Something is brewing, we see steadily growing demand in the share but still somebody is selling to keep the share stable - maybe to avoid another ASX query?
Read in http://www.theaustralian.com.au/business/channar-joint-venture-still-the-beacon-for-iron-ore-trade-with-china/story-e6frg8zx-1225965410879
"It is also possible that Chinalco will have an important role in a reopened Bougainville copper mine."
"Separately, PNGIndustryNews.net has heard whispers that Rio Tinto, the parent company of Australia-listed Bougainville Copper, had applied for a 21-year extension to the mining lease at Panguna."
What makes it even more interesting is that on Dec 6-8 a PNG investment seminar is taking place in Sydney. http://www.pnginvestment.com/index.php/program/
Amongst participants you also can find Paul Coleman, who is company secretary at Bougainville Copper.
And guess what should there be discussed amongst others?
"Prospects for reopening the mine will be among the issues discussed at a large conference on investment in PNG, to be held by the PNG Chamber of Mines and Petroleum in Sydney next week."
I might be totally wrong, but given all this I can understand why BOC would not be interested to get an ASX query NOW.
You might ask, who the hell then is selling the shares to keep the share price down?
Look at the latest shareholder top 100 list as of 27 July 2010
All of a sudden Rio Tinto subsidiary Rio Tinto Base Metal is holding 4.1mn shares which they most likely have bought during 2010 when the price was down and the ADR banks were throwing millions of shares into the market in my opinion. These shares might be a smart share price management tool in times like these. To be fair, parent company Rio Tinto has reduced its stake by 3.1mn but on a net base they own 1mn shares more than before.
For checking the shareholder list as of 31 December 2009 please see p29 of the AR http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01048027
Once again, I might be totally wrong, but to my taste it would be too much coincidence if not something material is going on behind the scenes.
Open the curtain!!!! Please!!!
BOC Price at posting:
$1.70 Sentiment: None Disclosure: Held
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