Bougainville Copper

Bougainville Copper Limited (BCL) is a mining company of Papua New Guinea (PNG) that is listed on the Australian Securities Exchange (ASX). BCL operated the Panguna mine on Bougainville Island, extracting copper, gold and silver from 1971 to May 15, 1989, when mining operations were officially halted due to militant activity. The mine has remained closed since then.

Mining giant Rio Tinto Group, which was historically Bougainville Copper Limited's major shareholder, exited on 30 June 2016 when it transferred its 53.8 per cent shareholding for distribution to the Autonomous Bougainville Government and the Independent State of Papua New Guinea.[1] Papua New Guinea's shareholding was subsequently transferred to the Autonomous Bougainville Government, which as of January 2026 controls approximately 72.9% of BCL.[2] BCL is now in active discussions with the Autonomous Bougainville Government and Lloyds Metals and Energy Ltd to progress works under its EL01 exploration licence with a view to reopening the Panguna mine.[3]

History

The mine at Panguna was opened in 1972 and was majority-owned by Rio Tinto.[4]

The mine was vitally important to the economy of Papua New Guinea. The PNG national government received a 20% share of profit from the mine, of which the Bougainvilleans received 0.5% to 1.25% share of the total profit.[5]

The first Bougainville independence movement began to arise in the late 1960s, as people began to air their grievances against the then Australian colonial government over the handling of the Panguna mine. Australian External Territories Minister Charles Barnes was accused of telling the Bougainvillean people they would "get nothing". The issue of compensation went to the High Court of Australia, where it was found that the compensation was inadequate under ordinary federal Australian law, but that as an External Territory, Papua New Guinea was not guaranteed the same standards that applied to mainland Australia.[6] Papua New Guinea has been an independent country since 16 September 1975.

In 2010, using interviews with BCL executives and internal company documents, Dr Kristian Lasslet of the University of Ulster

Current Status

Ishmael Toroama was re-elected President of Bougainville in the 2025 Bougainvillean general election and has formally announced 1 September 2027 as the target date for Bougainville's independence, subject to its ratification by the National Parliament of Papua New Guinea.[15] President Toroama has repeatedly declared the importance of reopening the Panguna mine to Bougainville's economic independence, confirming that he would "first of all ensure that Panguna quickly progresses to the next stage of development”.[16] In February 2026, President Toroama confirmed that the Autonomous Bougainville Government had, in its capacity as majority shareholding in BCL, rejected BCL's proposal to reopen the Paguna mine in partnership with CMOC Group Limited because of concerns that the partnership would dilute the Autonomous Bougainville's Government's shareholding in BCL. Instead, President Toroama directed BCL to engage with the Indian mining company Lloyds Metals and Engineering Limited to progress a partnership under the EL01 licence which did not affect BCL's shareholders.[17]

See also

External links

• Bougainville Copper Limited
• European Shareholders of Bougainville Copper (ESBC)
• Bougainville Copper Limited – All Annual Reports since 1967
• Blood and Treasure – SBS documentary 2011