The miner is said to be at the centre of a bidding war between Jiangxi, China’s largest copper miner on the one side, and a possible BHP-Newcrest alliance on the other.
BHP will help I-Pulse and its affiliate I-Rox, in which is also taking an equity position, develop technologies that can curb energy use in the mining sector.
The Panguna mine was operated by BCL, majority-owned by Rio Tinto, for 17 years from 1972 until 1989, when operations were suspended due to an uprising.