By Zebedee KumpioÂ
Bougainville Copper Limited (BCL) chairman Sir Mel Togolo say Panguna’s redevelopment promises to be a transformational investment.
He made this remark at the CANCONEX Papua New Guinea Resources Summit on Tuesday.
Sir Togolo said the project will stimulate economic activity during three distinct phases, including the exploration and feasibility phase, the mine and ancillary construction phase, and the operational phase.
He said opening the mine will produce significant dividends for the government, landowners, investors, and shareholders.
“During construction, for instance, it has been estimated that accommodation and services would be required for around 500 construction workers. To support the mine, a new residential community would also need to be developed in Arawa,” the BCL chairman said.
“In addition, local roads will need upgrading along Aropa airport as well as ports such as Loloho and Kieta and local healthcare facilities.”
He said Panguna can deliver substantial ongoing payments to the Autonomous Region of Bougainville (ABG), including corporate taxes, royalties, from goods and services tax (GST), withholding tax, and personal income taxes, as well as the value of shares and dividends.
Sir Togolo said revenue from Panguna could deliver more income to finance ABG’s budget in the future.
He said Panguna could also contribute more to building human resources in ABG by providing scholarships and employment for thousands of Bougainvilleans.
He added that the construction and operations phases of the redeveloped Panguna will also generate new demand for the provision of goods and services, which in turn will promote the development of local Small Medium Enterprises (SME) and agriculture across Bougainville.
