Bougainville Says Bougainville Government's MoU With Indian Steel Maker May Affect Partnership Process for PNG Project; Shares Fall 47%
MT Newswires Live
Nov 25
Bougainville Copper (ASX:BOC) said the Autonomous Bougainville Government's memorandum of understanding with Lloyds Metals and Energy to collaborate on major projects may affect the company's ability to secure a strategic partnership for the Panguna project, in Bougainville, Papua New Guinea, according to a Tuesday filing with the Australian bourse.
The Bougainville Government had earlier provided the company with written support for the partnering process through representation on the company's board, the filing said.
Project advancement will depend on active support from the Bougainville Government, the filing added.
Shares of the company fell 47% in recent Tuesday trade.
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