India’s Lloyds Metals Eyes Reopening of Giant PNG Copper Mine
An aerial view of Panguna Mine in Bougainville, Papua New Guinea.
Source: Gallo Images/Orbital Horizon/Copernicus Sentinel Data/Getty Images
An Indian iron ore producer has set up a subsidiary in Papua New Guinea to redevelop a massive copper mine that’s been shuttered for almost four decades and was at the heart of a bloody civil war.
Lloyds Metals and Energy Ltd. on Tuesday said the wholly owned unit will “pursue a long-term cooperation and mining agreement in respect of the Panguna mine.” The fast-growing Indian firm has seen off competition from China’s much larger CMOC Group Ltd. to become the local authorities’ preferred partner for the ambitious project.