THE Autonomous Bougainville Government has consolidated its control over the island’s largest potential economic driver—Bougainville Copper Limited—with a 72.9 per cent hold over shares.
This means President Ishmael Toroama’s government has clear majority control over the company and its strategic direction.
The Panguna mine has been key to development and financial support for Papua New Guinea and Australia, and was the centre of a bloody 10-year civil war, which ended in 1998. The conflict saw mining by Australian-owned Bougainville Copper end after more than 40 years of operations.
Toroama said Bougainville’s shareholding comprised 36.45 percent held by the ABG and 36.45 percent by Bougainville Minerals Limited.
“As majority owner, the ABG is fully entitled under applicable corporate law to determine the strategic direction of the company in the best interests of the people of Bougainville,’’ Toroama said
But he said the company did not currently have the technical or financial capacity to advance mining activities independently.
Toroama said the ABG remained committed to ensuring Panguna’s redevelopment proceeds in a lawful, transparent, and orderly manner, delivering lasting benefits for the people.