The Autonomous Bougainville Government (ABG) has significantly strengthened its control over Bougainville Copper Limited, achieving a dominant 72.9 percent shareholding. This substantial stake gives President Ishmael Toroama’s administration a clear majority, enabling it to shape the strategic direction of the company.
The Bougainville Copper Limited’s Panguna mine, which has historically served as a critical economic driver for both Papua New Guinea and Australia, was also at the heart of a devastating civil war that lasted a decade, culminating in 1998. The conflict had led to the suspension of operations by the Australian-owned Bougainville Copper after over 40 years of mining activities.
With the ABG holding 36.45 percent of the shares, complemented by another 36.45 percent held by Bougainville Minerals Limited, Toroama emphasized the government’s entitlement under corporate law to guide the company’s future in a manner that aligns with the interests of Bougainville’s populace. However, he pointed out that the company currently lacks the technical and financial resources necessary to progress mining operations on its own.
Despite these challenges, Toroama reaffirmed the ABG’s dedication to ensuring the redevelopment of the Panguna mine occurs in a lawful, transparent, and orderly fashion, with the ultimate goal of delivering sustainable benefits for the people of Bougainville. This development holds promise for the region’s economic future, as it seeks to responsibly harness its rich natural resources after years of instability.