Lloyds Metals eyes reopening of giant PNG copper mine

Mining05-06 08:11

An Indian iron ore producer has set up a subsidiary in Papua New Guinea to redevelop a massive copper mine that’s been shuttered for almost four decades and was at the heart of a bloody civil war. ...

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The discussions around the dormant asset’s future also reflect the desire for economic development in Bougainville – impoverished South Pacific islands that are currently an autonomous region within PNG but seeking independence.\nBougainville Copper Ltd., which holds the licenses containing the mine site, said last month it had signed a non-binding agreement with Lloyds that granted the Indian firm a 90-day exclusivity period to undertake due diligence. The Autonomous Bougainville Government controls almost 73% of BCL.\n\nBougainville’s independence path relies on economy, says PNG’s Marape\n\nPanguna’s remaining reserves are estimated at 5.3 million tons of copper and 19.3 million ounces of gold, which would be worth about $160 billion at today’s prices. However, the mine was closed down in 1989 under the ownership of Rio Tinto Group due to local protests over environmental damage and revenue distribution, which degenerated into a civil conflict that killed as many as 20,000 people. Rio gave away its 54% interest in BCL in 2016.\nLloyds said on an earnings call on Wednesday that its new PNG company is “very active,” describing Panguna as a “very rich copper and gold deposit.” It cautioned investors that the firm is still in discussions with the government about acquiring the project.\nBCL’s first choice to revive Panguna was CMOC, one of the world’s biggest producers of copper and the top supplier of cobalt from two giant operations in the Democratic Republic of Congo.\nThat plan was scuppered when President Ishmael Toroama, who’s run Bougainville since 2020, and his cabinet endorsed Lloyds. In November, the company signed a memorandum of understanding with the autonomous region focused on development opportunities.\nBCL said in January that Lloyds was “bypassing” the company’s selection process but a month later acknowledged the decision and terminated its own search for a partner. Henan-based CMOC mined nearly 750,000 tons of copper last year – about 3.3% of the global total.\nLloyds recently invested in two copper joint ventures in Congo, which the company says could eventually reach annual output of 100,000 tons. The firm also produced nearly 22 million tons of iron ore in India last year.\nLloyds Panguna Metals and Energy Ltd. was incorporated on April 20. The entity “will serve as the dedicated project and engagement vehicle for executing cooperation, MOU, and joint venture agreements with BCL and holding any rights, licenses, or equity interests arising from the Panguna engagement,” the firm said.\nThe cost of bringing Panguna back to life will be steep. A BCL study in 2021 found it would need at least $6 billion and seven years of work. A phased approach could be quicker and cheaper.\n(By William Clowes and Paul-Alain Hunt)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2633812158","isCrawlerRequest":true}