Rio Tinto Considers Exiting Papua New Guinea Copper Mine
SYDNEY— Rio Tinto has maintained control of its closed Bougainville copper mine through independence clashes in Papua New Guinea. But as the mine today edges toward restarting after a quarter-century and copper prices are strong, Rio might head for the exit. The Anglo-Australian company on Monday said it was reviewing its options for its controlling stake in Bougainville Copper Ltd., after the government passed new laws that could strip the company of its lease on its Panguna mine. When Panguna—one of the world's biggest copper deposits—started operations in 1972, Papua New Guinea saw the project in Bougainville as a path to riches. The impoverished country then was still under Australian control and had little industry beyond fishing the schools of tuna that swam near its shores. But islanders soon became envious that revenue that was flowing to government coffers in Port Moresby rather than to Bougainville schools, health clinics and local incomes. Those frustration