BCL share price collapses as investors ditch stock

Bougainville Copper Limited’s share price has collapsed over the last few days, plunging 30% since markets reopened on December 28 after the announcement of a moratorium on mining at Panguna.

The company stock is now trading at 19 Australian cents, more than 50% down on a high of 40 cents in August 2017.

More than 750,000 shares have been traded in just the last four days as investors rush to drop the stock after the Autonomous Bougainville Government announced an indefinite moratorium on mining and rejected an application by BCL to renew its mining licence, saying the company has lost its social licence and citing fears of civil unrest.

Advertisements

Leave a comment

Filed under Financial returns, Mine construction, Papua New Guinea

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s