The Autonomous Bougainville Government (ABG) has strengthened its dominance over Bougainville Copper Limited, securing a significant 72.9 percent shareholding in the company, which represents the largest potential economic asset on the island. This majority control positions President Ishmael Toroama’s administration to steer the company’s direction strategically.
The Panguna mine, once a cornerstone of economic growth for both Papua New Guinea and Australia, was pivotal during a tumultuous 10-year civil war that concluded in 1998, resulting in the cessation of over 40 years of mining operations by the Australian-owned Bougainville Copper. The historical significance of the mine underscores the critical role it plays in the region’s future.
According to Toroama, the ABG holds 36.45 percent of shares directly while the other 36.45 percent is owned by Bougainville Minerals Limited. This arrangement empowers the ABG to dictate the company’s strategic path in alignment with the interests of the Bougainville populace.
However, Toroama emphasized that despite its majority ownership, the company currently lacks both technical and financial means to independently advance mining activities. He reassured stakeholders that the ABG is committed to ensuring that the redevelopment of Panguna is conducted lawfully, transparently, and systematically, aimed at generating enduring benefits for the people of Bougainville.
This development marks a significant step towards potential economic revitalization for the region, reflecting a dedication to responsible resource management while aiming to overcome the legacies of past conflicts. With the ABG at the helm, there is hope for a reconciliation of economic development and community interests, fostering a pathway toward a prosperous future for Bougainville.
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