cautious optimism

This from the half yearly report issued yesterday leaves me cautiosly optimistic.

Events of significance to the company have occurred recently.
In July, BCL Management visited Bougainville, and held fruitful talks with landowner
representatives from all the key communities with a direct stake in the Panguna mine.
The exchange of views was positive and constructive, supporting the view of the Autonomous
Bougainville Government President John Momis that the great majority of Bougainvillean’s are in
favour of a re-start of operations at Panguna. Talks are on-going.
The smooth passage of the PNG National election and the formation of a new government headed
by Prime Minister Peter O’Neil including many experienced and pro-development leaders is also
seen as positive for the re-negotiation of the Bougainville Copper Agreement.
The Bougainville Copper Foundation is facilitating an extension of broadcast radio services to all
points in the region, enabling a new and effective form of communication for the people of
Bougainville.
The Autonomous Bougainville Government is focussed on returning its seat of operations to
Arawa, where services including banking, communications, airport, roads and public health have
been recently up-graded.
Within the company, President of Rio Tinto’s international copper operation, Mr Jean-Sebastien
Jacques, has joined the board of Bougainville Copper Limited. The Chairman Mr Peter Taylor
believes that Mr Jacques, who is a senior executive within the Rio Tinto group, will bring
significant expertise and experience to the Board .
Rio Tinto expertise, together with that of outside experts, continues to be applied to the upgraded
Order of Magnitude Study defining the parameters of a re-started Panguna operation.