Bougainville Mineral Investments (BMI) has been granted approval from the Bougainville Executive Council (BEC) to explore for copper and gold deposits.
BMI chairman Paul Ryan was presented the exploration license earlier in November by Bougainville President and Minister for Mining Ishamel Toroama, who congratulated BMI on its successful application.
“I thank the investor for your collaboration with the landowners,” Toroama said. “As you are aware, one of our key policies per the Bougainville Mining Act is that we are always giving prominence to our people.”
In turn, Ryan thanked the President and said the company would work with the people and the Autonomous Bougainville Government to implement the exploration work program.
“It has been a long journey, we have worked with the Taonita-Teop Landowner Association to get to this stage, and we are honoured to work with the Taonita-Teop landowners,” Ryan said.
BMI presented two lots of share certificates to the Taonita-Teop Landowner Association, including a certificate for a 10 per cent shareholding in BMI PNG and 4.5 per cent in BMI Australia.
BMI anticipates that it will be listed on the Australian Securities Exchange (ASX) in the new year.
Taonita-Teop Landowners Association chairman Micah Mose acknowledged Toroama and the investors for following due process in the issuance of the licence, thanking local directors for their patience in complying with legal process.
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