Rio Tinto Limited
(ASX:RIO) has transferred its 53.8% shareholding in Bougainville Copper Limited
(ASX:BOC) to an independent trustee.
Under the trust deed, the Autonomous Bougainville Government may receive 68% of Rio Tinto’s shareholding at no cost. The government of Papua New Guinea (PNG) would then be entitled to the remaining 32% of Rio's shareholding.
Rio Tinto says, by distributing its Bougainville Copper shares this way, it aims to “provide landowners, those closest to the mine” and “the people of Bougainville a greater say in the future” of the Panguna mine in PNG.
Rio Tinto reported a net loss of $2.35 billion at 31 December 2015.
