Bonanza For
p. 100 · Read in the full issue
P-Ng People
“Bona fide” residents of Papua- New Guinea will be offered one mil lion 50c shares, at $1.55 each, in Bougainville Mining Ltd. “Bona fide” residents include indigenous residents of P-NG, those with a long-term con nection with the territory, and cur rently living there, and those who have lived the greater part of each of the last five years there.
In addition, two million shares, initially paid to 1c each, but to be fully paid to 50c before dividends start, will be issued to a special terri tory foundation to be set up—Pan guna Development Foundation—and sponsored by CRA and New Broken Hill to promote the establishment of business ventures by territorians.
Details of the Bougainville float were announced at the annual meet ing of CRA in Melbourne, by the chairman, Sir Maurice Mawby.
Bougainville Mining, holding com pany for the $3OO million copper mining development on Bougainville Island, is offering 18,917,073 shares which will raise $29,321,463. The bulk of the shares—ls,63s,oo0 —will be offered to the two companies which own the project. These are Conzinc Riotinto of Aust. Ltd. (CRA) and New Broken Hill Con solidated Ltd.
Bougainville Mining Ltd. holds 80 per cent, of the operating company, Bougainville Copper Pty. Ltd., in which the P-NG Administration is subscribing $25 million for a 20 per cent, interest.
Special arrangements will be made in P-NG to expedite arrangements for residents who will take part in the issue of the one million shares.
The minimum allocation to any one applicant will be 20 shares, and the opportunity to subscribe will remain open for a longer period than applies to other subscribers.
The total cost of the whole Bou gainville mining project is expected to be about $4OO million, higher than originally expected because of some cost escalation and changes that have been made in the scope of the pro ject. At the end of 1970, $l7O mil lion had been spent on construction and pre-production work. • Papua-New Guinea postage rates and telephone charges are to in crease from April 1. The general let ter rate will go up from 5c for the first 2 oz to 7c, and other rates will rise accordingly. Local phone calls will rise 1c to 7c, and telegram charges 50c for the first 10 words, an increase of 10c.