RIO TINTO REVIEW By: The Australian Major miner Rio Tinto says, it will review all options for its majority stake in a copper company operating in the country after a local legislative change stripped the group of its exploration and mining licences. The Australian newspaper reports, the group is considering options for its 53.83 per cent stake in Bougainville Copper Ltd after the Bougainville Government passed a new mining legislation earlier this month. Rio says the copper company has been involved in discussions with the local government, the PNG government and landowners for some time about whether it would participate in any future return to mining at Panguna. Reports say, the company lost seven exploration licences and a special mining lease but retains first right of refusal in discussions to operate the Panguna mine.
Posted on: Tue, 19 Aug 2014 04:40:24 +0000
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