The Autonomous Bougainville Government (ABG) has granted a five year exploration licence extension to Bougainville Copper (BCL).
BCL holds an exploration licence for the Panguna copper-gold project in Central Bougainville, which closed in 1989. It is one of the largest known copper deposits in the world.
BCL chairman Melchior Togolo said BCL is excited to begin redevelopment work on the project.
“This is a result of constructive collaboration, underpinned by mutual respect, with a common goal to make Bougainville economically strong, create opportunities for business development and for employment for our people,” Togolo said.
“Paguna promises to be a transformative investment for Bougainville that will support greater level of economic self-reliance for the region.
The licence extension will allow BCL to increase exploration activities in the project area.
“The company has a well-established presence in Bougainville and has forged strong community relations,” Togolo said. “This provides a very solid foundation for increased activity as we work with mutual respect towards Panguna’s redevelopment.”
Bougainville President Ishmael Toroama said Paguna represents a “high impact project” for the region and that it would pave the way for redevelopment, commencing with an advanced stage pre-feasibility study over the coming years.
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