Shares of Bougainville Copper (ASX:BOC) rose 27% in recent Thursday trade after it said in a late Wednesday filing that, although it has remained without production since 1989, it is advancing discussions with international mining partners regarding a possible revival of the Panguna project in Papua New Guinea.

The initiative is being carried out with the awareness and backing of the Autonomous Bougainville Government (ABG), which holds constitutional authority over regional mining, with financial advisory firm Grant Samuel appointed to oversee the process, the filing said.

The company said discussions are in an early stage, with no guarantee of a partnership or clarity on its future role, which depends on ABG approval, the filing added.