Bougainville Copper's Mining Deal With China's CMOC Blocked by ABG President, Shares Fall 12%

MT Newswires Live

Jan 30

Bougainville Copper's (ASX:BOC) potential deal with China's CMOC Group to assist in the redevelopment of Panguna Mine was disapproved by the Autonomous Bougainville Government (ABG) President on Wednesday, according to a Friday Australian bourse filing.

ABG holds about 73% interest in BOC.

According to the filing, ABG's President prefers India-registered Lloyd Metals & Energy (LMEL), a company that initially engaged in the confidential selection process but later withdrew and signed a non-binding memorandum of understanding with ABG in November 2025, "bypassing" the BOC selection process.

The company said it currently does not have any information regarding the proposed basis of involvement or investment by LMEL in the Panguna project.

The company added that senior representatives from BOC and CMOC are continuing efforts to engage with the President of ABG ahead of an ABG cabinet meeting to be held in several weeks, and remain hopeful of securing the support of the President of ABG and the Bougainville Executive Council.

The company's shares fell 12% in recent Friday trade.

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Energy (LMEL), a company that initially engaged in the confidential selection process but later withdrew and signed a non-binding memorandum of understanding with ABG in November 2025, \"bypassing\" the BOC selection process.</p><p>The company said it currently does not have any information regarding the proposed basis of involvement or investment by LMEL in the Panguna project.</p><p>The company added that senior representatives from BOC and CMOC are continuing efforts to engage with the President of ABG ahead of an ABG cabinet meeting to be held in several weeks, and remain hopeful of securing the support of the President of ABG and the Bougainville Executive Council.</p><p>The company's shares fell 12% in recent Friday trade.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1592","symbol_name":"有色金属","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2607063902","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2607063902","pubTimestamp":1769734620,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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