News of Ona's death last week at the age of 52 in his jungle hideout saw the Australian firm's share price leap, but then fall back as political leaders and mining executives cautioned against an early return to production.

Panguna has been out of action since the rebels demanded a greater share of the mine's revenues, much of which the Papua New Guinea government siphoned off.

The mine once provided 17 per cent of the government's revenue and 45 per cent of the country's export income.

For 10 years, troops and islanders fought a bloody conflict that claimed up to 10,000 lives and left Bougainville in economic ruin.

Like its floral namesake, which grows profusely on the island, Bougainville was lush and beautiful before war and violence tore it apart.

Many islanders worked in the giant mine, which had a large expatriate community that in turn brought a degree of prosperity.

But Ona, employed at the mine as a surveyor and truck driver, objected to the exploitation of the island's vast natural resources and argued that local people should be better compensated.

There was little love lost between Bougainville, geographically part of the Solomons, and Papua New Guinea, which regarded the island as its own.

Battles in the independence war sometimes had more in common with the Stone Age, with militants forced to arm themselves with bows and arrows when ammunition ran low.

Sickness and poverty followed as the remote community found itself cut off from the outside world.

Throughout this period, Ona remained determined to win his cause, regardless of the consequences for his fellow islanders.

His Bougainville Revolutionary Army had two aims - to renegotiate the mine's deal with landowners and to win independence.

Ultimately there was a negotiated settlement which resulted in Bougainville getting an autonomous government.

But the Panguna mine remained closed and Ona, by now seen as an eccentric but still popular leader, did little to encourage its reopening.

Declaring himself king, Ona opposed the recent election of Bougainville's new autonomous government. Despite his opposition until the end, new President Joseph Kabui, a former Ona ally, last week granted him a state funeral

His death from malaria may now help to resolve the mining standoff. Australia's Foreign Affairs Department said at last there was a chance for reconciliation.

'The Australian government encourages the communities around the Panguna area to participate in efforts to consolidate the peace and assist in post-conflict reconstruction,' it said.

But no one is expecting an early resumption of the mine's activities.

Peter Taylor, chairman of Bougainville Copper, believes there are many other issues to deal with before the mine can reopen.

Talks had to take place between the company, the PNG government, the island's government and landowners, he said.

And he made it clear that Bougainville Copper would not carry out any feasibility studies on Panguna's future until all parties backed a return to mining.

PNG Mining Minister Sam Akoitai thinks 20 years could pass before all vested interests agree to let production start again.