The Bougainville Government has lifted a more than 40 year old moratorium on mining and exploration.
The President in the autonomous Papua New Guinea region, John Momis, made the announcement, saying Bougainville is open for business and wants genuine investors to seek exploration licences.
The ABG's decision allows for applications in the areas of Tore, Isina and Jaba, places which have large ore deposits, and it does not include the controversial Panguna mine, which has been shut for nearly 30 years.
Since the development of Panguna the rest of Bougainville had been covered by a moratorium on exploration.
Mr Momis said, with that now lifted, he was looking forward to the development of long term economic partnerships to allow Bougainville to fulfil its economic potential.