The Autonomous Bougainville Government (ABG) has successfully consolidated its influence over Bougainville Copper Limited, now holding a commanding 72.9 percent stake in the company. This significant shareholding empowers President Ishmael Toroama’s administration with a decisive majority, granting it the authority to guide the company’s strategic initiatives moving forward.
The Panguna mine, operated by Bougainville Copper Limited, has historically been vital for the economies of both Papua New Guinea and Australia. However, it has also been at the center of a tumultuous civil conflict that spanned a decade, ending in 1998, which led to the cessation of operations by the Australian-owned Bougainville Copper after over 40 years of mining.
With the ABG controlling 36.45 percent of the shares, parallel to another 36.45 percent held by Bougainville Minerals Limited, Toroama has emphasized the government’s legal right to steer the company’s future in alignment with the needs and interests of the Bougainville populace. He acknowledged the current limitations faced by the company, noting a lack of technical and financial resources to advance mining operations independently.
Despite these challenges, Toroama remained optimistic about the ABG’s commitment to redeveloping the Panguna mine responsibly and transparently. The emphasis on lawful practices aims to ensure that the benefits from the region’s rich natural resources are sustainably accessible to the people of Bougainville. This new phase presents a hopeful outlook for the region’s economic revival, as the government takes steps to manage its natural wealth following years of unrest.