Bougainville Government Rejects BCL-CMOC Partnership, Selects Lloyds Metals for Panguna Project
The Autonomous Bougainville Government has rejected a partnership proposal between Bougainville Copper Limited and CMOC Group Limited for the Panguna copper mine, emphasizing its intent to maintain ownership control. President Ishmael Toroama announced that BCL must cease discussions with CMOC and instead collaborate with Lloyds Metals & Energy Limited, which has been selected as the preferred partner for future mining operations. This decision reflects the ABG's commitment to transparent progress and strategic partnerships in the redevelopment of the Panguna site.
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The Autonomous Bougainville Government (ABG) has rejected a proposed partnership between Bougainville Copper Limited (BCL) and CMOC Group Limited regarding the Panguna copper mine. President Ishmael Toroama confirmed that the ABG, which holds a 72.9% ownership stake in BCL, did not authorize any proposal that would dilute its shares.
BCL, which previously operated the Panguna mine that has been closed since 1989, is seeking to redevelop the site under a five-year exploration license. The ABG has directed BCL to cease discussions with CMOC and instead engage with Lloyds Metals & Energy Limited, identified as the preferred partner for a potential contract mining or services partnership. This decision aligns with the ABG's policy to retain ownership and control while involving experienced operators through defined contracts, with a focus on transparent progress for the Panguna project.
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