PNG to take full ownership of Ok Tedi mine

Papua New Guinea will take over full ownership of the Ok Tedi mine, after the government pushed through laws in parliament. The legislation also quashes a 12-year-old law giving BHP Billiton immunity from prosecution for environmental damage stemming from the gold and copper mine's construction in the 1990s. The laws cancel the the PNG Sustainable Development Fund's shares in the mine, and issue new ones granting the state 100 per cent ownership of the mine in Western Highlands. The fund was set up by BHP to manage the proceeds of the mine on behalf of the people of Western province when it withdrew from PNG.

By InvestSMART · 19 Sep 2013

By InvestSMART ·
19 Sep 2013

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Papua New Guinea will take over full ownership of the Ok Tedi mine, after the government pushed through laws in parliament. The legislation also quashes a 12-year-old law giving BHP Billiton immunity from prosecution for environmental damage stemming from the gold and copper mine's construction in the 1990s. The laws cancel the the PNG Sustainable Development Fund's shares in the mine, and issue new ones granting the state 100 per cent ownership of the mine in Western Highlands. The fund was set up by BHP to manage the proceeds of the mine on behalf of the people of Western province when it withdrew from PNG.

PNG to take full ownership of Ok Tedi mine

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PNG to take full ownership of Ok Tedi mine

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