Bougainville Copper Limited (BCL) has received a five-year extension on its ELO1 exploration license for the Panguna project in Central Bougainville.
The announcement came last Friday 2nd February, following the decision by the Autonomous Bougainville Government (ABG).
President Ishmael Toroama emphasized the significance of the Panguna project for Bougainville, highlighting its potential for high-impact development.
The issuance of the license marks a pivotal moment, setting the stage for comprehensive pre-feasibility and feasibility exploration activities in the coming years.
Panguna, home to one of the world's largest copper deposits, holds immense promise for both Bougainville and BCL. Sir Melchior Togolo, Chairman of BCL, expressed enthusiasm about leading the redevelopment efforts, stressing the collaborative spirit between the company, the ABG, and local landowners.
The resolution comes after years of concerted efforts to address differences stemming from the ELO1 extension refusal in January 2018. Today's development signifies a milestone in Bougainville's quest for economic self-reliance, with Panguna poised to be a transformative investment, according to Sir Melchior.
The extension aligns with the Bougainville Mining Act 2015, providing BCL with the necessary framework to expand its activities responsibly.
With a strong foundation of community relations established over the years, BCL looks forward to advancing Panguna's redevelopment with mutual respect and collaboration.