager Mark Hitchcock said while the first half of 2018 had presented new challenges for the company, it remained optimistic about the future and continued to engage constructively in Bougainville. “We are pleased to retain strong levels of support among the project area’s customary landowners and we continue to further build relationships with key stakeholders. This extends to supporting worthwhile community projects,” Mr Hitchcock said. In April the company was granted leave in the PNG National Court to seek a Judicial Review of a decision by the Autonomous Bougainville Government (ABG) not to grant an extension of BCL’s exploration licence (EL1). This matter remains ongoing. BCL sought the review as it believes the decision was legally and procedurally flawed. “It is important to note that when leave was granted the National Court also stayed the ABG’s decision not to renew the Exploration Licence. BCL’s application for the renewal of EL1 therefore remains undecided and according to the Bougainville Mining Act, it is deemed to have been extended pending the final court determination,” Mr Hitchcock said. A separate decision by the ABG to place an indefinite mining reservation over Panguna does not apply to the BCL application which pre-existed the reservation. In its company update BCL noted that current challenges had been exacerbated by an unresolved leadership dispute within the Special Mining Lease Osikaiyang Landowners Association (SMLOLA), one of nine associations relevant to the project area. It stated that SMLOLA by its own admission in the PNG court was not an approved organisation under the Bougainville Mining Act 2015. In BCL’s view, any claim that the SMLOLA holds mineral rights in Panguna is therefore incorrect. Mr Hitchcock said that despite this, BCL continued to actively engage with landowner representatives from the project area.

Community support

Mr Hitchcock said relations with the ABG remained cordial and that BCL was working cooperatively with the government to advance some important community projects for health, education and sport. “We are working very closely with the relevant ABG government departments to ensure we are aligned with their programs.” He said in recent months BCL had continued its track record of supporting a range of community activities, including Bougainville Day celebrations and the official opening of the Arawa District Hospital. It also partnered with Australian donors and PARK Social Soccer Co to distribute footballs to elementary schools in the Panguna district and is supporting other initiatives to build capacity around other organized sport. “We will continue to work with the government and the community to deliver our planned activities over the coming months,” Mr Hitchcock said. In its update BCL noted that Bougainvillean-born director Mel Togolo accepted the board’s nomination as chairman back in February. In June Mr Togolo was also awarded a knighthood in the 2018 Queen’s Birthday Honours List for his services to economic development, particularly in the mining and petroleum sectors and to the community. Mr Hitchcock described BCL’s financial position as strong, with no debt and sufficient funds to support the work program going forward.

The post BOUGAINVILLE COPPER LIMITED SIX MONTH UPDATE appeared first on BCL.


Viewing all articles
Browse latest Browse all 12

Latest Images

Trending Articles





Latest Images