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Pin to quick picksRio Tinto Regulatory News (RIO)

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Bougainville Copper Limited shareholding

30 Jun 2016 07:00

RNS Number : 7259C
Rio Tinto PLC
30 June 2016
 

Bougainville Copper Limited shareholding

 

30 June 2016

 

Rio Tinto has today transferred its 53.8 per cent shareholding in Bougainville Copper Limited (BCL) to an independent trustee.

 

Equity Trustees Limited will manage the distribution of these shares between the Autonomous Bougainville Government (ABG) for the benefit of all the Panguna landowners and the people of Bougainville, and the Independent State of Papua New Guinea (PNG).

 

Under the trust deed, the ABG has the opportunity to receive 68 per cent of Rio Tinto's shareholding (which equates to 36.4 per cent of BCL's shares) from the independent trustee for no consideration and PNG is entitled to the remaining 32 per cent (which equates to 17.4 per cent of BCL's shares).

 

The ABG and PNG will both hold an equal share in BCL of 36.4 per cent if the transfers are completed. This ensures both parties are equally involved in any consideration and decision-making around the future of the Panguna mine.

 

Rio Tinto Copper & Coal chief executive Chris Salisbury said "Our review looked at a broad range of options and by distributing our shares in this way we aim to provide landowners, those closest to the mine, and all the people of Bougainville a greater say in the future of Panguna. The ultimate distribution of our shares also provides a platform for the ABG and PNG Government to work together on future options for the resource."

 

In accordance with the existing management agreement with BCL, Rio Tinto will today give the required six months' notice to terminate the arrangement. Although Rio Tinto will no longer hold any interest in BCL, Rio Tinto will continue to meet its obligations under the agreement during that period to ensure an orderly transition in the shareholdings of the company. BCL chairman Peter Taylor will resign with immediate effect but he will continue to be available to provide services to the board during this transition period.

 

Note to editors

 

The Trust Deed determines that should either beneficiary of the trust not apply for the transfer of the BCL shares attributable to them from the trustee within two months, then those shares will be made available to the other party.

 

Contacts

 

media.enquiries@riotinto.com

 

www.riotinto.com

 

Follow @RioTinto on Twitter

 

 

 

Media Relations, EMEA/Americas

Illtud Harri

T +44 20 7781 1152

M +44 7920 503 600

 

David Outhwaite

T +44 20 7781 1623

M +44 7787 597 493

 

David Luff

T +44 20 7781 1177M +44 7780 226 422

 

Investor Relations, EMEA/Americas

John Smelt

T +44 20 7781 1654

M +44 7879 642 675

 

David Ovington

T +44 20 7781 2051

M +44 7920 010 978

 

Grant Donald

T +44 20 7781 1262

M +44 7920 587 805

Media Relations, Australia/Asia

Ben Mitchell

T +61 3 9283 3620

M +61 419 850 212

 

Bruce Tobin

T +61 3 9283 3612

M +61 419 103 454

 

Matthew Klar

T +61 7 3625 4244

M +61 457 525 578

 

Investor Relations, Australia/Asia

Natalie Worley

T +61 3 9283 3063

M +61 409 210 462

 

Rachel Storrs

T +61 3 9283 3628

M +61 417 401 018

 

 

 

 

Rio Tinto plc

6 St James's Square

London SW1Y 4AD

United Kingdom

 

T +44 20 7781 2000Registered in England

No. 719885

Rio Tinto Limited

120 Collins Street

Melbourne 3000

Australia

 

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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