Island Passage Exploration Limited (IPX) and its customary landowner partner, Isina Resource Holdings Limited (IRHL), have made payments totaling 201,100 Papua New Guinea Kina (approximately $46,103 USD or $64,320 AUD) to Takuang Osikaiang Holdings Ltd. under the Land Access and Compensation Agreement (LACA) for the EL02 project on Bougainville Island. The payment includes 25,000 Kina for land access and 176,000 Kina for compensation, covering exploration activities conducted in 2024 and 2025.
Background of the Agreement
The LACA was originally signed in 2017 and renewed on May 28, 2025, in a ceremony presided over by the Honourable Ishmael Toroama, President of the Autonomous Bougainville Government. Takuang Osikaiang Holdings Ltd. was incorporated by the customary landowners of EL02 to receive LACA payments, provide direct compensation for impacts, and facilitate community investments.
Stakeholder Reactions
Honourable Justin Borgio, Chairman of Takuang Holdings Ltd and Member for South Nasioi, 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. I haven’t seen anyone in the region doing this. This clearly demonstrates that some things have now been done according to plan and it went well. This is a real partnership that binds us and makes us work together for the success of the project.”
Glynn Tovirika, CEO of IRHL, said: “On Behalf of the Directors of IRHL and Takuang Osikaiang limited, I would like to extend our sincere thanks to IPD, our Exploration Partner for their continued technical, financial and strategic support. Our shared vision for the EL02 license remains strong and this partnership is vital for unlocking the mineral potential of our customary lands while ensuring sustainable benefits for our local communities.”
Company Leadership Comments
Donald McInnes, Chairman and CEO of Island Passage, remarked: “We have overcome significant bureaucratic obstacles that have prevented IPX and IRHL from making these payments prior to now. Like our direct work in communities and community investments, we look forward to working with Takuang to deliver further ongoing benefits to the people of south central Bougainville who live within the boundaries of EL02.”
Ceremony Details
The payment ceremony included a traditional singing group “Em Orait,” which translates to “It’s OK,” leading the arrival procession. Takuang Osikaiang Holdings Ltd., incorporated in 2026, has an independent Board of Directors representing the ten major clans of the South Nasioi area.
