The deal between Bougainville Copper Limited and the Autonomous Bougainville Government (ABG) was signed on 2 February in Buka. Photo: Facebook / Bougainville Copper Limited
Bougainville Copper Limited (BCL) has been given a five-year extension of its exploration licence for the Panguna Mine.
The deal was signed on 2 February in Buka.
The mine in the autonomous Papua New Guinea region has been shut down since the beginning of the civil war 35 years ago.
BCL had previously been under the majority ownership of Rio Tinto, but most of the shares are now held by the Bougainville government.
Bougainville President Ishmael Toroama said Panguna is a "high impact project for Bougainville" and that issuing the licence paves the way for the region's redevelopment.
BCL chairman Sir Melchior Togolo said the extension of its exploration licence collaboration and respect.
"This is a result of constructive collaboration, underpinned by mutual respect, with a common goal to make Bougainville economically strong, create opportunities for business development and for employment of our people," he said.
The company said the extension will allow it to increase activities in the Panguna project area in accordance with the Bougainville Mining Act 2015.
"The Company has a well-established presence in Bougainville and has forged strong community relations.
"This provides a very solid foundation for increased activity as we work with mutual respect towards Panguna's redevelopment," Sir Melchior said.