The National Government is expected to sign the Bougainville Copper Limited (BCL) Share Transfer Deed this morning at the Government House in Port Moresby city to pave the way for the Autonomous Bougainville Government (ABG) to own much of the Share of the Panguna Mine. The transfer of the shares – worth over K140.3 million at current market value – to the ABG will now change the control of BCL, with ABG and the people of Bougainville assuming ownership of 72.9 percent of BCL’s issued capital, in two separate tranches of 19.06 and 17.39 percentages share respectively. Prime Minister Marape said: “I am pleased to see us making progress in this matter. It is our expressed commitment to transfer the entirety of the 36.45 percent (%) shareholding to the government of Bougainville so the landowners of Panguna and the people of Bougainville can benefit better in the mine.” “The people of Bougainville deserve our respect for hosting Panguna Mine which fully supported our economy for 13 years after Independence, from 1975 to 1987, well before any of our national resources became available. “The transfer of the shareholding also complements this Pangu-led Government’s policies for Bougainville to be economically independent by raising its revenues internally to complement National Government grants as we prepare Bougainville’s future. “On the 50th anniversary of Independence, this is a good gift to the people of Bougainville. “I commend the ABG leadership of President Ishmael Toroama who also pushed for this to happen. This is a mutually reached decision on both sides that reflects on the work our two governments are undertaking for Bougainville,” Prime Minister Marape said. The transfer of the BCL shares to Bougainville also follows the decision of the National Executive Council for the people of Bougainville to own the shares currently owned by the State. The decision also meets the Joint Supervisory Body’s direction in its meeting on the 12th of March 2020 for the State’s 36.45 percent (%) shareholding in BCL to be transferred to the ABG. Meanwhile, BCL is a publicly listed company on the Australian Stock Exchange and its share price is currently trading at $0.39 (thirty-nine cents) per share. The current market value of the shares being transferred to the people of Bougainville through their Autonomous Government is worth Au$54,742,705 which, when converted to PNG currency, is worth K140,365,511.