The Autonomous Bougainville Government (ABG) has clarified its position on Bougainville Copper Limited (BCL) and the redevelopment of the Panguna mine, following questions over recent partnering arrangements.
The ABG confirmed that Bougainville now holds a 72.9 per cent shareholding in BCL, split evenly between the ABG and Bougainville Minerals Limited, making it the controlling majority shareholder. Under corporate law, this status allows the ABG to determine the strategic direction of the company in the best interests of the people of Bougainville.
“The ABG operates in two distinct capacities — as regulator under the Bougainville Mining Act and as majority shareholder in BCL,” President Ishmael Toroama said. “All developments involving BCL, CMOC, and Lloyds Metals and Energy Limited are occurring strictly at the shareholder level, with no regulatory breaches or issues under the Mining Act.”
BCL retains lawful control of Exploration Licence EL01 over Panguna and remains responsible for implementing its approved work programme. This includes land access and compensation agreements, landowner identification, social mapping, geological and engineering studies, environmental baseline studies, and other statutory obligations.
While BCL currently lacks the technical and financial capacity to advance EL01 activities independently, a previous proposal to introduce CMOC as a partner — which would have diluted Bougainville’s shareholding by around 20 per cent — was rejected by the ABG. Instead, the Government has endorsed Lloyds Metals and Energy Limited (LMEL) as a partner to provide the necessary funding and technical expertise to progress exploration under EL01.
President Toroama clarified that recently referenced timelines for Panguna relate solely to Pre-Feasibility and Feasibility Study activities under the EL01 licence and are not production timelines. The ABG remains committed to a lawful, transparent, and orderly development process that delivers tangible benefits to the people of Bougainville.
ABG Launches Stakeholder Awareness Program
Following the statement, the ABG initiated stakeholder awareness meetings in Arawa this week. The programme, led by the Department of Mining & Petroleum in collaboration with the Department of Community Government, aims to ensure that communities, local government authorities, and landowners are fully informed about developments relating to BCL, LMEL, and the Panguna EL01 project.
On 17 February, ABG officials met with government authorities from the Panguna and Kieta Districts, including ward members from the Ioro Community Government, to brief public servants on the latest developments. Officials also held a session with Panguna landowners to provide updates and discuss landowner priorities, reaffirming the ABG’s commitment to dialogue, transparency, and collaboration.
Stakeholder engagement will continue as the ABG seeks to maintain unity, clarity, and informed participation in decisions regarding the Panguna project. The Government encourages all parties to rely on official communications for accurate information.
