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The Board has adopted a new and comprehensive three year plan with a vision of returning to active exploration and profitable mining in PNG. The main focus in 2007 will be on getting resolution on the tax dispute, commencing the Bougainville Copper Agreement

Review, preparation in the event the exploration moratorium is lifted, communication with stakeholders, and the completion of a mine asset stock take.

We expect the Bougainville Copper Agreement re-negotiations will be revived and make significant progress. The opportunities that the current resources boom offer will not be maintained indefinitely. If the main stakeholders are to gain mutual economic benefit from Bougainville 's mineral potential a proper framework needs to be put in place without delay. The peak in copper and gold prices may have already passed.

During the year more work will be undertaken on preparing for the possible lifting of the moratorium on new exploration and mining. It is intended to identify targets within the company licences and identify how best to manage an exploration program. That may involve entering into an exploration agreement with others. Work is also being undertaken to ensure the extensive mine database the company has is up to date and able to be utilised quickly and effectively if a return to mining at Panguna is agreed.

The Mineral Resources Authority (MRA) has been established to act as a statutory authority to manage and regulate the industry. A board of directors, which includes industry nominees, has been appointed. The MRA board now has the task of selecting a managing director. We hope the MRA can play an active and guiding role in facilitating the BCA re-negotiation.

A communications plan has been developed. Now that circumstances on Bougainville have changed and exploration and mining are being openly debated the company needs to publicly project its position on key issues affecting it. The plan also aims to enhance the company's image among key stakeholders....;-)))