Bougainville Copper (ASX:BOC) said there has been "no production" at the Panguna copper-gold project in Papua New Guinea since May 15, 1989, according to a Wednesday filing with the Australian bourse.
The announcement came as the company reached an agreement with the Autonomous Bougainville Government to resolve disputes over exploration rights at Panguna, with the government extending Bougainville Copper's exploration license on the project for another five years, Finance News Network reported on the same day.
Chief Executive Mark Hitchcock said the extension is a "crucial step" as the company re-establishes Panguna as a key economic asset, Finance News Network wrote.
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