SunSirs : Bougainville Copper Mine Skyrocketed Due to a 5-year Extension of Panguna License
February 04 2024 14:47:02On February 3rd, foreign media reported that on Friday, the stock price of Bougainville Copper (ASX: BOC) rose 64.3% to AUD 0.575, marking the largest intraday percentage increase since February 2022, after the company obtained a five-year extension of the exploration permit for the Panguna copper and gold project in Bougainville Island, South Pacific. When Panguna mine was put into operation, it was one of the largest mines in the world, accounting for 44% of Papua New Guinea's gross domestic product. Starting from 2020, estimates indicate that rebuilding the mine and restoring full operation will take seven to eight years and $5 to $6 billion in funding. It is believed that the mine still holds approximately 5.3 million tons of copper and 19.3 million ounces of gold.
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