Bougainville Copper’s proposed partnership with China’s CMOC Group for the redevelopment of the Panguna mine has been rejected by the Autonomous Bougainville Government (ABG). The ASX-listed, Papua New Guinean miner announced that the ABG president advised the company on Wednesday that the government, which controls a 72.9 per cent stake in Bougainville Copper, does not support CMOC. Bougainville Copper focuses on exploration and development of mineral resources. The company is dedicated to sustainable mining practices and community engagement.
Instead of CMOC, the ABG is favouring Lloyd Metals & Energy, despite the absence of specific details regarding its proposed investment or role in the project. Bougainville Copper stated that it and CMOC are continuing discussions with the ABG in anticipation of a cabinet meeting scheduled in the coming weeks. The goal is to secure political backing for the board’s recommendation regarding the partnership.
The move follows a confidential partner selection process that took place in early 2025, overseen by Grant Samuel. The process aimed to identify an international mining partner for the redevelopment of the Panguna mine with the backing of the ABG.
Lloyd Metals & Energy of India had initially participated in the selection process but later withdrew. Subsequently, in November 2025, Lloyd Metals & Energy signed a non-binding memorandum of understanding directly with the ABG, bypassing the company-led process.
