|
| ||||||||
|
Commodity and Development Information
|
Panguna Mine
The Panguna Mine is a large copper deposit located in Bougainville, Papua New Guinea. It holds one of the largest copper reserves in both Papua New Guinea and the world, with a minimum estimated reserve of one billion tonnes of copper ore and twelve million ounces of gold.
Panguna is recognized as the third-largest open-pit mine in the world. The mine has been closed since 1989, and all production activities have ceased.
With the expiration of Rio Tinto and Bougainville Copper Limited (BCL)’s contracts, the Bougainville Government is now seeking new partners to facilitate the reopening of the mine.
Reopening
The Autonomous Government of Bougainville aims to reopen the mine as a means of securing an independent and sustainable funding source.
The estimated cost of reopening the mine ranges from $3.5 billion to $5 billion.
The Panguna Mine is a large copper deposit located in Bougainville, Papua New Guinea. It holds one of the largest copper reserves in both Papua New Guinea and the world, with a minimum estimated reserve of one billion tonnes of copper ore and twelve million ounces of gold.
Panguna is recognized as the third-largest open-pit mine in the world. The mine has been closed since 1989, and all production activities have ceased.
With the expiration of Rio Tinto and Bougainville Copper Limited (BCL)’s contracts, the Bougainville Government is now seeking new partners to facilitate the reopening of the mine.
Reopening
The Autonomous Government of Bougainville aims to reopen the mine as a means of securing an independent and sustainable funding source.
The estimated cost of reopening the mine ranges from $3.5 billion to $5 billion.