en.Wedoany.com Reported - On May 7, India's Lloyds Metals and Energy announced that it has replaced CMOC Group as the preferred development partner for the Panguna copper mine in Papua New Guinea. The Panguna mine, shut down by Rio Tinto Group in 1989, has been inactive for nearly 40 years, with remaining resources containing 5.3 million tonnes of copper and 19.3 million ounces of gold, valued at approximately $160 billion.

The mine previously sparked a civil war in the Bougainville region due to disputes over environmental issues and benefit sharing. After Rio Tinto divested its entire stake in 2016, Bougainville Copper Limited, controlled by the Autonomous Bougainville Government, holds nearly 73% of the shares. Currently, Bougainville Copper has granted Lloyds Metals a 90-day exclusive due diligence period. The previous preferred partner was CMOC Group, but the cabinet of Bougainville President Ishmael Toroama ultimately selected Lloyds Metals.

Restarting the project requires at least $60 billion in investment and a construction period of 7 years, with phased development potentially reducing costs and shortening timelines. Lloyds Metals' entry marks a crucial step forward in the restart of the Panguna copper mine.

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