The President of the Autonomous Bougainville Government (ABG), Ishmael Toroama, has confirmed that the ABG has rejected the proposed partnership between Bougainville Copper Limited (BCL) and CMOC Group Limited in relation to the Panguna project.

This decision follows careful consideration and reflects the ABG’s position as the majority shareholder with a combined 72.9 per cent ownership in BCL. The President has affirmed that the ABG does not authorize any proposal involving equity participation or dilution of its shareholding in BCL arising from the Expression of Interest partnering process undertaken by BCL.

BCL has been directed to discontinue further progression of the CMOC proposal and the related partnering process and to instead pursue engagement with Lloyds Metals & Energy Limited as the ABG’s preferred partner under a contract mining or services partnership model, which should not affect BCL’s EL01 license standing or ABG’s shareholding in BCL.

This direction reflects ABG’s policy position that Bougainville is to retain ownership and control while engaging experienced operators through clearly defined contractual arrangements.

The ABG remains committed to progressing the Panguna project in a lawful, transparent, and orderly manner that serves the long-term interests of the people of Bougainville.