Customary Landowners Benefit from EL02 Project
On Bougainville Island, Papua New Guinea, a significant compensation payment of 201,100 kina has been made by Island Passage Exploration Limited and Isina Resource Holdings Limited for the EL02 Project. The announcement was made on 21st June 2026, during a ceremony led by Honourable Ishmael Toroama, President of the Autonomous Bougainville Government.
Takuang Osikaiang Holdings Ltd, representing the landowners of the EL02 area, received the payment. This included 25,000 kina for land access and 176,000 kina for compensation, covering exploration activities conducted in 2024 and 2025. The 2025 Land Access and Compensation Agreement (LACA) was a renewal of a previous agreement from 2017.
Takuang Osikaiang Holdings Ltd was incorporated by customary landowners to manage and distribute compensation funds. They aim to ensure community benefits and make further community investments. The agreement ceremony underscored the partnership’s significance.
Expressing satisfaction with the collaboration, Justin Borgio, Chairman of Takuang Holdings Ltd, stated, “I am really pleased as an elected member. Unlike other projects, I haven’t seen any LACA payment done like this now and I congratulate IRHL and Island Passage. This is a milestone.”
Commitment to Community Development
Highlighting the partnership’s importance, Glynn Tovirika, CEO of Isina Resource Holdings Ltd, emphasised the potential benefits for local communities through the exploration project on their customary lands. “Our shared vision for the EL02 licence remains strong and this partnership is vital for unlocking the mineral potential of our customary lands while ensuring sustainable benefits for our local communities,” he said.
Donald McInnes, Chairman and CEO of Island Passage Exploration, noted that overcoming bureaucratic obstacles has been key to delivering these payments. These efforts are part of ongoing initiatives to support the Bougainville community.
The EL02 licence covers 250 square kilometres near the Panguna open pit. It aims to unlock mineral potential while ensuring sustainable benefits for local landowners.
Future development projects and community investments are planned by Island Passage Exploration and Isina Resource Holdings, demonstrating continued commitment to the region.
A traditional singing group, ‘Em Orait’, meaning ‘It’s OK’, led the arrival procession to celebrate the event, symbolizing the cultural significance of the agreement. The event was attended by key figures such as Dean Williamson, Exploration Manager, and Patrick Highsmith, IPX President.
Last updated: 29 June 2026, 11:47 am
