http://au.finance.yahoo.com/news/Controversial-PNG-copper-abc-231...

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.PNG correspondent Liam Fox, On Wednesday 20 April 2011, 18:38 EST


A once-prominent Australian mining company is optimistic a controversial copper mine in Papua New Guinea could be reopened within five years.

The Panguna mine on the island of Bougainville was the epicentre of a decade-long civil war that left several thousand people dead.

Its Australian owner Bougainville Copper Limited (BCL) suspended operations in 1989.

But many islanders want it reopened to fund their long-held desire of independence from PNG.

At BCL's annual general meeting, chairman Peter Taylor welcomed initial moves by local landowners to renegotiate the mine agreement.

He said the election of John Momis as Bougainville's president last year was a crucial event, as he has publicly supported the mine.

Mr Taylor said it would cost around $3 billion to reopen Panguna and the next step would be a pre-feasibility study.