Posted in | Gold | Copper

Bougainville Copper Mine May Re-Open

Bougainville island in Papua New Guinea may see the Bougainville Copper mine being reopened as negotiations begin between the new government and the landowners.

The president of the autonomous Bougainville Government John Momis told the press that discussions were going well.

He also said that they were satisfied that they were doing the right thing. It would help kick start developments in Bougainville. The mine was closed in 1989 when the island disintegrated into civil war. The copper mine at Panguna used to provide 20% of the government’s revenue before that.

The Bougainville Copper company is owned 53.58% by Rio Tinto, and 19.06 % by the Papua New Guinea government. The remaining 27.36 % is held by public shareholders. It has copper reserves estimated at 3 million tonnes and gold production would be in the range of 400,000 ounces per year. The mine would be the world’s largest producers of both gold and copper if successful production begins.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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