BCL lifts six-month profits

Post Courier

BOUGAINVILLE Copper Limited (BCL) made a net profit of K1.6 million in the first six months of this year, the company has announced.
According to documents lodged with the Australian Stock Exchange, the net profit to June 30 this year compared to K1 million made in the corresponding period of last year.
“The result is due to higher dividend income in the current year compared to the prior year and foreign exchange gains in the current year,” said BCL company secretary Paul Coleman.
He said that Bougainville Copper Limited had been having ongoing dialogue with the National and Autonomous Bougainville Governments “in friendly and cordial manner with aim of commencing a formal renegotiation of the Bougainville Copper Agreement”.
He said BCL understood that some candidates campaigned on the restart of the Panguna operations during the recent elections. “Work is continuing on obtaining agreement with landowners on access to the mine site,” Mr Coleman said. “BCL has offered to undertake a safety and environmental survey of the mine site area as soon as access is available.
“BCL believes that dialogue, aimed at a re-start of mining, is worth pursuing.
“The company believes re-opening the mine will help the people of Bougainville achieve a prosperous future.”
The directors of the company have not declared a dividend in respect of the six months ended June 30 this year.
ABG President Joseph Kabui has initiated talks with Rio Tinto managing director Tom Albanese to discuss the future of the abandoned Panguna mine.
It is understood that Mr Albanese had acknowledged Mr Kabui’s decision to talk with him about the issue. Bougainville Copper Limited (BCL) is owned 53.58 per cent by Rio Tinto Limited
The PNG Government owns 19.06 per cent while public shareholders hold the remaining 27.36 per cent of the share capital. Other companies are showing interest in Panguna.