The 2013 Outlook on the BCL website by the extremely frustrated...

The 2013 Outlook on the BCL website by the extremely frustrated German shareholder Axel Sturm is the worst I have ever read in my life. Who does he think he is to allowe himself accusing people and groups without the slightest factual evidence. It is all based on vague assumptions, yet he explains the dip in the share price on the 31st of December on "fraudulent US short sellers", in my view a pathetic twist of reality. The man is not only very arrogant and unprofessional, his integrity must be questioned in the strongest way.

He also states that Bougainville should "avoid future trouble caused by conmen such as Lindsay Semple, his Morumbi gang and others". Here he really goes too far as it is an utterly misplaced and violent attack on the man who has gained more trust from landowner groups in the last few years than BCL was able to do in the past decades.

Respectful people will never profile themselves and the company they represent by continuous false and unfounded attacks on other people and companies. The fact that Axel Sturm has used this immoral tactic regularly shows he is a disrespectful person. BCL should build its case for the re-opening of Panguna on its own strengths, point.

But let me give you the recent facts. The big three day session in Parliament shortly before Christmas went very well......for Morumbi. My sources have informed me that they will get a mining license before end of Q1 on at least one of the Seven Sisters:Insinia. This is by far the most sought after asset and favoured by Vale to JV with Morumbi.

Axel Sturm's expectation that Panguna will be re-opened in the coming months is wishful thinking. He will need unanimous approval from the many landowner groups, which is clearly not the case at this very moment, if ever at all.......