PNG to Transfer BCL Shares to Bougainville Government
The PNG Government is proceeding with the long-anticipated handover of its Bougainville Copper Limited (BCL) shares to the Autonomous Bougainville Government (ABG), a move that will make the ABG the majority stakeholder in the company.
BCL chairman Sir Mel Togolo made the announcement during the company’s annual general meeting, stating that once the 36.4 per cent government share is transferred, the ABG’s total holding will rise to 72.9 per cent.
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| PNG to Transfer BCL Shares to Bougainville Government |
“This transfer marks a historic milestone for Bougainville’s ownership and control in BCL,” Sir Mel said. He added that ABG is working to ensure the shares are received by a qualified entity exempt from stamp duty fees.
The chairman noted that finalisation of the transfer is contingent on the completion of these legal and administrative arrangements. Meanwhile, BCL ended 2024 with a loss of K13.4 million, compared to a K8.3 million loss the previous year.
Sir Mel said the company’s financial outlay was focused on activities required under its exploration licence, EL01, which includes landowner identification and agreements, modelling, and community engagement.
As of year-end, BCL’s consolidated net assets stood at K80.4 million, down from K96 million in 2023. The Bougainville Copper Foundation, the company’s wholly owned subsidiary, remains debt-free and financially stable.
No dividends will be paid for the year, Sir Mel confirmed. However, he expressed support for the continued progress of the Panguna Mine Legacy Impact Assessment.
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