THE Marape-Rosso Government will this week announce the transfer of its full 36.45% ownership in Bougainville Copper Limited (BCL) to the people of Bougainville, fulfilling a long-standing commitment to economic empowerment and reconciliation.
Prime Minister James Marape is scheduled to make the formal announcement on Thursday, 26 June 2025, at Government House, confirming the transfer of the 146,175,449 ordinary shares – currently valued at over K140.3 million – to the Autonomous Bougainville Government (ABG).
The shares, held by the State through the Department of Treasury and its wholly-owned Kumul Minerals subsidiary Eda Minerals Limited, comprise two tranches representing 19.06% and 17.39% of BCL’s issued capital, totalling 36.45%.
This move follows a National Executive Council decision and implements a key resolution of the Joint Supervisory Body (JSB) meeting held on 12 March 2020, which directed that the State’s shareholding in BCL be handed over to the ABG.
PM Marape in a statement today said: “I am pleased to see progress on this important matter. It is our government’s firm commitment to transfer full ownership of the 36.45% shareholding to the people of Bougainville through their government, so they may benefit meaningfully from the future of the Panguna mine”.
“The people of Bougainville deserve our nation’s respect. For over a decade after Independence, from 1975 to 1987, Panguna Mine was the backbone of our economy, before any other national resource projects came online.
“As we prepare Bougainville’s future, this transfer supports their path to economic independence by enabling internal revenue generation alongside National Government grants. On the occasion of our country’s 50th Independence Anniversary, this is a timely and meaningful gift,” the Prime Minister stated.
PM Marape commended ABG President Hon. Ishmael Toroama for his leadership and commitment to the joint development agenda, stating that the share transfer is the result of mutual consensus and ongoing cooperation between the National and Autonomous governments.
With this transfer, Bougainville will now control 72.9% of BCL’s issued capital. Importantly, the transfer is being made at no cost to the ABG.
Bougainville Copper Limited, listed on the Australian Stock Exchange (ASX), is currently trading at AUD $0.39 per share. The total value of the shares being transferred equates to approximately AUD $54.7 million or K140.36 million in local currency.
Your Story is NOT entirely correct.
PM O’neil initially gave these shares to the Panguna Landowners.
The Landowners in-turn advise the government to give it to the ABG for losses and damages, for the rest of Bougainville.
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