In May it will be twenty years that one of the biggest copper, gold and silver mines of the world, the famous Panguna open pit on the remote Papua New Guinea island shut down due to separatist unrest. But today there is light at the end of the tunnel: On the today’s Annual General Meeting of Bougainville Copper Limited (BCL), Peter Taylor, the company’s Chairman, gave a very positive outlook to the mine’s future. The President of the biggest group of private investors in Bougainville Copper, ESBC, Mr. Axel G. Sturm, showed himself extremely surprised: “We never expected such a detailed information from our board of directors”; Mr. Sturm said in Andorra. “Obviously the positive talks of BCL with new President of the Autonomous Government of Bougainville, Mr. James Tanis, and the permanent pressure from the ESBC (European Shareholders of Bougainville Copper) made our board of directors wake up. For a very long time we have been claiming for a more pro-active work of our management. The just published Chairman’s statement is really stunning compared to the poor statements of BCL in the past”, said Mr. Sturm, “It even can be used for a future road show! Now we are very keen to find out, what our management will answer to our 32 in-depth-questions that we sent them a couple of weeks ago.”
BOC Price at posting:
73.5¢ Sentiment: ST Buy Disclosure: Held
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