Toroama declares Panguna Mine to reopen by June

Bougainville President Ishmael Toroama, has boldly declared the reopening of blood-stained Panguna Mine by June this year.

The President made this statement while debating the 2025 Budget in the House of Representatives in December last year.

He points out that with Bougainville leading towards independence, it is critical that the region starts earning the money it needs to sustain its economy.

Bougainville still relies heavily on Waigani for fiscal support.

The latest funding from the National Government has fueled a feud between the Office of the Regional Member and the Autonomous Bougainville Government over who is entitled to the K125-million, with the funds remaining frozen since last year in a trust account by the court until a legal authority is determined.

This funding dispute had crippled the ABG operations to some extent, and has now prompted President Toroama to be more determined to reopen Panguna.

The ABG had granted Bougainville Copper Limited a five-year Exploration License in January 2024, and a Land Access and Compensation Agreement was later signed in November.

The BCL has since been progressing redevelopment plans working with local landowners.

The company is also majority owned by the people through shares transferred to the ABG by the National Government last year.

Speaking during the Budget Debate in Parliament, President Toroama declared that Panguna will be reopened in June to propel Bougainville towards independence.

He says the reopening of Panguna will resolve money woes the region is challenged with, further calling on outside influence to stand clear.