THE owner of the abandoned Panguna copper/gold mine, Bougainville Copper Limited, will focus on preparing to meet with the landowners, National Government and the Bougainville Autonomous Government over the future of the mine, Company chairman and managing director Peter Taylor said this in the companys June quarter report released to the Australian Stock Exchange, adding that the company would also look at settling outstanding issues between the parties. Bougainville Copper Limited made a net profit of K2.811 million in the first six months to June this year compared to a net profit of K1.8 million made in the corresponding period of last year. The company has not declared any dividend in respect of the six months to June this year. Much of the profit was from interests from investments as the only mine owned by the company reported no activities in the first six months. Mr Taylor said that the Bougainville Government had indicated its willingness to participate in talks with the company. All parties have agreed that it is necessary to establish a landowner group that can represent all landowner interests to establish a landowner group that can represent landowner interests during negotiations, Mr Taylor said. The Bougainville Government and the company has offered its assistance where appropriate. The new Bougainville Government has tenure of five years and the early signs are that it is interested in reopening the mine provided the local landowners are in agreement.
BOC Price at posting:
79.0¢ Sentiment: ST Buy Disclosure: Held
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