Transfer to benefit B’ville: Exec

THE transfer of the Bougainville Copper Ltd (BCL) shares from Kumul Minerals Holdings Ltd (KMHL) to the Bougainville Mineral Ltd (BML) will reduce KMHL’s balance sheet but will strengthen Bougainville, says KMHL chairman Peter Graham.
Graham made the comment following the decision by the National Government and the Autonomous Bougainville government (ABG) at the final meeting of the joint supervisory body (JSB) to have all shares transferred to BML which will manage the shares on behalf of the ABG. He said the Government, under former prime minister Peter O’Neill, had promised to transfer the remaining 17.4 per cent shares to the Panguna landowners and the people of Bougainville.
Graham said the JSB last week directed that the 17.4 per cent and the 19.06 per cent held by Treasury be transferred to the Bougainville (company) on behalf of the ABG and Panguna landowners.
The 19.06 per cent interest was previously to be transferred from Treasury to KMHL.
“Once the transfers are affected, KMHL will have no interest in BCL,” Graham said.
“The transfer of this asset will further deplete KMHL’s balance sheet, but will strengthen Bougainville.”
Graham said the State’s 67 per cent shares in Ok Tedi was transferred to KMHL, which he said did not have a managing director.
“As chairman of Kumul Minerals, I also act as MD (managing director). As an employee of Ok Tedi, no fees are paid,” he said.
“Kumul Mineral’s main challenges is finding a resolution of the US$120 million (K408mil) invested by Petromin in the Solwara 1 deep sea mining project.”