The Bougainville Government says it's reached an agreement with Panguna landowners to re-open the controversial mine.
The mine has been idle since 1989, forced to close by Bougainville's long and bloody civil war.
The Papua New Guinea region's autonomous government said a joint resolution has been signed by clan chiefs and representatives from the five major clans of the Panguna area - Basikang, Kurabang, Bakoringu, Barapang and Mantaa.
The signing took place at the end of a three-day summit for the Panguna Landowner groups held in Tunuru in Central Bougainville this week.
Photo: Supplied/ Autonomous Bougainville Government
The Bougainville President, Ishmael Toroama, said the joint resolution signifies a new chapter for Bougainville.
He reassured the landowners, saying the government is there to protect the people and their resources.
He urged the landowners to use the government as a tool to control what rightfully belongs to the people.
Under Bougainville's Mining Law, brought in by the last government, landowners own the resources below the surface of their land.
The government believes a re-opened Panguna mine will be a major boost for Bougainville's economic future.
They have also said this should guarantee Bougainville's political independence.
When the PNG parliament comes to vote on the independence resolution one of the key factors before them will be the extent to which Bougainville can economically sustain itself.