Bougainville Copper shareholders cry foul

Axel G. Sturm and Peter R. Taylor having lunch in Singapore.

Axel Sturm and Peter Taylor enjoying lunch in Singapore.

Radio New Zealand

A group of minority shareholders in Bougainville Copper Ltd are crying foul over Bougainville’s new mining law and say they want billions of dollars in compensation.

Under the new law, the autonomous Papua New Guinea province has stripped Bougainville Copper or BCL of its exploration and mining licenses but has given it first right of refusal when negotiations over new licenses get underway.

The president of a group of BCL’s European shareholders Axel Sturm says it is an unfriendly gesture after 25 years of investment in Bougainville.

“I consider this more or less as an attempted blackmail for getting more money from the company. We already invested a lot of money on the island, a lot of that money was lost because unlawful people destroyed our equipment with the value today of around 6 billion US dollars.”

Mr Sturm says the European Shareholders of Bougainville Copper are urging the major shareholder Rio Tinto to take further legal action against not only the Papua New Guinea government and the province but local landowners and former leaders of the Bougainville Revolutionary Army.

2 Comments

Filed under Financial returns, Papua New Guinea

2 responses to “Bougainville Copper shareholders cry foul

  1. ckabui2002

    Alex just take it as bad investment.  Write it off. Sorry mate.  You took the risks.  

    Sent from Samsung Mobile

  2. Pokana Pokana

    Hi My name is Pokana Pokana and writing on behalf of my parents whom they were Bougainville C/Shareholder member since 1972 under member names of Mr Kila Pokana and Mrs Mary Pokana.
    Please kindly give us an update on these two members.

    Thanks you
    Pokana P(son of both members)

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