AUSTRALIA-listed Bougainville Copper Ltd (BCL) has been stripped of a licence to redevelop the giant Panguna copper mine in the Autonomous Region of Bougainville.
The decision comes as a little-known iron ore miner Lloyds Metals and Energy Ltd is formally exploring ways to take part in the redevelopment of Panguna, as reported by Bloomberg.
In 1989, local protests over environmental damage and concerns over mining profits led to the mine’s closure and ultimately to a civil war that left tens of thousands dead.
Then-operator of the project, Rio Tinto Group, has since given up its ownership.
BCL, in a statement, said it was considering its position as to what steps, if any, it would take as a consequence.
The miner advised stakeholders that it has received a letter from the Autonomous Bougainville Government’s (ABG) Registrar of Tenements dated June 16.
It had requested clarification from the Autonomous Bougainville Government four days earlier as to how the amendments to the Bougainville Mining (Amendment) Act 2026 impact its tenure of Exploration Licence No. 01 (EL01).
In response, ABG’s Registrar of Tenements said following the enactment of the Bougainville Mining (Amendment) Act 2026, Bougainville Executive Council has approved the grant of Large-Scale Mining Lease No. 01 (LSML-01) to Bougainville Minerals Limited for a term of 25 years over the same land.
And that, as a consequence of the amending of the legislation, BCL’s rights under EL01 were suspended and subordinated to LSML-01 for so long as LSML-01 remains in force.
BCL said it was currently reviewing the Bougainville Mining (Amendment) Act 2026 to confirm the position set out in the letter from the Autonomous Bougainville Government’s Registrar of Tenements, and that the legislation referred to was in fact enacted and having the force of law.
