Metal snips Bougainville on care and maintenance

Owners of the Bougainville copper-gold mine in Papua New Guinea have placed the project on a “care and maintenance” basis. Capable of turning out 180,000 tonnes copper per year, the mine was closed May 15, 1989, following terrorist acts by rebellious area landowners seeking, among other demands, compensation payments. CRA of Australia owns 53.6% of Bougainville and the Papua government about 20%, with the remaining shares publicly owned.

Creditors have agreed to a compromise out-of-court settlement, to be finalized March 30, in their legal battle against the International Tin Council. The 36 creditors have accepted slightly more than one- third of their original settlement demand, the money needed to cover losses stemming from the collapse of the world tin market in 1985. Trading of a tin contract on the LME was suspended after the collapse; the contract resumed trading in June, 1989, and was active for a brief period before entering a lengthy downward trend.