Why did Rio Tinto close the Panguna mine in 1989, and what were the consequences?

Rio Tinto closed the Panguna mine in 1989 due to local protests over environmental damage and disputes regarding revenue distribution, which escalated into a civil conflict that killed as many as 20,000 people. The mine’s closure triggered a prolonged period of instability in Bougainville, and Rio Tinto later gave away its 54% stake in Bougainville Copper Ltd. (BCL) in 2016.

What is Lloyds Metals’ current role in the Panguna mine project, and how did it secure this position over CMOC?

Lloyds Metals established a wholly owned subsidiary, Lloyds Panguna Metals and Energy Ltd., to pursue a long-term cooperation and mining agreement for the Panguna mine; it secured a 90-day exclusivity period for due diligence after being endorsed by Bougainville President Ishmael Toroama and his cabinet — bypassing BCL’s initial preference for China’s CMOC Group, which had been BCL’s first choice before the autonomous government intervened and terminated BCL’s search for a partner.

India’s Lloyds Metals Eyes Reopening of Giant PNG Copper Mine

May 6, 2026

India's Lloyds Metals secured exclusive rights to redevelop the dormant Panguna copper mine in Papua New Guinea, beating out competitor CMOC Group. The project targets vast reserves valued at $160 billion but requires an estimated $6 billion investment to revive operations.

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2026-05-06

India’s Lloyds Metals Eyes Reopening of Giant PNG Copper Mine

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Lloyds Metals Authorized to Prepare Restart of Giant Papua New Guinea Copper Mine

India’s Lloyds Metals Eyes Reopening of Giant PNG Copper Mine

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