The President of the Autonomous Bougainville Government (ABG), Ishmael Toroama, has confirmed that the ABG has rejected the proposed partnership between Bougainville Copper Limited (BCL) and CMOC Group Limited in relation to the Panguna project.
The decision follows careful consideration and reflects the ABG’s position as the majority shareholder, holding a combined 72.9 per cent interest in BCL following recent share transfers from the PNG Government.
Under the strategic partnering process initiated by BCL as part of efforts to advance the long‑stalled redevelopment of the Panguna copper and gold mine, CMOC — a major Chinese mining group — had been engaged as a potential partner. BCL had been exploring the possibility of bringing in a significant international partner to support investment, technical expertise and operational capacity for Panguna’s next phase.
Toroama said the ABG does not authorise any proposal involving equity participation or the dilution of its shareholding in BCL arising from the partnering process.
As a result, BCL has been directed to discontinue further progression of the CMOC proposal and the associated partnering process. Instead, BCL has been instructed to engage with India‑based Lloyds Metals & Energy Limited as the ABG’s preferred partner under a contract mining or services partnership model that would not affect BCL’s EL01 licence standing or the ABG’s shareholding in BCL.
The EL01 licence, a five‑year exploration licence granted in 2024, provides the legal basis for BCL to advance pre‑feasibility and feasibility activities at Panguna, one of the world’s largest known copper deposits and a cornerstone of Bougainville’s economic development plans.
The direction reflects the ABG’s policy position that Bougainville must retain ownership and control of its resources while engaging experienced operators through clearly defined contractual arrangements.
The ABG said it remains committed to progressing the Panguna project in a lawful, transparent and orderly manner that serves the long‑term interests of the people of Bougainville.
