Mine Details
Panguna
http://www.bcl.com.pg
copper, gold, silver,
Phone:
Address:
PNG,
State: PNG,
Email:
The Panguna copper mine, located on Bougainville Island in Papua New Guinea, remains an asset of Bougainville Copper Limited, despite it being forced to close in 1989 as a result of military action. This action resulted from an up-rising of the local people against the mining operation continuing as, at that time, they could not see any benefit to their general economic well being, resulting from ongoing operations. However, there now exists a growing confidence that the Panguna mine could once again have a productive future.
Panguna Mine Could Re-open due to Economic Conditions on the Island
Confidence that the Panguna mine could soon re-open is growing on the belief that both the National Papua New Guinea Government and the Autonomous Bougainville Government have come to the conclusion thatthe area is now ready for substantial economic development and that the re-opening of the Panguna copper mine is now acceptable to the people of Bougainville.Panguna Mine Remains Under the Ownership of Bougainville Copper Limited
The Panguna mine is owned by Bougainville Copper Limited (BCL), which has Rio Tinto Limited as its majority shareholder with a 53.58 percent interest, the Papua New Guinea Government has a 19.06 percentinterest with the general public holding the remaining 27.36 percent. Since the closure of the Panguna mine in 1989, BCL, has kept a small management team in Papua New Guinea based at Port Moresby and incorporated into Rio tinto Minerals (PNG) Limited which is a wholly owned subsidiary of Rio Tinto Limited. In 2014 BCL re-opened an office on Bougainville Island.Panguna Mine was Once the World's Largest
When the Panguna mine was operational from the 1970's to the late 1980's it was the world's largest open pit mine. It dominated the island's economy and had a significant effect on the Papua New Guinea wider economy. The tax and dividend payments it paid during its productive years amounted to 17 percent of Papua New Guinea's budget and 44 percent of its total exports. During its 17 years of production, before its forced closure, the Panguna mine produced three million tonnes of copper concentrate, 306 tonnes of gold and 784 tonnes of silver.There remains an estimated copper reserve of approximately three million tonnes and a gold production level of around 400,000 ounces a year, still available to be produced, at a re-opened mining operation at Panguna. The mine still has the potential to reclaim the title of being one of the world's largest producers of both copper and gold. Nearby tenements that remain unexplored are also considered to be highly prospective. BCL holds seven additional mining licences on Bougainville Island.
