Bougainville Copper Limited (BCL) Advances Panguna Mine Redevelopment Plans
The Bougainville Copper Limited (BCL) has expressed gratitude to the Chamber for its involvement in the inaugural PNG Resources Week session, emphasizing the Chamber's role in community affairs and sustainable development. This session marked a significant juncture for BCL following the Autonomous Bougainville Government's (ABG) decision earlier this year to extend their EL01 exploration license for the Panguna project area.
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| Bougainville Copper Limited (BCL) Advances Panguna Mine Redevelopment Plans |
The extension, granted in February after extensive dialogue between BCL and the ABG, resolves a longstanding tenure dispute dating back to 2018. Both parties navigated complex issues with commitment, goodwill, and mutual respect, culminating in the ABG becoming the majority shareholder, holding 76.8% of BCL shares upon the transfer of National Government shares.
Under the leadership of President Ishmael Toroama, BCL now operates as a predominantly local company, with over 71% of its board composed of Bougainvilleans. The company has established offices in Buka and Arawa, supported by 11 Village Liaison Officers, demonstrating its commitment to local engagement and understanding of Nasioi customs and landownership dynamics.
The granting of the EL01 extension is seen as a pivotal step towards Bougainville's economic self-reliance ambitions, garnering support from local landowner communities and veterans. Once among the world's largest copper mines, Panguna's redevelopment holds substantial economic potential, with estimated mineral reserves valued in the billions amidst a surge in global copper prices.
Goldman Sachs has projected continued bullish trends in copper prices, driven by increasing demand for clean energy technologies, positioning Panguna strategically in the global supply landscape. The project's phased approach includes initial social mapping and geological studies, setting the stage for feasibility studies and potential partnerships.
Panguna's redevelopment promises transformational economic benefits for Bougainville, including substantial revenue streams from royalties, taxes, and dividends, aimed at supporting infrastructure development and enhancing living standards across the region. The project is expected to create local employment opportunities and provide training, benefiting communities throughout Bougainville.
BCL reaffirms its commitment to operating within regulatory frameworks and adhering to industry best practices, positioning Panguna as a sustainable and profitable venture amidst evolving global copper market dynamics.
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