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Bougainville must be able to fund at least half of its budget if the Pacific archipelago's aspiration of political independence from Papua New Guinea is to be a success, PNG Prime Minister James ...
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 copper, gold and silver mine at the Panguna mine on Bougainville Island in PNG from 1971 (54 years ago) () to 15 May 1989 (35 years ago) (), when mining operations were officially halted due to militant activity.
Mining at Panguna included the direct discharge of tailings into tributaries of the Jaba River. [6] The mine caused devastating environmental issues on the island, and the company was responsible for poisoning the entire length of the Jaba River, causing birth defects, as well as the extinction of the flying fox on the island. Bougainville ...
Panguna is a town next to the (now decommissioned) Panguna copper mine on Bougainville Island, Papua New Guinea. It was owned and operated by Bougainville Copper Ltd , a subsidiary of Rio Tinto . Beginning operations in 1972, the company hired thousands of workers, most from other parts of the country.
Bougainville Copper (BC) developed the Panguna mine on Bougainville Island, producing copper concentrate from 1972 until May 1989, when mining operations were suspended due to civil unrest in the province. [16] Rio Tinto is a major shareholder of the BC (54%) and is currently reviewing its stake in the company.
Panguna had closed in 1989 due to the civil war and is now estimated to hold copper worth up to $60 billion. With independence, all of Papua New Guinea's interests in the mine would transfer to Bougainville, giving it a 60% share in all projects and retaining all mining licences. The remaining 40% would be left for investors to bid on. [12]
Bitcoin mining is a growing business in the U.S. since the Chinese Communist Party banned miners operating in China in May 2021. The industry has taken off in Texas especially thanks in part to ...
The Bougainville government was given control of mining on the island following the passage of the Bougainville Mining Act in March 2015; however, the Panguna mine remains closed. [25] The war has been described by John Momis, President of the Autonomous Region of Bougainville, as the largest conflict in Oceania since the end of World War II. [10]