Bougainville Mining Potential

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Bougainville Copper Limited – Panguna Mine, PNG

Posted on 6 Hours Ago by bougainvillecopper
About the Company | BLC
Bougainville Copper Limited operated a large open pit mine at Panguna on Bougainville Island which have produced significant quantities of copper concentrate containing gold and silver. It became necessary to evacuate all personnel and halt operations in 1989 due to militant activity.
Bougainville Copper Limited remains optimistic regarding future prospects of returning to profitable mining, and continues to work with the Autonomous Bougainville Government and the National Government of Papua New Guinea to recommence operations of the Panguna mine.
Positive achievements have been made in recent years for negotiations. We are now in closer talks with the National Government regarding the redevelopment of the Panguna copper mine and continue to take a positive long term view.
Bougainville Island
The Bougainville Island is the main island in the autonomous region of Papua New Guinea. The Bougainville copper mine was the largest open cut mine located in the mountainous region above Arawa until operations ceased in 1989. The Autonomous Bougainville Government plans to move most government functions back to Arawa.
Bougainville Copper Limited continues to evaluate options moving forward but remains confident that mining operations will recommence including the possibility of a new mine at Panguna. Many assumptions may vary once we are able to conduct a more rigorous assessment of the region.
The company continues to engage in discussion with the relevant groups and stakeholders.
Bougainville Mining Potential
Mining represents a significant opportunity for economic growth and social development for Bougainville. Bougainville Copper Limited is committed to conducting company affairs in a transparent manner and will make a significant contribution to the local region once access is granted.
Panguna remains a potential source for large quantities of valuable resources with copper reserves estimated at 3 million tones and gold production in the range of 400,000 ounces per annum. A compressive Order of Magnitude Study was commissioned by Bougainville Copper Limited which continues to provide guidance on profitably redeveloping the region.
Returning to active exploration plays an important role as part of our objective for profitable mining in addition to implementing a plan that is beneficial for the local community. Bougainville Copper Limited remains committed to implementing safety and environmental procedures when a return is agreed upon.
More work will continue to be carried out with local landowners and the relevant parties for resume exploration of the region.