PNG Bougainville President Welcomes Indian Partner for Panguna Redevelopment

The PNG Autonomous Bougainville Government (ABG) has taken another step towards reopening the Panguna Mine by approving Indian company Lloyds Metals and Energy Limited (LMEL) as a partner in the project.

Bougainville President Ishmael Toroama, speaking in Port Moresby yesterday, said the government was focused on working with investors who can help strengthen Bougainville’s economic base as the region prepares for the future.

 PNG Bougainville President Welcomes Indian Partner for Panguna Redevelopment

He said the involvement of LMEL reflects the ABG’s intention to pursue responsible investment while creating opportunities for Bougainvilleans.

“Here, we have Lloyds Metal, as partners realising what Bougainville really needs in terms of economic activity that will be ongoing in Bougainville,” Mr Toroama said.

LMEL managing director Balasubramanian Prabhakaran said the company plans to adopt modern and environmentally responsible mining methods if the project proceeds.

“We are not going to put any tailings into the river,” he said.

“We are going to do dry stack of all the tailings, so there will be complete environmental protection from the mining that takes place.”

Mr Prabhakaran said the redevelopment would be driven by Bougainvilleans themselves, with training and employment opportunities forming a key part of the plan.

“We are establishing training centres to see that all skills which is required to run this project will be trained as the mine is getting developed, our primary focus is going to be empowerment of the local Bougainvilleans.”

“The asset will belong to ABG, we will create an economy to see that we do not only develop skills that are required for mining, but a lot of peripheral support industries that come along with the mining project so that it can be the largest employment in the island of Bougainville.”

“With 35 years of experience, we have worked in the most remote places, even in conflict zones, to see that there is an inclusive growth.”

“We are committed to see that we create an economy that every money spent goes into the homes of Bougainville people.”